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FICOD ToolDelegated Regulation 2015/2303
Article 4

Article 4 - Delegated Regulation 2015/2303

Article 4

Supervisory measures

Without prejudice to any other supervisory powers conferred on them, competent authorities shall, in particular,

1.

require, where appropriate, regulated entities or mixed financial holding companies to:

(a)

perform intra-group transactions of the financial conglomerate at arm's length or notify intra-group transactions which are not performed at arm's length;

(b)

approve intra-group transactions of the financial conglomerate through specified internal procedures with the involvement of its management body as referred to in Article 3(1) of Directive 2013/36/EU of the European Parliament and of the Council (5), or of its administrative, management or supervisory body as referred to in Article 40 of Directive 2009/138/EC of the European Parliament and of the Council (6);

(c)

report more frequently than required under Article 7(2) and Article 8(2) of Directive 2002/87/EC on significant risk concentration and significant intra-group transactions;

(d)

establish additional reporting on significant risk concentration and significant intra-group transactions of the financial conglomerate;

(e)

strengthen the risk management processes and internal control mechanisms of the financial conglomerate;

(f)

present or improve plans to restore compliance with supervisory requirements and to set a deadline for implementation thereof;

2.

shall define appropriate thresholds in order to identify and overview significant risk concentration and significant intra-group transactions;

(5)  Directive 2013/36/EU of the European Parliament and of the Council of 26 June 2013 on access to the activity of credit institutions and the prudential supervision of credit institutions and investment firms, amending Directive 2002/87/EC and repealing Directives 2006/48/EC and 2006/49/EC (OJ L 176, 27.6.2013, p. 338).

(6)  Directive 2009/138/EC of the European Parliament and of the Council of 25 November 2009 on the taking-up and pursuit of the business of Insurance and Reinsurance (Solvency II) (OJ L 335, 17.12.2009, p. 1).