In May 2008, the European Commission launched a consultation on possible amendments to the structures of each of the EU Level Three Committees—the EU Committee of European Securities Regulators (CESR), the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS)—as reported in the May 30, 2008 edition of Corporate and Financial Weekly Digest.
On July 9, the UK Treasury and the UK Financial Services Authority (FSA) issued a joint response to the European Commission’s consultation which was also agreed to by the Bank of England and the UK Pensions Regulator. The UK considers that the existing arrangements have made a positive contribution to the EU’s regulatory and supervisory framework. The UK supports amendments that reduce unnecessary divergences or duplication in EU markets and their regulation and supervision. However, the UK authorities do not support a wider coordination roll for the existing committees nor do they agree that differences in supervision by various supervisorsresult in a material obstacle to a single EU financial services market.