A bill has been submitted to parliament implementing the European Directive on financial conglomerates. The Directive contains prudential rules for banks, insurers and investment companies forming part of a financial conglomerate, and is aimed at ensuring consistency between the different forms of group supervision.
The main changes are:
- New rules for the cooperation between the various supervisors involved in a financial conglomerate.
- The European supervisors may adopt common guidelines.
- Member States may require the coordinating supervisor to carry out stress tests at financial conglomerates.
- Financial conglomerates have to give more insight into the legal structure, management and organisational structure of the group, and must publish annual information on this.
- Managers of alternative investment funds receive the same treatment as managers of UCITs.
- One of the four calculation methods for adequacy at the group level is abolished.
The deadline for implementation by Member States is 10 June 2013.