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
Directional portfolios and limited diversification will hamper recovery process
SSM chair also wants to end rule opt-outs that make banks "look stronger than they really are"
Dodd-Frank and Mifid II won't stop market disorder but will penalise hedgers
Floors framework should not overstate risk, says Sweden's bank supervision chief
Sign up for Risk.net email alerts
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
Operational risk and the challenges of defining and dealing with conduct risk
There are no comments submitted yet. Do you have an interesting opinion? Then be the first to post a comment.