Article 21 Committee

The Commission shall be assisted by a Financial Conglomerates Committee, hereinafter referred to as the ‘Committee’.

The ESA, through the Joint Committee, may provide general guidelines as to whether the supplementary supervision arrangements of competent authorities in third countries are likely to achieve the objectives of the supplementary supervision as defined in this Directive, in relation to the regulated entities in a financial conglomerate, the head of which has its head office in a third country. The Joint Committee shall keep any such guidelines under review and take into account any changes to the supplementary supervision carried out by such competent authorities.

The Committee shall be kept informed by Member States of the principles they apply concerning the supervision of intra-group transactions and risk concentration.