The Commission has published a feedback document relating to its consultation and review of the Financial Conglomerates Directive. The Commission received seventeen contributions from stakeholders. These were stakeholders registered in the Commission's stakeholders register. They included the views of eighteen conglomerates, one authority, two associations, one union and one research centre. Respondents recognised the major problems as well as the Commission's Services Suggestions to solve them:

  • the applicability of sectoral top level provisions of the banking and insurance directives at the level of mixed financial holding companies;
  • clarity about the inclusion of asset management companies in the scope of supplementary supervision;
  • allowing a more risk-based identification of conglomerates;
  • clarity about the treatment of participants in supplementary supervision.  

There were divergences concerning the Commission not taking up the main concerns of the industry, namely the cross-sectoral alignment in the definition of capital. The Commission Services used the consultation to double-check whether the problems identified were substantial and whether further distinctions could be identified. It also used the consultation to get an idea of possible future items in the area of financial conglomerates regulation.