S.L. 330.6 Art. 16Asset management companies.

(1) Pending further coordination of European Union sectoral rules, the Authority shall, at its discretion, include asset management companies within the scope of consolidated supervision of credit institutions and investment firms, or within the scope of supplementary supervision of insurance undertakings in an insurance group.

(2) Where the group is a financial conglomerate, the Authority shall include such asset management companies within the scope of supplementary supervision within the meaning of the Financial Conglomerates Directive.

(3) The Authority shall provide for the inclusion of asset management companies within the identification process in accordance with regulation 3:

Provided that the relevant sectoral rules regarding the form and extent of the inclusion of financial institutions (where asset management companies are included in the scope of consolidated supervision of credit institutions and investment firms) and of reinsurance undertakings (where asset management companies are included in the scope of supplementary supervision of insurance undertakings) shall apply mutatis mutandis to asset management companies:

Provided further that, for the purposes of supplementary supervision referred to in sub-regulation (2), the asset management company shall be treated as part of whichever sector it is included in by virtue of sub-regulation (1).