The European Commission has adopted measures to strengthen supervisory committees and standard-setting bodies for financial services, accounting and auditing.
The purpose of these measures is to improve supervisory cooperation and convergence between Member States and to reinforce financial stability.
Under the new rules, the three committees that supervise, respectively, the securities (CESR), banking (CEBS) and insurance (CEIOPS) sectors will benefit from a clearer operational framework and more efficient decision-making processes.
The new decisions (please click on the following links to review new decisions: CESR, CEBS, CEIOPS) contain a non-exhaustive list of tasks that the Committees are expected to perform and enhance the role of the Committees as regards the safeguarding of financial stability.
In addition, the Commission proposes that these committees, as well as key bodies involved in the standard-setting process for financial reporting and auditing at both EU and international level (IASCF, EFRAG & PIOB), should be provided with financial support from the EU budget so that they can achieve their objectives as rapidly and efficiently as possible.
The proposal for financial support now passes to the Council and the European Parliament for consideration.
Please click here to review the proposed Financial Services Committee Architecture.