On 17 February 2026, the European Commission adopted a proposal for a Directive on the supplementary supervision of credit institutions, insurance or reinsurance undertakings, investment firms, asset management companies and alternative investment fund managers in a financial conglomerate.
The proposed Directive will codify and replace the current Financial Conglomerates Directive (FICD). The content of the FICD will be preserved. The codification is designed to bring together the legal act and all its amendments and corrigenda into a single new act. Annex IV to the proposed Directive provides the correlation between the old and new numbers of Articles incorporated in the FICD.
The proposed new Directive shall enter into force on the twentieth day following its publication in the Official Journal of the European Union. The proposal sets no transposition date as codified directives do not require transposition by Member States.