Directive 2002/87 - Supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate - Main contents
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Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 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 and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the CouncilLegal instrument | Directive |
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Number legal act | Directive 2002/87 |
Original proposal | COM(2001)213 ![]() |
CELEX number i | 32002L0087 |
Document | 16-12-2002 |
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Publication in Official Journal | 11-02-2003; Special edition in Croatian: Chapter 06 Volume 008,Special edition in Czech: Chapter 06 Volume 004,Special edition in Romanian: Chapter 06 Volume 005,Special edition in Estonian: Chapter 06 Volume 004,Special edition in Polish: Chapter 06 Volume 004,Special edition in Slovak: Chapter 06 Volume 004,Special edition in Lithuanian: Chapter 06 Volume 004,Special edition in Hungarian: Chapter 06 Volume 004,Special edition in Latvian: Chapter 06 Volume 004,OJ L 35, 11.2.2003,Special edition in Maltese: Chapter 06 Volume 004,Special edition in Slovenian: Chapter 06 Volume 004,Special edition in Bulgarian: Chapter 06 Volume 005 |
Effect | 11-02-2003; Entry into force Date pub. See Art 33 |
End of validity | 18-12-2002; Partial end of validity Art. 23 Implicitly repealed by 32002L0083 18-12-2002; Partial end of validity Art. 25 Implicitly repealed by 32002L0083 19-07-2006; Partial end of validity Art. 26 Implicitly repealed by 32006L0049 19-07-2006; Partial end of validity Art. 29 Implicitly repealed by 32006L0048 31-10-2007; Partial end of validity Art. 27 Implicitly repealed by 32004L0039 31-12-2015; Partial end of validity Art. 22 Implicitly repealed by 32009L0138 31-12-2015; Partial end of validity Art. 24 Implicitly repealed by 32009L0138 31-12-2015; Partial end of validity Art. 28 Implicitly repealed by 32009L0138 31-12-9999 |
Transposition | 10-08-2004; At the latest See Art 32 |
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Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 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 and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council
Official Journal L 035 , 11/02/2003 P. 0001 - 0027
Directive 2002/87/EC of the European Parliament and of the Council
of 16 December 2002
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 and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council
THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 47(2) thereof,
Having regard to the proposal from the Commission(1),
Having regard to the opinion of the Economic and Social Committee(2),
After consulting the Committee of the Regions,
Having regard to the opinion of the European Central Bank(3),
Acting in accordance with the procedure laid down in Article 251 of the Treaty(4),
Whereas:
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(1)The current Community legislation provides for a comprehensive set of rules on the prudential supervision of credit institutions, insurance undertakings and investment firms on a stand alone basis and credit institutions, insurance undertakings and investment firms which are part of respectively a banking/investment firm group or an insurance group, i.e. groups with homogeneous financial activities.
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(2)New developments in financial markets have led to the creation of financial groups which provide services and products in different sectors of the financial markets, called financial conglomerates. Until now, there has been no form of prudential supervision on a group-wide basis of credit institutions, insurance undertakings and investment firms which are part of such a conglomerate, in particular as regards the solvency position and risk concentration at the level of the conglomerate, the intra-group transactions, the internal risk management processes at conglomerate level, and the fit and proper character of the management. Some of these conglomerates are among the biggest financial groups which are active in the financial markets and provide services on a global basis. If such conglomerates, and in particular credit institutions, insurance undertakings and investment firms which are part of such a conglomerate, were to face financial difficulties, these could seriously destabilise the financial system and affect individual depositors, insurance policy holders and investors.
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(3)The Commission Action Plan for Financial Services identifies a series of actions which are needed to complete the Single Market in Financial Services, and announces the development of supplementary prudential legislation for financial conglomerates which will address loopholes in the present sectoral legislation and additional prudential risks to ensure sound supervisory arrangements with regard to financial groups with cross-sectoral financial activities. Such an ambitious objective can only be attained in stages. The establishment of the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate is one such stage.
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(4)Other international forums have also identified the need for the development of appropriate supervisory concepts with regard to financial conglomerates.
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(5)In order to be effective, the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial...
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