The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and ESMA) is launching a three‘month public consultation on the proposed response to the call for technical advice from the European Commission on the fundamental review of the Financial Conglomerates Directive (“the FICOD”).
This consultation covers three broad areas where advice is sought by the European Commission: the scope of application, the group wide internal governance requirements and sanctions and supervisory empowerments under the FICOD.
In its proposed response, the Joint Committee issues a series of recommendations for the review of the FICOD, including the widening of the scope of supervision, addressing requirements and responsibilities to a designated entity within the financial conglomerate and the framework of supervisory powers provided by the FICOD.
Moreover, the Joint Committee will be providing later this year, a supervisory contribution to the wider fundamental review of the FICOD, which is being carried out by the European Commission.
Consultation process
The consultation paper is available on the websites of the three ESAs: EBA, EIOPA and ESMA.
Send comments by 13 August 2012 cob to the EBA, EIOPA and ESMA, using the template provided, by email to joint-committee@eba.europa.eu (Link: joint-committee@eba.europa.eu ), jointcommittee@eiopa.europa.eu (Link: jointcommittee@eiopa.europa.eu ) and joint.committee@esma.europa.eu (Link: joint.committee@esma.europa.eu ) by indicating the reference “JC/CP/2012/01” on the subject field.
All contributions received will be published following the close of the consultation, unless otherwise requested.
