REGULATORS GAIN NEW FINANCIAL SUPERVISION POWERS OVER CONGLOMERATES
January 1st, 2012 BY KEITH NUTHALL NATIONAL financial regulators across the European Union (EU) gained new powers on December 9 to demand accounts information from major financial conglomerates which may trade in many member states. The change comes in amendments to the EU financial conglomerate directive 2002/87/EC through an amending directive 2011/89/EU. It frees regulators to assess banking and insurance information - where before they had to choose between the two - and also to demand supplementary information to make sure a conglomerate is in rude financial health. The ...
Full access to this article can be arranged with permission from the client that first ordered it. Please contact us to request access. Entries are uploaded to our archive at least one year after being published by a client – free access is restricted to International News Services journalists for background research only. The article date indicates when copy was filed to a client, not when posted to this archive. Upon client requests, International News Services will remove such articles from the archive or not upload them in the first place. They are included to demonstrate the breadth of topics undertaken by the agency and also to help promote clients’ coverage.