Cebs, Cesr and Ceiops have replied to the European Commission's views on future EU supervision
LONDON, PARIS & FRANKFURT - The three European Union (EU) Level 3 committees have responded to the European Commission's views on the future supervision of the EU banking, securities and insurance sectors in the wake of the Larosière report's call for EU supervisory overhaul.
The London-based Committee of European Banking Supervisors (Cesr), the Parisian Committee of European Securities Regulators (Cesr), and the Frankfurt-housed Committee of European Insurance and Occupational Pensions Supervisors (Ceiops) broadly backed the high-level recommendations of Jacques de Larosière.
The 14-page joint statement by the three Lamfalussy committees emphasises the need for a harmonised set of core rules; the establishment of colleges as core structures for cross-border supervision; the need for a coherent framework for crisis resolution; and the need for increased and further formalised co-ordination among the sector regulators and supervisors.
The joint response can be read here.
More on Regulation
Minenna of Italy's market regulator warns of serious unintended consequences
Vickers "surprised" by bank's loss of enthusiasm given its support in 2012
New product issuance in Europe could dry up as result of overbearing new rules, says Graf
Malaysia central bank chief urges giving peers greater regulatory powers
Sign up for Risk.net email alerts
Sponsored video: Elseware
Oxford professor David Vines argues that the carrot is as important as the stick
Sponsored webinar: IBM
Watch highlights of this year's London conference
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.