In May 2008, the European Commission published a consultation paper on amendments to Commission decisions establishing CESR, CEBS & CEIOPS (the Consultation Paper).
The Committee of European Securities Regulators, the Committee of European Banking Supervisors and the Committee of European Insurance and Occupational Pensions Supervisors (together, the 3L3 Committees) have now published their response to the Consultation Paper.
The 3L3 Committees consider that the consultation represents a ratification of what is already occurring in practice as a result of progressive steps undertaken by them in their efforts to enhance supervisory convergence.
The 3L3 Committees consider that, in order to avoid the need for reviewing their mandates on an annual basis, the inclusion of concrete projects instead of general tasks should be avoided.
The Commission should rather focus on long term objectives and the tools available to the 3L3 Committees to achieve those objectives.
The approach of aligning, clarifying and strengthening the 3L3 Committees’ responsibilities with the objective of enhancing their contribution to supervisory cooperation and convergence at EU level is appreciated.