EU Cad concedes on investment firms but limits role of insurance

Brussels – The European Commission issued the fourth consultation on the capital adequacy directive (Cad) on July 1.

The document – published nearly three weeks after initially expected – clarified several op risk issues, such as the role of insurance and the application of the op risk capital charge to investment services firms. However, some issues remain open to further lobbying from the industry.

This latest draft follows on from the third draft of the Cad, which was issued in November 2002. More than 100 comment letters were received and published on the website, and the Commission held two sets of

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