The banks and non-banking financial societies, insurance enterprises and investment societies that form part of financial conglomerates will be supervised additionally. This is provided in a bill that was approved by the Cabinet on September 6.

According to the authors, the document is designed to adjust the national legislation to the EU’s, to enhance the protection of the rights of depositors, insured persons and investors, IPN reports.

The bill specifies the criteria for identifying a financial conglomerate and aspects that should be taken into account, such as the size of capital, risk concentration and transactions inside the group, as well as the conditions for designating the authorities responsible for ensuring additional surveillance (coordinator), the powers of these, methods of cooperation and exchange of information between the competent authorities.