financial conglomerate

Defined in Article 2, Directive 2002/87/EC

Uses as of 11/08/2011

Definitions over time (2)

1. 09/12/2011 – today Article 2, Directive 2002/87/EC Scope: Whole act

   ‘financial conglomerate’ means a group or subgroup, where a regulated entity is at the head of the group or subgroup, or where at least one of the subsidiaries in that group or subgroup is a regulated entity, and which meets the following conditions: where there is a regulated entity at the head of the group or subgroup: that entity is a parent undertaking of an entity in the financial sector, an entity which holds a participation in an entity in the financial sector, or an entity linked with an entity in the financial sector by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC; at least one of the entities in the group or subgroup is within the insurance sector and at least one is within the banking or investment services sector; and the consolidated or aggregated activities of the entities in the group or subgroup within the insurance sector and of the entities within the banking and investment services sector are both significant within the meaning of Article 3(2) or (3) of this Directive; or where there is no regulated entity at the head of the group or subgroup: the group’s or subgroup’s activities occur mainly in the financial sector within the meaning of Article 3(1) of this Directive; at least one of the entities in the group or subgroup is within the insurance sector and at least one is within the banking or investment services sector; and the consolidated or aggregated activities of the entities in the group or subgroup within the insurance sector and of the entities within the banking and investment services sector are both significant within the meaning of Article 3(2) or (3) of this Directive;

2. 13/04/2005 – 09/12/2011 applies on 11/08/2011 Article 2, Directive 2002/87/EC Scope: Whole act

   ‘financial conglomerate’ shall mean a group which meets, subject to Article 3, the following conditions: a regulated entity within the meaning of Article 1 is at the head of the group or at least one of the subsidiaries in the group is a regulated entity within the meaning of Article 1; where there is a regulated entity within the meaning of Article 1 at the head of the group, it is either a parent undertaking of an entity in the financial sector, an entity which holds a participation in an entity in the financial sector, or an entity linked with an entity in the financial sector by a relationship within the meaning of Article 12(1) of Directive 83/349/EEC; where there is no regulated entity within the meaning of Article 1 at the head of the group, the group's activities mainly occur in the financial sector within the meaning of Article 3(1); at least one of the entities in the group is within the insurance sector and at least one is within the banking or investment services sector; the consolidated and/or aggregated activities of the entities in the group within the insurance sector and the consolidated and/or aggregated activities of the entities within the banking and investment services sector are both significant within the meaning of Article 3(2) or (3). Any subgroup of a group within the meaning of point 12 which meets the criteria in this point shall be considered as a financial conglomerate;

Used in (139 places in 45 provisions on 11/08/2011)

Directive 2002/87/EC (139 in 45)

Recital 2 · Recital 3² · Recital 4 · Recital 5 · Recital 7 · Recital 8 · Recital 9 · Recital 11 · Recital 12 · Recital 13 · Recital 14 · Recital 15 · Recital 16 · Recital 20 · Preamble · Article 1 · Article 2⁷ · Article 3⁵ · Article 4³ · Article 5¹⁰ · Article 6¹¹ · Article 7⁹ · Article 8¹⁰ · Article 9³ · Article 10⁵ · Article 11³ · Article 12¹² · Article 14 · Article 15 · Article 16 · Article 17 · Article 18² · Article 19² · Article 20 · Article 21² · Article 21a · Article 22 · Article 23 · Article 26 · Article 28 · Article 29 · Article 30² · Article 31² · Annex I¹⁹ · Annex II⁴