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The Commission released its first EFCC newsletter about recent developments regarding financial conglomerates regulation in
The EFCC discussed the roadmap for the upcoming review of the Financial Conglomerates Directive. The review will be guided by the objectives of the FCD, which establish the supplementary supervision of regulated entities that form part of a conglomerate. The Directive provides such supplementary supervision by focusing on potential risks of contagion, concentration and complexity.
First, the review will build upon work that has already been carried out by the mixed technical group in 2005, and the identification work that is carried out by the IWCFC each year to update the public list of financial conglomerates and their "relevant competent authorities". Also, the review will capitalize on the work carried out by the Joint Forum on risk concentrations and on credit risk transfers.
The involvement of industry will be an explicit element of the FCD review. The Commission Services urge industry representatives to contribute to the on-going stocktake of national implementations of the directive, as being carried out by the IWCFC.
Industry is also invited to establish a mirror technical working group, in principle created from CEBS and CEIOPS consultative panel members/observers. Roundtables with both, supervisors and industry may underline the necessity of the stocktaking work for the review in the course of 2008.
The Commission will host the first FCD Roundtable for industry, supervisors, EFCC members, and MEPs in on
Other issues of the newsletter include:
- Equivalence
- Capital in financial conglomerates, cross sectoral highlights
- Review of the financial Conglomerates Directive