CEBS amends consultation practices

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LONDON – The Committee of European Banking Supervisors (CEBS) has published the amended Public Statement of Consultation Practices, which was submitted for a three-month public consultation on March 19, 2007. This amendment foresees the procedures to be followed in case of limited or drafting amendments to CEBS products.

During this period, eight comment letters were received regarding the consultation paper. In general, respondents welcomed the proposal as a sensible way of dealing with drafting and limited amendments to CEBS guidelines, standards and recommendations. They also emphasised their support to the use of the impact assessment methodology in the amendments to the CEBS guidelines, standards and recommendations.

This amendment to the consultation practices limits the number of changes in each guideline, standard and recommendation to one a year as a maximum. This decision was taken to promote stability in the CEBS products for credit institutions and investment firms.

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