EU Council publishes conclusions on supervisory convergence, stability and the role of the Lamfalussy committees
BRUSSELS – The Council of the European Union has released its recommendations to the European Commission on the supervisory framework and financial stability arrangements, including key suggestions for the three supervisory committees – CESR, CEBS and CEIOPS.
The Council invites the Commission to revise its decisions on the foundations of the three Lamfalussy committees to ensure coherence and consistency in their mandates and tasks, and to strengthen supervisory convergence.
Another proposal is for specific tasks to be set for the committees to foster convergence and address systemic risk. There has been recent debate over the role of the committees, the expansion of their mandate and their role in conjunction with supervisory colleges to police systemic risks at large EU financial institutions.
More on Regulation
Heavy regulatory costs and fragile systems will be problems in 2015
FSCP proposes simplified charges for UK asset management funds
Changing corporate culture will be hard work
A fixed set of weighted criteria can help pick out systemically important banks, according to the EBA
Sign up for Risk.net email alerts
Sponsored webinar: IBM
Watch highlights of this year's London conference
Operational risk and the challenges of defining and dealing with conduct risk
Watch discussions and speakers from our North America conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.