Title I - Subject matter and scope

These guidelines fulfil the requirement set out in Article 11(1) of Directive 2002/87/EC¹ (FICOD) for the ESAs, through the Joint Committee, to develop guidelines to achieve convergence of supervisory practices relating to the consistency of supervisory coordination arrangements in accordance with Article 116 of Directive 2013/36/EU² and Article 248(4) of Directive 2009/138/EC³ .

¹ 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 (OJ L 35, 11.2.2003, p. 1). 2 Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L176, 27.6.2013 p. 338) 3 Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L335, 17.12.2009, p.1)

The guidelines aim to clarify and enhance cooperation between competent authorities on a cross-border and cross-sectoral basis and to supplement the functioning of sectoral colleges (if any) where a cross-border group has been identified as a financial conglomerate under Directive 2002/87/EC. These guidelines also aim at enhancing the level playing field in the internal market by ensuring that there is consistent supervisory coordination.

Article 11(1) of Directive 2002/87/EC sets out the tasks of the competent authority responsible for exercising supplementary supervision (the coordinator) and demands from that authority and from other relevant competent authorities and, where necessary, the other competent authorities concerned, to have coordination arrangements in place.

The guidelines are addressed to competent authorities as defined in Article 2(16) of Directive 2002/87/EC, and to the ECB in accordance with Article 4 of the Council Regulation 1024/2013/EU.

Unless otherwise stated, references in these guidelines concern the relevant provision of Directive 2002/87/EC.