The Committee of European Securities Regulators, the Committee of European Banking Supervisors and the Committee of European Insurance and Occupational Pensions Supervisors (Level 3 Committees) have published a joint letter to Charlie McCreevy (European Commissioner for Internal Market and Services) which sets out the 2008 work programmes for each of the individual Level 3 Committees. The letter also sets out the 2008 joint Level 3 Committees cross sector work programme.
The letter states that in 2008 the joint priorities of the Level 3 Committees are:
- Home-host co-operation, with a specific focus on setting up a common framework for the delegation of supervisory tasks.
- Consistent regulatory and supervisory treatment of competing products, such as investment funds and insurance policies.
- Self-regulatory standards for - and possible coordinated regulatory approaches towards - credit rating agencies.
- Consistent internal governance requirements stemming from different Directives.
- Financial conglomerates.
- The valuation of illiquid financial instruments.
Whilst work has commenced on all these areas, for some there are preliminary deliverables in 2008, although the full visible results on all topics are not envisaged until 2010.