CESR, CEBS and CEIOPS have issued a joint response to the Commission’s consultation on improving supervision of EU financial markets. They are happy with the plans, in particular the proposal to enhance their current status and make them independent. They also firmly support any future Commission proposal being required to accommodate self-governance and independence and accountability that is needed to deliver advice within the Lamfalussy framework. They see the new EU supervisory architecture as containing:
- harmonised core rules (and minimal national discretions);
- colleges of supervisors;
- a coherent framework for crisis resolution; and
- increased and more formalised co-ordination between sector regulators and supervisors.
The paper includes annexes with the specific views of each Committee. CEBS has also published a table showing the current status of its work in relation to the de Larosiere recommendations.