By L. A. A. Van den Berghe (auth.), Lutgart Van den Berghe (eds.)
The final couple of years, monetary conglomerates were proven in every single place Europe. This horizontal diversification has not just attracted loads of recognition within the banking and coverage region yet has additionally alarmed the supervisory gurus and the ecu fee. even supposing the advantages of monetary conglomerates are basic, it truly is transparent that more than a few of power hazards cannot be missed. because the phenomenon of "financial conglomeration" is very new, the regulators don't own loads of goal, medical reference bases on which to build the required rules. additionally the complexities and particular char acteristics of the monetary conglomerates don't allow an easy extrapolation of the foundations for commercial conglomerates. Even the extrapolation of banking regula tions to coverage teams and vice versa poses loads of tough questions. those observations lie on the starting place of the learn conducted on the Erasmus Finance and coverage Centre (EPIC on the Erasmus college in Rotterdam), in collaboration with the Impulse Centre for monetary prone and assurance (ALEA on the Vlerick tuition of administration of the collage of Ghent). To confront the learn effects with the services of the company international and the supervisory gurus a workshop was once organised in Rotterdam (1994). This ebook is partially in keeping with those study effects and the workshop discussions. 3 major blocs might be individual: the definition of monetary conglomerates; the aptitude dangers and the regulatory elements; the strategic issues.
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Extra resources for Financial Conglomerates: New Rules for New Players?
It includes the direct ownership of capital or voting rights but apparently confines the indirect ownership to those cases where the ownership is mediated by the "way of control". Control, in turn, is defined in the Common Position for the BCCI Directive very close to the 'control' as cited above. A further relationship which might be of interest is the concept of "close links" (Art. 2 (1) of the Common Position for the "BCCI-Directive"). It combines the alternatives of "control" and "participation" as defined in that text.
On the other hand, the definition of a 'mixed-activity holding company' requires the presence of at least one credit institution (investment firm) subsidiary. The rationale for the distinction between 'financial groups' and 'mixed-activity groups' made in Directive 92/30lEEC appears to be valid in the financial conglomerate context as well. It is therefore suggested confining the definition of 'financial conglomerate' to 'groups' which are "either exclusively or mainly" active in "financial services".
22 Organisational restrictions. 24 Supervision. It is regarded as a substantial benefit that we only have one supervisory authority supervising banks, insurance companies, security houses etc. and holding companies in a financial group. With this supervisory structure there are no problems supervising mixed groups, groups on a consolidated basis or the individual company itself. Harmonised legislation. As mentioned earlier, the new Financial Services Act harmonised much of the legislation that previously only applied to certain activities.