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These Guidelines will enhance the level playing field in the financial market and reduce administrative burdens for firms and supervisory authorities. Their objective is to clarify and enhance cooperation between national competent authorities on cross-border groups that have been identified as financial conglomerates.
The document focuses on how authorities should cooperate in order to achieve a supplementary level of supervision of financial conglomerates. This will serve the purpose of addressing loopholes in present legislation, as prescribed by the FICOD (Financial Conglomerates Directive).
These areas include in particular the mapping of the financial conglomerate structure and written agreements; the coordination of information exchange, supervisory planning and coordination of supervisory activities in emergency situations; the supervisory assessment of financial conglomerates; and other decision-making processes among the competent authorities.
The Joint Committee of the three European Supervisory Authorities expects to publish the final guidelines in the second half of 2014.
The ESAs will hold a public hearing on the draft Guidelines, which will take place at the EBA premises in London on 19 May 2014, from 14:00 to 16:00 UK time.