Lamfalussy committees restate responsibilities

The three Lamfalussy committees have jointly restated their stance on supervisory convergence and financial stability, in response to an EC consultation paper

LONDON, PARIS & FRANKFURT – The three Lamfalussy committees have responded to a European Commission (EC) consultation paper calling for amendments to their roles of advising the EC, enhancing supervisory co-operation and contributing to consistent implementation of directives.

The three Level 3 committees are the Committee of European Banking Supervisors (Cebs), the Committee of European Securities Regulators (Cesr), and the Committee of European Insurance and Occupational Pensions Supervisors (Ceiops).

The EC document Public consultation paper on amendments to Commission decisions establishing Cesr, Cebs and Ceiops deals with supervisory co-operation and convergence, and financial stability.

The first of these issues is further broken down into points on mediation, the committees’ consultative roles, information exchange, delegation of responsibilities, streamlining reporting requirements, colleges of supervisors, development of a common supervisory culture, cross-sector co-operation, qualified majority voting and annual work programmes.

On financial stability, the response is much briefer, mentioning biannual reporting, committee expertise and regular qualitative assessments. It concludes that the committees prefer a broad reference to financial stability in their mandates, rather than detailed requirements.

The joint Cesr, Cebs and Ceiops response may be downloaded from the following link.

http://www.c-ebs.org/comment_letters/documents/200809013L3ResponsetoCommissionConsultation.pdf