The Committee of European Securities Regulators, the Committee of European Banking Supervisors and the Committee of European Insurance and Occupational Pensions Supervisors (the Committees) have published a joint Consultation Paper on their medium term work programme (Work Programme). In the Work Programme, the Committees have identified a comprehensive list of cross-sector areas for delivery in the period to the end of 2010 – the 'medium term', and six key areas for work within this three year period. The six key areas identified for further work are:
- Home-Host and Delegation of tasks. A key aspect of the joint work will be to explore further the issue of delegation of tasks between supervisors involved in the supervision of an institution or a group of institutions, or in investigating market behaviour. Competing products. The Committees will develop further work on the differences in the regulatory treatment of products that are marketed to investors.
- Credit rating agencies. Building on the existing and ongoing work of CESR and CEBS respectively, the role of rating agencies in the markets as well as the use of ratings in prudential regulations will be examined in light of the recent turmoil spurred by US sub-prime mortgages.
- Internal governance. The Committees propose to assess whether it is possible to develop a complete set of guidance ensuring greater consistency in the requirements stemming from different sectoral Directives (in particular MiFID and the CRD).
- Conglomerates. The three Committees have joined forces and formed the Interim Working Committee on Financial Conglomerates - IWCFC, specifically to concentrate on the convergent implementation of the Financial Conglomerates Directive. Valuation of financial instruments. The recent turbulence in the markets has highlighted the need to assess the reliability of valuations of financial instruments.
- Comments on the Work Programme are invited by 18 January 2008.