ESAs consults on supervision of financial conglomerates

The Joint Committee of the three European Supervisory Authorities (ESAs) has published a consultation on the guidelines to clarify and enhance cooperation between competent authorities on a cross-border and cross-sectoral basis where a cross-border group has been identified as a financial conglomerate.  

The guidelines aim to supplement the Financial Conglomerates Directive and, in particular, focus on how authorities should cooperate to ensure a supplementary level of supervision of financial conglomerates.  

The guidelines cover the following areas:

• mapping procedures, cooperation structure and coordination agreements;
• coordination of information exchange in going concern and emergency situations;
• supervisory assessment of financial conglomerates;
• supervisory planning and coordination of supervisory activities in going concern and emergency situations; and
• other decision-making processes among the competent authorities.

 The deadline for comments is 12 June 2014.  

Related link:

http://www.eba.europa.eu/documents/10180/624054/JC+CP+2014+02+%28Joint+CP+on+draft+Guidelines+on+supervisory+arrangements+....pdf