Currently, three committees exist at the EU level in the financial services sector, with advisory powers, the Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Committee (CEIOPS) and the Committee of European Securities Regulators (CESR). These are often known as the “Lamfalussy level 3 Committees” because of the role which they play in the EU framework for financial services legislation, created following a report a group chaired by Alexandre Lamfalussy.
27 May 09: Communication on Financial Supervision in Europe
The European Commission has adopted a Communication on Financial Supervision in Europe. The Communication proposes a set of ambitious reforms to the current architecture of financial services committees, with the creation of a new European Systemic Risk Council (ESRC) and European System of Financial Supervisors (ESFS), composed of new European Supervisory Authorities. Legislation to embody these proposals will follow in the autumn. The Commission also invites all interested parties to submit their reactions on the Communication before 15 July. Details >> and ABI's view >>
March 2009: De Larosière Report and Commission Communication
In October 2008 the Commission mandated a High Level Group chaired by Jacques de Larosière to give advice on the future of European financial regulation and supervision. The Group presented its report on 25 February 2009 and its recommendations were endorsed by the Commission in its Communication to the Spring European Council of March 2009. Details >>
10 March 09: Consultation on financial markets supervision
In March 2009 the European Commission launched a consultation on the improvement of supervision for the financial services sector. The deadline for submissions was 10 April 2009. Details >>
26 January 09. Review of the Lamfalussy process: ECput forward a proposal
The Commission has revised the Decisions establishing the EU Committees of Supervisors (CESR, CEBS and CEIOPS), establishing a clearer framework for the activities of the Committees and reinforcing current financial stability arrangements. Details >>