Financial Conglomerates - Objectives and Tasks

​The Joint Committee carries out work in areas related to financial conglomerates, in particular it:

  • Acts as a forum for the exchange of supervisory information, experiences and practices on financial conglomerates;
  • Assists in the identification of systemic risks of financial conglomerates, and assessment of its cross sector implications;​
  • Provides a forum for the ESAs to develop joint positions and agree common acts in relation to financial conglomerates and carries out background work to support this activity;
  • Provides regulatory and supervisory input to supervisory measures under the Financial Conglomerates Directive (Directive 2002/87/EC);
  • Provides expert input to the contributions that the European Financial Conglomerates Committee (EFCC) will request from EBA, ESMA and EIOPA;
  • Fulfils any other specific tasks set out and agreed by the ESAs' governing bodies as appropriate.
  • Prepares joint positions (Article 56 the ESA Regulations) on issues pertaining to financial conglomerates;
  • ​Where relevant, prepares common acts (Article 56 of the ESA Regulations), such as draft
  • regulatory and implementing technical standards as defined in the Financial Conglomerates
    Directive (Directive 2002/87/EC), and guidelines and recommendations including those defined in the Financial Conglomerates Directive;​
  • Prepares decisions (Article 20 of the ESA Regulations) in the area of financial conglomerates to settle cross-sectoral disagreements that may arise between competent authorities;
  • Prepares opinions (Article 34 the ESA Regulations) to the European Parliament, the Council, or the Commission on issues pertaining to financial conglomerates;
  • Prepares a response to a Call for Advice from the European Commission, in relation to the
  • Commission's fundamental review of the Financial Conglomerates Directive (Directive
    2002/87/EC), and any other requests for advice (Article 34 of the ESAs Regulations) in relation to financial conglomerates;​
  • Maintains and publishes the list of identified financial conglomerates as required under the Financial Conglomerates Directive); and
  • Coordinates and develops a training programme for supervisors in the field of financial conglomerates.