Published on 30 May 2013
Financial Conglomerates Directive: Technical review amendments - PS3/13
This Policy Statement publishes the final statement of policy and rules implementing the Financial Conglomerates Directive Technical Review (2011/89/EC – FICOD 1) which amends the Financial Conglomerates Directive (2002/87/EC) and certain other Directives in so far as they apply to financial conglomerates. FICOD 1 introduces technical amendments aimed at correcting unintended consequences and improving inefficiencies of the original directive. The FICOD 1 amendments relate to:
- conglomerate supervision which supplements but does not substitute sectoral supervision when a group is headed by a financial or insurance holding company;
- the conglomerate capital calculation methodology;
- inclusion of asset management companies and alternative investment fund managers within the conglomerate identification process;
- conglomerate identification threshold triggers; and
- requirements for conglomerate stress testing.
Policy Statement 3/13Published on 21 December 2012