In April 2008 the Joint Committee on Financial Conglomerates (JCFC) received from the European Commission a third call for advice on the Financial Conglomerates Directive (FCD). The third call for advice was a stocktake exercise of existing national implementation practices of the FCD.
The Commission has now sent the JCFC a letter requesting additional advice on which articles in the FCD:
- Do not need any change.
- Need extra guidance, but no legislative change.
- Should be improved, and if so, in which manner.
The Commission has asked if it could receive a draft of the JCFC’s advice by 30 May 2009. The final advice is then expected to be delivered in September 2009.
View Commission updates call for advice on FCD, 10 February 2009