The Ministry of Finance has held a consultation on the implementation of Directive 2011/89/EU, which provides for supplementary supervision of financial entities in a financial conglomerate. A draft implementing bill is currently being reviewed by the Dutch Council of State.

The implementation deadline of the Directive is 10 June 2013.

The Directive is aimed at ensuring consistency between the various forms of group supervision of banks and insurers, so as to avoid overlap and lacunas. The Directive contains supplemental rules on the cooperation between supervisors and the role of the coordinating supervisor. The changes include:

  • The European supervisors may issue 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 organisation of the group and publish annual information on this.
  • Managers of alternative investment funds receive the same treatment as mangers of UCITs
  • One of the four calculation methods for adequacy at group level is abolished.