Europe: Commission consultation on the Financial Conglomerates Directive

The European Commission began a consultation today as part of its evaluation of the EU Financial Conglomerates Directive (2002/87/EC). A copy of the consultation paper is available here (pdf) and further background information is available here. The Commission is considering whether the framework set out in the Directive is proportionate and fit for purpose. More specifically, the Commission wants to know whether the framework has: (a) contributed to enhanced financial stability; (b) safeguarded creditors' and policyholders' interests; and (c) promoted the competitiveness of financial conglomerates within the EU and at international level.