Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-414-500"
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"en.20110705.34.2-414-500"2
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"The Commission intends to improve supplementary supervision of financial entities in a financial conglomerate in two stages. In the first stage, the Commission adopted a proposal for a directive amending the directive linked to supplementary supervision, and in the second it intends to begin a more fundamental revision in the context of developments regarding supplementary supervision. The review is expected to take place at the end of 2011. The purpose of the Commission’s proposal is to provide a so-called quick fix for a situation that manifested itself in a more problematic way during the financial crisis, but which has been known about for almost a decade. It is useful for supervisory bodies to be able to supervise mixed financial holding companies in a similar way as financial holding companies in the banking sector and insurance holding companies in the insurance sector. Although the present directives do not seem to prohibit Member States from adapting their legislation to exert this power over these mixed financial holding companies, it is useful to have coordination at European level in order to make this mandatory. As far as the draft amendments are concerned, the directive strengthens cooperation between the various relevant bodies, aiming in particular at the convergence of supervisory practices, and provides clarification of terms and definitions."@en1
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