Database on German and European Economic Law

 Directive 2011/89/EU

I. Description

About 20 years ago, financial groups with business models that combine the provision of services and products in different sectors of financial markets began to develop. These became known as financial conglomerates. Conglomerates may include banks, insurance undertakings, investment firms and possibly asset management companies. For several years, different expert groups at international and European level discussed how to supervise such conglomerates appropriately. This resulted in the Joint Forum's 'Principles for the supervision of financial conglomerates' in 1999. Against this background, Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002 ('FICOD') introduced groupwide supplementary supervision. The objective of this supplementary supervision was to control potential risks arising from double gearing (i.e. multiple use of capital) and so-called group risks, that is the risks of contagion, management complexity, concentration, and conflicts of interest, which could arise when several licenses for different financial services are combined.

II. General Information

Title

Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate

Abbreviations
FiCoD I
Status
Existing
Directive
2011/89/EU
Source
O.J. EU No L (Legislation), Edition 326, Year 2011, p.113
Adoption
11/16/2011
Promulgation
12/08/2011
Character
Regular Act
Legal Basis
Art. 53 Abs. 1 AEUV
Legislative Procedure
Codecision procedure

III. Versions and Legislative History

1. Versions

Titel
Allg. Daten
Textfassung

Original Text FiCoD I:
Directive 2011/89/EU of the European Parliament and of the Council of 16 November 2011 amending Directives 98/78/EC, 2002/87/EC, 2006/48/EC and 2009/138/EC as regards the supplementary supervision of financial entities in a financial conglomerate

  2011/89/EU

Beschluss:
11/16/2011 (A)
Verkuendung:
12/08/2011 (P)
(A) Adoption | (P) Promulgation

2. Legislative History

Datum
Typ / Titel
Textfassungen
03/01/2011
Report of the committee on legal affairs
2010/0232(COD)
01/28/2011
Opinion of the European Central Bank
O.J. EU 2011 No. C 62, p. 1
08/16/2010
Proposal
COM (2010) 433

3. Legal Impact

Auswirkungstyp
Richtlinie
Textfassungen
Amendment
  Directive 2009/138/EC
Amendment
  Directive 2006/48/EC
Amendment
  Directive 2002/87/EC
Amendment
  Directive 98/78/EC

Legend

Legislative Act Status

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Overview

I. Description
II. General Information
III. Versions and Legislative History
1. Versions
2. Legislative History
3. Legal Impact
IV. Umsetzung in den Mitgliedstaaten
1. Implementation in Germany