The Joint Committee on Financial Conglomerates (JCFC) received a letter from the European Commission (EC) requesting further work in relation to its April 2008 Call for Advice (IWCFC - CfA No. 3) - stocktake of existing national implementation practices of the Financial Conglomerates Directive (FCD) in the context of its review.
EC asks JCFC to also come forward with a range of possible solutions to the issues it has identified in its work to date in the 3 requested areas (language, scope and internal control mechanisms). JCFC is currently developing and incorporating suggested solutions and finalizing a paper for public consultation by end May 2009. The JCFC also plans to hold a public hearing during the consultation period in late June/early July before submitting its final advice in the autumn.
Note/disclaimer:
Decision 2009/78/EC establishing the Committee of European Banking Supervisors and Decision 2009/79/EC establishing the Committee of Insurance and Occupational Pensions Supervisors renamed the Interim-Working Committee on Financial Conglomerates into Joint Committee on Financial Conglomerates. All future references to IWCFC shall be replaced with JCFC.