On July 3, 2015, the Joint Committee of the European Supervisory Authorities (consisting of the EBA, ESMA and the European Insurance and Occupational Pensions Authority) published new proposals and draft guidelines for the prudential assessment of acquisitions and increases of qualifying holdings in the financial sector. The new guidelines will replace previous guidelines published by the ESAs’ predecessors. The draft guidelines aim to provide legal certainty and clarity on assessment processes relating to increases of control and acquisitions in banks, investment firms and insurance firms, bringing a more harmonized, clear and transparent process in prudential assessments by national regulators, as well as clearer details on what information is required from proposed acquirers. The guidelines cover questions related to: (i) indirect acquisitions of qualifying holdings; (ii) assessment periods; and (iii) financial soundness of acquirers. Responses to the consultation are due by October 2, 2015.
The consultation and draft guidelines are available at: http://www.eba.europa.eu/documents/10180/1131999/JC+CP+2015+003+%28CP+on+Joint+Guidelines+on+Qualifyi ng+Holdings%29.pdf.