| |
The Financial Conglomerates
Directive
from the Basel
ii Compliance Professionals Association (BCPA)
the largest Association
of Sarbanes Oxley professionals in the
world
Article 12
Cooperation and exchange of information
between competent authorities
1. The competent authorities responsible for the
supervision of regulated entities in a financial conglomerate and
the competent authority appointed as the coordinator for that
financial conglomerate shall cooperate closely with each
other.
Without prejudice to their respective responsibilities
as defined under sectoral rules, these authorities, whether or
not
established in the same Member State, shall provide
one
another with any information which is essential or relevant for the
exercise of the other authorities' supervisory tasks under the
sectoral rules and this Directive.
In this regard, the competent authorities and the
coordinator shall communicate on request all relevant information
and shall communicate on their own initiative all essential
information.
This cooperation shall at least provide for the
gathering and the exchange of information with regard to the
following items:
(a) identification of the group structure of all major
entities belonging to the financial conglomerate, as well as of the
competent authorities of the regulated entities in the
group;
(b) the financial conglomerate's strategic
policies;
(c) the financial situation of the financial
conglomerate, in particular on capital adequacy, intra-group
transactions, risk concentration and
profitability;
(d) the financial conglomerate's major shareholders
and management;
(e) the organisation, risk management and internal
control systems at financial conglomerate
level;
(f) procedures for the collection of information from
the entities in a financial conglomerate, and the verification of
that information;
(g) adverse developments in regulated entities or in
other entities of the financial conglomerate which could seriously
affect the regulated entities;
(h) major sanctions and exceptional measures taken by
competent authorities in accordance with sectoral rules or this
Directive.
The competent authorities may also exchange with the
following authorities such information as may be needed for the
performance of their respective tasks, regarding regulated entities
in a financial conglomerate, in line with the provisions laid down
in the sectoral rules: central banks, the European System of Central
Banks and the European Central Bank.
2. Without prejudice to their respective
responsibilities as defined under sectoral rules, the competent
authorities concerned shall, prior to their decision, consult each
other
with regard to the following items, where these
decisions are of importance for other competent authorities'
supervisory tasks:
(a) changes in the shareholder, organisational or
management structure of regulated entities in a financial
conglomerate, which require the approval or authorisation of
competent authorities;
(b) major sanctions or exceptional measures taken by
competent authorities.
A competent authority may decide not to consult in
cases of urgency or where such consultation may jeopardise the
effectiveness of the decisions. In this case, the competent
authority shall, without delay, inform the other
competent
authorities.
3. The coordinator may invite the competent
authorities of the Member State in which a parent undertaking has
its headoffice, and which do not themselves exercise
the
supplementary supervision pursuant to Article 10, to ask the parent
undertaking for any information which would be relevant for the
exercise of its coordination tasks as laid down in Article 11, and
to transmit that information to the
coordinator.
Where the information referred to in Article 14(2) has
already been given to a competent authority in accordance with
sectoral rules, the competent authorities responsible
for
exercising supplementary supervision may apply to the
first-mentioned authority to obtain the information.
4. Member States shall authorise the exchange of the
information between their competent authorities and between their
competent authorities and other authorities, as referred to in
paragraphs 1, 2 and 3.
The collection or possession of information with
regard to an entity within a financial
conglomerate which is not a regulated entity shall not
in any way imply that the competent authorities are required to play
a supervisory role in relation to these entities on a stand-alone
basis.
Information received in the framework of supplementary
supervision, and in particular any exchange of information between
competent authorities and between competent
authorities and other authorities which is provided
for in this Directive, shall be subject to the provisions on
professional secrecy and communication of confidential information
laid down in the sectoral rules.
Certified Basel
ii Professional (CBiiPro) - Distance Learning and Online
Certification Program
The Cost: US$ 297
What is
included in this price:
A. The official presentations we use
in our instructor-led classes (1880 slides)
B. Up to 3 Online
Exams
There is only one exam you need to pass, in order to become
a Certified Basel ii Professional (CBiiPro). If you fail, you must
study again the official presentations, but you do not need to spend
money to try again. Up to 3 exams are included in the
price.
To learn more you may visit:
www.basel-ii-association.com/Questions_About_The_Certification_And_The_Exams_1.pdf
www.basel-ii-association.com/Certification_Steps_CBiiPro.pdf
C. Personalized Membership
Certificate printed in full colour.
Processing, printing,
packing and posting to your office or home
To start is easy.
We will follow the steps described at:
www.basel-ii-association.com/Distance_Learning_Online_Certification.htm
MORE
INFORMATION ABOUT THE OFFICIAL PRESENTATIONS
We will
send you 3 emails.
The first email (704 slides) covers all
the presentations that are needed for the CBiiPro Exam. All the
questions of the exam are based on these slides.
You can find
the course synopsis at:
www.basel-ii-association.com/Certified_Basel_ii_Professional.htm
We also cover the Enhancements to
the Basel II framework, July 2009, Supplemental Pillar 2
Guidance
(Supervisory Review Process) from the Bank for
International Settlements
The second and the third emails
cover the implementation of the Basel ii framework in the United
States of America and the European Economic Area. There
presentations are especially important for professionals working in
multinational or large financial organizations.
These
presentations are:
- Basel II in the United States of America
(235 slides)
- The Capital Requirements Directive of the
European Union (426 slides)
The Capital Requirements
Directive (CRD) is the common framework for the implementation of
Basel ii in European Union.
If you understand the Capital
Requirements Directive (CRD), you can work not only for the
implementation of the Basel ii framework in the 27 countries of the
European Union, but also around the world for multinational banks
and financial organizations with European operations.
The
presentations not only cover the European directives, but also
include topics like: Hedge Funds and the Capital Requirements
Directive, Securitization and the Capital Requirements
Directive.
- Regulatory Arbitrage after Basel ii (233
slides)
- The Financial Conglomerates
Directive (183 slides)
QUESTION:
Why in a Basel ii
certification program we need to understand the Financial
Conglomerates Directive?
ANSWER:
Because we have a very
different Basel ii implementation in each of the following
structures:
A. The bank is the regulated entity at the head of
the group
B. The bank is under a mixed financial holding company
(MFHC)
C. The bank is under a financial holding company
(FHC)
D. The bank is under an insurance holding company
(IHC)
Only the first 704 slides (first email), that cover the
Basel ii principles, are needed for the
exam.
To find more:
www.basel-ii-association.com/Distance_Learning_Online_Certification.htm |
| | |
