The Committee of European Banking Supervisors (CEBS), and the two other Level 3 Committees (Committee of European Securities Regulators and Committee of European Insurance and Occupational Pensions Supervisors) have issued a joint press statement welcoming the Commission’s adoption of the new legislative proposals for establishing an institutional framework for financial supervision in the EU.

The Committees see the most efficient way of ensuring a smooth transition towards the new supervisory authorities arising from an “evolutionary approach” and also stress the importance of preserving their independence.