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CEBS published the speech given by Arnold Schilder, Chairman of the Interim Working Committee on Financial Conglomerates (IWCFC) who spoke at the Brussels 3L3 Conference about the work the supervisory community has been doing in the EU on conglomerates, and explained the action plan of the Committee for 2007 and the medium term.
Arnold Schilder mainly spoke about the work the supervisory community has been doing in the EU on conglomerates, and explained the details of the work of the Interim Working Committee on Financial Conglomerates (IWCFC). The structure of the Committee itself tells a lot about the joint effort that is needed to address the issue of conglomerates.
Looking into the medium term, by 2010 Arnold Schilder hopes the IWCFC will have finished a lot of cross sectoral and cross border work in the field of conglomerates’ supervision. They will have reached more convergence in the calculation of capital requirements, the eligibility of instruments, and the treatment of hybrids. They will also have a clearer idea of the problems in conglomerates supervision and gained experience of what makes coordinated supervision most effective. They will have learned by then from the Equivalence exercises and supervisors will have come closer to third country cooperation