Level 3 committees issue medium-term work programme

CESR, CEBS and CEIOPS consult on cross-sector supervisory issues

The three Level 3 committees – the Committee of European Securities Regulators (CESR), the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) – have published their joint consultation paper on the three Level 3 committees' (3L3) medium-term work programme (2008 to 2010).

The three committees plan to contribute to the ongoing review of the Lamfalussy process, by identifying ways to enhance regulatory and supervisory consistency across sectors. In the 3L3 medium-term work programme, the committees have outlined a comprehensive list of cross-sector areas to address in the period ending 2010 – the ‘medium term’ – and six key areas for work within these three years.

The main areas of concern include home-host/delegation of tasks; competing products; credit rating agencies; internal governance; conglomerates (the Interim Working Committee on Financial Conglomerates); and valuation of financial instruments.

The committees have requested input from the financial industry, investors and all other stakeholders regarding what they would most like to see addressed in the medium term. Comments on the key areas, the work programme in general, and other issues raised are invited by January 18, 2008.

Answers should be posted on CESR’s website: www.cesr.eu.