The supplementary supervision of financial conglomerates: characteristics and challenges

Authors

  • Vinicius Aquini Gonçalves Universidade de Coimbra

Keywords:

conglomerates, macro-prudential supervision, systemic risk, financial crisis

Abstract

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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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

Issue

Revista Jurídica n.º 30 (2021)

Section

SCIENTIFIC RESEARCH

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