The group sent questionnaires to home country supervisors of financial organizations having operations in the EU, inquiring about the measures those supervisors take to ensure that the entities they supervise are subject to consolidated supervision at the top-tier level. The Federal Reserve and the Office of the Comptroller of the Currency prepared a joint response on supervision of U.S. banking organizations with EU operations.
We understand that the EC’s guidance is expected to be issued in the summer. 2  BIS Review 28/2004  Member state lead regulators are expected to rely on the European Commission’s guidance in verifying equivalent supervision with respect to individual institutions.