Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-07-05-Speech-2-419-750"
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"en.20110705.34.2-419-750"2
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"Directive 2002/87/EC of the European Parliament and the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate provides the authorities responsible in the financial sector with supplementary powers and tools for the supervision of groups made up of many regulated bodies, which are active in different sectors of the financial markets. Financial conglomerates need to be identified throughout the EU, as they are exposed to risks as a group, based on common guidelines issued by the three European Supervisory Authorities, namely the European Banking Authority, the European Insurance and Occupational Pensions Authority and the European Securities and Market Authority, following their cooperation on the framework of the Joint Committee of the European Supervisory Authorities. It is also vital that the requirements for exemption from supplementary supervision should be applied based on risk, in accordance with these guidelines. This provision is particularly important in the case of larger conglomerates operating at international level. I voted for the document in plenary for the reasons that I have given."@en1
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