EIOPA Recommendations on the supplementary requirements of the Financial Conglomerates Directive for supervisory colleges of financial conglomerates.

These EIOPA[1] recommendations describe the manner in which the supervisory authorities of the European financial conglomerates may comply with the requirements as defined in the Financial Conglomerates Directive (FCD). The starting points for the colleges of supervisors are defined in the “Colleges of Supervisors – 10 Common Principles” published by EIOPA and EBA [2]. These principles also apply to colleges of groups identified as financial conglomerates. The recommendations supplement the principles and also contain a more detailed interpretation of requirements under the Financial Conglomerates Directive.

Basis

Financial Conglomerates Directive (FCD)

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[1] The European Insurance and Occupational Pensions Authority (EIOPA) has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS).
[2] The European Banking Authority (EBA) has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS).