Brussels, 10/06/2016 (Agence Europe) - The European Commission has opened a public consultation, to run until Tuesday 20 September, to assess the directive (2002/87) on the supplementary supervision of financial conglomerates, groups which are active in the banking and insurance sectors at least.
The aim of the consultation is to assess whether the European rules have contributed to financial stability, protected the interests of creditors and policyholders and stimulated the competitiveness of conglomerates in the European Union and internationally.
Amongst other things, the issues concern: - extending the scope of application of the directive to financial entities which are not covered by it; - the thresholds to identify a conglomerate; - the rules on own funds to cover the group-level risk; - the coordination of the supervisors involved in the control of the various entities of conglomerate.
In the European Economic Area in 2015, 78 conglomerates managed total asset equivalent to €24,500 billion, according to the joint committee on financial conglomerates (JCFC). (Original version in French by Mathieu Bion)