Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/154473
Authors: 
Dierick, Frank
Year of Publication: 
2004
Series/Report no.: 
ECB Occasional Paper 20
Abstract: 
Over time, the banking, insurance and securities sectors have become increasingly interlinked and one way through which this occurs is via financial conglomerates. Such groups, in particular those that combine banking and insurance, have over time become more important in Europe. They require an appropriate regulatory and supervisory set-up to deal with the specific risks they raise. In the EU, this regulatory set-up was introduced with the Financial Conglomerates Directive (2002) and which Member States are now implementing into national law. The Directive introduces a regime of supplementary supervision, in addition to the one that already exists for the regulated entities of the conglomerate. The Directive covers areas such a capital requirements, intra-group transactions, large exposures, organisational requirements and information exchange between authorities. The paper further compares the regime in the US and the EU. It concludes with issues that might require attention from authorities in the future.
Subjects: 
cross-sector risk
European Union
financial conglomerate
financial regulation
financial supervision.
Document Type: 
Research Report

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