20 May 2008, David Benyon, Operational Risk & Regulation
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.
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