European Commission 24 April 2001, Proposal for a Directive of the European Parliament and of the Council on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and the Council

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The proposal for a Directive aims to establish a comprehensive legal framework for the supplementary supervision of credit institutions, insurance undertakings, and investment firms within financial conglomerates, addressing gaps in existing regulations. Key provisions include the introduction of definitions for financial conglomerates, capital adequacy requirements, and supervisory coordination to mitigate risks associated with intra-group transactions. The Directive seeks to enhance financial stability and create a level playing field across the EU by aligning prudential standards and ensuring effective supervision of cross-border financial conglomerates.AI