London-based Cebs and Frankfurt-based Ceiops say the shared principles for European banking and insurance groups are based on experience and are applicable for functioning in a crisis situation.
Principle five in particular refers to emergency functioning:
"The colleges of supervisors shall have agreements in place, laying out the basis for the co-operation between the involved authorities and the practical organisation of the supervisory activities of the group on an ongoing basis and in a crisis situation, including engagement with cross border stability groups.
"In emergency situations, the frequency of contacts between supervisors will rise in general. While preserving a high degree of flexibility, procedures should aim at helping supervisors in considering which authorities to inform, and when, in a crisis situation."
Principle seven also concerns emergency arrangements:
"The colleges of supervisors provide an efficient platform for the gathering and dissemination of relevant or essential information in going-concern and emergency situations, developing a common understanding of the risk profile of the group, achieving co-ordination of supervisory review and risk assessment at group level, as well as establishing supervisory plans for the mitigation of risks at group level."
Cross-border crisis supervision is the subject of ongoing debate in Europe. European Central Bank chairman Jean-Claude Trichet says his institution "stands ready" for supervisory responsibility, rather than supporting the Level 3 committees' pursuit of the supervisory college strategy, which Cebs, for example, embarked on in 2006.
The principles may be downloaded in full by clicking here.