The EBA, EIOPA and ESMA have responded to the European Commission’s Call for Advice on the Fundamental Review of the Financial Conglomerates Directive.

The Joint Committee of the ESA’s have examined (a) the scope of application, especially the inclusion of non-regulated entities; (b) the internal governance requirements and sanctions; and (c) supervisory empowerment of Directive 2002/87/EC on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate (FICOD1). The advice of the Joint Committee shall contribute to the European Commission’s fundamental review of the FICOD.