Abstract
Bringing investment services supervision to the centre of the EU will raise significant questions of the ultimate institutional structure and operation of the single regulator. Accordingly, a few comments shall be made in this chapter on the trend towards consolidation and conglomeration of financial services and on issues stemming from their supervision, particularly within the EU.
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Notes
Goodhart, C. et al., Financial Regulation: Why, How and Where Now? (London: Routledge, 1998) 143.
In Europe alone, more than 1500 new cases of domestic groups engaged in banking, securities and insurance activities have been reported since 1995; see European Commission, Progress on Financial Services: 2nd Report (COM(2000) 336, 31 May 2000) 5.
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A recent proposal seeks to introduce specific prudential legislation for financial conglomerates and takes the initial steps to align the directives for homogeneous financial groups and for financial conglomerates in order to ensure a minimum equivalency in their treatment; see European Commission, Proposal for a Directive on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC, 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the Parliament and the Council (COM(2001) 213 final, 24 April 2001, hereinafter ‘Conglomerates Directive’).
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© 2003 Yannis V. Avgerinos
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Avgerinos, Y.V. (2003). Consolidating Financial Supervision. In: Regulating and Supervising Investment Services in the European Union. Palgrave Macmillan, London. https://doi.org/10.1057/9780230286870_9
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DOI: https://doi.org/10.1057/9780230286870_9
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