The Council has adopted a Directive amending the 2002 Financial Conglomerates Directive to strengthen supervision of financial conglomerates. The amended Directive will:
- include asset management companies in the threshold tests for identifying a conglomerate;
- provide a waiver for smaller groups if the relevant supervisor assesses the group risks as negligible;
- allow for risk-based assessments when identifying financial conglomerates; and
- allow for both sector-specific supervision and supplementary supervision of the conglomerate's parent entity.