The European Commission (the Commission) has published a roadmap on an evaluation of the Financial Conglomerates Directive (FICOD) that it will conduct as part of its Regulatory Fitness and Performance programme.
The purpose of this evaluation is to assess the performance of the FICOD in terms of effectiveness, efficiency, coherence, relevance and EU added value compared to its stated objectives. Where appropriate the evaluation will identify possible issues in the functioning of the FICOD and, depending on the conclusions, will help inform improvements and next steps in relation to the FICOD. It may also form the basis of a future impact assessment should it be determined that the FICOD should be reviewed.
The Commission intends to publish a consultation paper on the evaluation of FICOD to seek stakeholder’s views on the:
- quantitative and qualitative effects of the implementation of the FICOD;
- relevance of the weaknesses in the FICOD identified in the December 2012 report;
- relevance of the FICOD for the current structures of mixed-financial activity groups in the EU market; and
- relevance of the FICOD in the light of changes to the regulatory framework made by CRD IV and Solvency II.
The roadmap suggests that the evaluation will be completed by Q4 2016 or Q1 2017.
View Commission roadmap on REFIT evaluation of FICOD, 28 April 2016