Financial Conglomerates Directive: Technical review amendments

Policy Statement 3/13 | FSA Consultation Paper 12/40

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.

PDFPolicy Statement 3/13


Published on 21 December 2012

Financial Conglomerates Directive: Technical review amendments - FSA CP 12/40

Consultation Paper

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