| Author (Corporate) | European Commission: Press and Communication Service |
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| Series Title | Press Release |
| Series Details | IP/01/609 (26.4.01) |
| Publication Date | 26/04/2001 |
| Content Type | News |
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On 26 April 2001 the European Commission presented a proposal for a Directive that would introduce group-wide supervision of financial conglomerates. The proposal would require closer co-operation and information sharing among supervisory authorities across sectors. The proposal would also introduce initial steps to align the rules for financial conglomerates with those for homogeneous financial groups (dealing in a single financial sector, such as banking) so as to ensure equal treatment for all concerned. The proposal, a priority measure under the Financial Services Action Plan (see IP/00/1269), has been prompted by continuing consolidation in the financial services sector that has created cross-sectoral financial groups with activities in both the banking/investment services and insurance sectors The emergence of these groups, known as financial conglomerates, requires an appropriate regulatory framework |
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| Source Link | Link to Main Source http://europa.eu/rapid/pressReleasesAction.do?reference=IP/01/609&format=HTML&rapid=0&language=EN&guiLanguage=en |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
