The possibility of extending supplementary supervisions to include special purpose entities where assets are stored off the balance sheet will be looked at by the European Commission (EC). Amendments to the 2002 Financial Conglomerates Directive are expected to be in place by 2011. Once the amendments are in force, national financial supervisors will need to ensure that there will be closer co-operation with each other. This will mainly be achieved through the new European Financial Supervision Authorities. There will also be the formation of a new pan-financial services EC joint committee. The role of this committee will oversee the national regulators' mutual co-operation in cases involving financial conglomerates. According to the EC the change has been brought about as an "unintended consequence to the current rules" during the most recent financial crisis. Some of the EC's own specific sector directives had forced some countries to choose between banking or insurance supervision as a result some of the national financial supervisors did not have appropriate regulatory tools. With SPEs seeing risk contagion appear from non-regulated and off-balance sheet entities, while financial conglomerates could be seen as banking operators in one EU country and as insurance operators in another, the result was some areas of operation falling through the cracks.