European Union Directives
Financial Conglomerates Directive
Financial Conglomerates Directive Presentations
Basel ii and Financial Conglomerates Directive
About Compliance LLC
Contact Us
 
 
European Union - Financial Conglomerates Directive
 
Article 17
Additional powers of the competent authorities
 
1. Pending further harmonisation between sectoral rules, the Member States shall provide that their competent authorities shall have the power to take any supervisory measure deemed necessary in order to avoid or to deal with the circumvention of sectoral rules by regulated entities in a financial conglomerate.
 
2. Without prejudice to their criminal law provisions, Member States shall ensure that penalties or measures aimed at ending observed breaches or the causes of such breaches may be imposed on mixed financial holding companies, or their effective managers, which infringe laws, regulations or administrative provisions enacted to implement this Directive.
 
In certain cases, such measures may require the intervention of the courts. The competent authorities shall cooperate closely to ensure that such penalties or measures produce the desired results.
 

Our Web Sites

Return to Index

© 2006 Compliance LLC, Delaware, USA - Sarbanes Oxley, Basel ii, Compliance Consulting and Training