The supplementary supervision of financial conglomerates: characteristics and challenges
Keywords:
conglomerates, macro-prudential supervision, systemic risk, financial crisisAbstract
Financial conglomerates pose a number of challenges from the point of view of prudential financial supervision. Their operations in the banking and investment sectors, as well as in the insurance sector, require great coordination among supervisory agencies not only at national level, but also from other EU Member States and even third countries where they operate. The EU regulated their supervision for the first time in the Dir. 2002/87/EC, creating a supplementary supervision system, which was successively amended in 2005, 2008, 2010, 2011 and 2013. Dir. 2002/87/EC was transposed into Portuguese law by DL 145/2006, amended by DL 18/2013 and DL 91/2014. This article will expose the deficiencies in the transposition of European law into national law and point out some challenges to be faced in the future, such as the conflicts between the law of supplementary supervision and corporate law, the operation of shadow bankings, regulatory fragmentation and the need for coordination among a large number of regulatory agencies.
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BASEL COMMITTEE ON BANKING SUPERVISION. Principles for the supervision of financial conglomerates. 2012. Consultado em: 05.12.2019. Disponível em:<https://www.bis.org/publ/joint29.htm>.
BEISHEIM, Carsten. Die Beaufsichtigung der Finanzkonglomerate. Zeitschrift für Bank- und Kapitalmarktrecht, 2010, pp. 397-402.
BILGER, Michel. Le point de vue d'un banquier dans un conglomérat financier. Revue Banque, 2016-11-01 2016, pp. 80-82.
BOGK, Matthias e BARTLING, Daniel Praxis: Wertorientierte Steuerung von Finanzkonglomeraten. Versicherungswirtschaft, 2012, pp. 826.
BORSUK, Marcin e DZURYK, Andrzej. Position of the European Financial Congress on the Supplementary Supervision of Financial Conglomerates. Bezpieczny Bank, 2016, 65(4), pp. 116-144.
CASSOU, Pierre-Henri. De la première directive bancaire à l’Union Bancaire : l’Europe bancaire en construction. Revue d'Économie Financière, 2017, 1, pp. 85-101.
CEYSSENS, Jan. Teufelskreis zwischen Banken und Staatsfinanzen – Der neue Europäische Bankaufsichtsmechanismus. Neue Juristische Wochenschrift, 2013, pp. 3704-3708.
DAUSES, Manfred A. e LUDWIGS, Markus (Ed.). Handbuch des EU-Wirtschaftsrechts. Munique: C. H. Beck, 2019.
DREHER, Meinrad e BALLMAIER, Christoph. Solvency II und Gruppenaufsicht: Das Verhältnis von Aufsichts- und Gesellschaftsrecht bei der Gruppenaufsicht über Versicherungsunternehmen unter Einbeziehung der Gruppenaufsicht über Kreditinstitute und Finanzkonglomerate. Zeitschrift für Unternehmens- und Gesellschaftsrecht, 2014, 43(6), pp. 753-808.
FERRARINI, Guido e CHIODINI, Filippo. Nationally Fragmented Supervision over Multinational Banks as a Source of Global Systemic Risk: A Critical Analysis of Recent EU Reforms. In E. WYMEERSCH, K. J. HOPT e G. FERRARINI eds. Financial regulation and supervision : a post-crisis analysis. Oxford: Oxford University Press, 2012, pp. 193-231.
FONSECA, Miguel Ângelo Araújo. A regulamentação e supervisão do sistema financeiro português: em especial os desafios colocados pelos conglomerados financeiros. Universidade de Lisboa, 2018.
GRUSON, Michael. Supervision of Financial Conglomerates in the European Union, International Monetary Fund, 2014. Consultado em: 05.12.2019. Disponível em:<https://www.imf.org/external/np/leg/sem/2004/cdmfl/eng/gruson.pdf>.
HARTIG, Helge. Die Befugnisse von EZB und ESRB auf dem Gebiet der Finanzsystemstabilität. Europäische Zeitschrift für Wirtschaftsrecht, 2012, pp. 775-779.
HOPT, Klaus J. e WOHLMANNSTETTER, Gottfried (Ed.). Handbuch Corporate Governance von Banken. Munique, 2011.
JOINT COMITTEE OF THE EUROPEAN SUPERVISORY AUTHORITIES. List of Financial Conglomerates. 2019. Consultado em. Disponível em:<https://esas-joint-committee.europa.eu/Pages/News/ESAs-publish-the-list-of-financial-conglomerates19.aspx>.
KUNZNETSOVA, Natalia, et al. Financial Conglomerate Identification by Financial Markets Regulators: Case of Developed and Emerging Market Economies. 10th International Scientific Conference “Business and Management”, 2018, pp. 444-455.
LABONTE, Marc. Systemically Important or “Too Big to Fail” Financial Institutions. Congressional Research Service, 2014, pp. 1-58.
MENAND, Lev. Too Big to Supervise: The Rise of Financial Conglomerates and the Decline of Discretionary Oversight in Banking. Cornell Law Review, 2018, 103(6), pp. 1527-1588.
MORENO, Natália de Almeida. A Reforma Institucional da Regulação Financeira no Pós-Crise. Boletim de Ciências Económicas, 2014, Working Paper Nº 4, pp. 1-92.
PINTO, Gustavo Mathias Alves. Regulação Sistêmica e Prudencial no Setor Bancário Brasileiro. Universidade de São Paulo, 2011.
QUELHAS, José Manuel. Sobre as crises financeiras, o risco sistémico e a incerteza sistemática. Universidade de Coimbra, 2009.
QUELHAS, José Manuel. Dos objetivos da união bancária. Boletim de Ciências Económicas, 2012, 55, pp. 235-298.
QUELHAS, José Manuel. Nótulas sobre a reforma do sector bancário da União Europeia após a crise financeira de 2007. Boletim de Ciências Económicas, 2013, 56, pp. 473-549.
SÄCKER, Franz Jürgen et al. Münchener Kommentar zum BGB. 7 ª ed. Munique: C. H. Beck, 2018.
SAULE, Omarova. The Too Big to Fail Problem. Minnesota Law Review, 2019, pp. 2495-2541.
SCHWARCZ, Steven. Securitization and Post-Crisis Financial Regulation. Cornell Law Review, 2016, 102, pp. 115-139.
SCHWENNICKE, Andreas e AUERBACH, Dirk. Kreditwesensgesetz (KWG) mit Zahlungsdienstleistungsaufsichtsgesetz (ZAG) und Finanzkonglomerate-Aufsichtsgesetz (FKAG): Kommentar. 3 ª ed. Munique: C. H. Beck, 2016.
SIMÕES SILVA, Ricardo Miguel. A Regulação e Supervisão dos Conglomerados Financeiros. Boletim de Ciências Económicas, 2016, Working Paper Nº 14, pp. 1-59.
TARULLO, Daniel K. Financial Regulation: Still Unsettled a Decade After the Crisis. Journal of Economic Perspectives, 2019-01-01 2019, 33(1), pp. 61-80.
THE HIGH-LEVEL GROUP ON FINANCIAL SUPERVISION IN THE EU. Report. 2009. Consultado em: 05.12.2019. Disponível em:<https://ec.europa.eu/economy_finance/publications/pages/publication14527_en.pdf>.
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Published
2021-12-28
How to Cite
Aquini Gonçalves, V. (2021). The supplementary supervision of financial conglomerates: characteristics and challenges. Revista Jurídica Portucalense, (30), 152–187. Retrieved from https://revistas.rcaap.pt/juridica/article/view/20753
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