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PR(06)49: Liechtenstein fails to implement the Conglomerate Directive

29.11.2006

The EFTA Surveillance Authority today delivered a reasoned opinion to Liechtenstein due to its failure to implement Directive 2002/87/EC of the European Parliament and of the Council of 16 December 2002on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate.

The Directive should have been implemented in national law by1 August 2005. The aim of the Directive is toenhance the prudential soundness and effective supervision of financial conglomerates - large financial groups active in different financial sectors, often across borders. Furthermore, it aims at promoting convergence in national supervisory approaches.

The purpose of a reasoned opinion is to give the State in question a last chance to take corrective measures before the Authority decides whether to bring the matter before theEFTA Court. Liechtenstein has been given three months to take the measures necessary to comply with the reasoned opinion.

 

For further information, please contact:
Mr. Hallgrímur Ásgeirsson
Director, Internal Market Affairs Directorate
Tel. (+32)(0)2 286 18 60

 

29 November 2006




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