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.