Council of the European Union 12 September 2002, Common Position (EC) No 52/2002 of 12 September 2002 adopted by the Council, acting in accordance with the procedure referred to in Article 251 of the Treaty establishing the European Community, with a view to adopting 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 of the Council

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Common Position (EC) No 52/2002 aims to establish supplementary supervision for credit institutions, insurance undertakings, and investment firms within financial conglomerates, addressing regulatory gaps in existing legislation. Key provisions include the requirement for a coordinator among competent authorities, comprehensive assessment of solvency and risk concentration at the conglomerate level, and the inclusion of asset management companies under supervision. The Directive mandates that Member States implement these rules within 18 months, ensuring a harmonized approach to financial supervision while allowing for stricter national regulations.AI