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The supervision of mixed financial services groups in Europe

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  • Dierick, Frank

Abstract

Over time, the banking, insurance and securities sectors have become increasingly interlinked and one way through which this occurs is via financial conglomerates. Such groups, in particular those that combine banking and insurance, have over time become more important in Europe. They require an appropriate regulatory and supervisory set-up to deal with the specific risks they raise. In the EU, this regulatory set-up was introduced with the Financial Conglomerates Directive (2002) and which Member States are now implementing into national law. The Directive introduces a regime of supplementary supervision, in addition to the one that already exists for the regulated entities of the conglomerate. The Directive covers areas such a capital requirements, intra-group transactions, large exposures, organisational requirements and information exchange between authorities. The paper further compares the regime in the US and the EU. It concludes with issues that might require attention from authorities in the future. JEL Classification: G28

Suggested Citation

  • Dierick, Frank, 2004. "The supervision of mixed financial services groups in Europe," Occasional Paper Series 20, European Central Bank.
    • Handle: RePEc:ecb:ecbops:200420
    Note: 503954
    as

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    File URL: https://www.ecb.europa.eu//pub/pdf/scpops/ecbocp20.pdf
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    References listed on IDEAS

    as
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    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    cross-sector risk; European Union; financial conglomerate; financial regulation; financial supervision;
    All these keywords.

    JEL classification:

    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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