The Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) have, with the support from the Interim Working Committee on Financial Conglomerates (IWCFC), published a report to the European Commission on the possible impact on the supervision of financial conglomerates of the differences in the definition of capital instruments provided for by the European banking, insurance and securities regulation. The report confirms that the key differences identified in the IWCFC's January report can have an impact on the composition and amount of regulatory capital of a financial conglomerate. In the coming months, the IWCFC will reflect on the rationale behind the sectoral differences and how to address them in sectoral rules from a financial conglomerates’ perspective.

View CEBS and CEIOPS publishes report on the impact of the differences in sectoral rules on the calculation of own funds of financial conglomerates, 31 August 2007