The Joint Committee of ESAs launches a public consultation on the FICOD review

The Joint Committee of the European Supervisory Authorities (EBA, EIOPA and
ESMA) is launching today a three'month public consultation on the proposed
response to the call for technical advice from the European Commission on
the fundamental review of the Financial Conglomerates Directive ("the
FICOD").

This consultation covers three broad areas where advice is sought by the
European Commission: the scope of application, the group wide internal
governance requirements and sanctions and supervisory empowerments under
the FICOD.

In its proposed response, the Joint Committee issues a series of
recommendations for the review of the FICOD, including the widening of the
scope of supervision, addressing requirements and responsibilities to a
designated entity within the financial conglomerate and the framework of
supervisory powers provided by the FICOD.

Moreover, the Joint Committee will be providing later this year, a
supervisory contribution to the wider fundamental review of the FICOD,
which is being carried out by the European Commission.

Consultation process


The consultation paper is available on the websites of the three ESAs: EBA,
EIOPA and ESMA.

Please send your comments by 13 August 2012 cob to the EBA, EIOPA and ESMA,
using the template provided, by email to joint-committee@eba.europa.eu
(Link: joint-committee@eba.europa.eu ),
jointcommittee@eiopa.europa.eu (Link:
jointcommittee@eiopa.europa.eu ) and joint.committee@esma.europa.eu
(Link: joint.committee@esma.europa.eu ) by indicating the
reference "JC/CP/2012/01" on the subject field.

All contributions received will be published following the close of the
consultation, unless otherwise requested.


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