From Wikipedia, the free encyclopedia
The the Committee of European Banking
Supervisors (CEBS) is an independent advisory group on
banking supervision in the (European) Community, (called
hereinafter the Committee)[1
], composed of senior representatives of bank
supervisory authorities and central banks of the European Union,
and established by the European Commission on 23 January
2009. Its role is to:
- advice (advise) the European Commission, on request of it, or
within a time period the Commission may set depending on the
urgency of the matter, or the Committee on its own, in particular
as regards the preparation of draft measures in the scope of
lending activities.
- contribute to the consistent implementation of EU directives and the convergence of the financial
supervisory practices in all member states of the
entire European Community.
- improve supervisory cooperation, including exchange of
information.
European Economic Area countries
which are not EU
members participate as permanent observers.
The other level-3 committees of the European Union in the Lamfalussy
process are the Committee of
European Securities Regulators and the Committee of European Insurance and
Occupational Pensions Supervisors.
History
"As part of the so-called Lamfalussy process, the Commission
adopted Decision 2004/5/EC of 5 November 2003 establishing the Committee (OJ L 3, 7.1.2004,
p. 28.).
The Committee took up its duties on 1 January 2004, serving as
an independent body for reflection, debate and advice of the
Commission in the field of banking regulation and supervision.
[...] in order to establish a new organisational structure for
financial services committees (OJ L 79, 24.3.2005, p. 9.), the
Commission carried out a review of the Lamfalussy process in 2007
and presented its assessment in a Communication of 20 November 2007
entitled ‘Review of the Lamfalussy process — Strengthening
supervisory convergence’ (COM(2007) 727 final.).
In the Communication, the Commission pointed out the importance
of the Committee of
European Securities Regulators, the Committee of European
Banking Supervisors and the Committee of European Insurance and
Occupational Pensions Supervisors (hereinafter the Committees
of Supervisors) in an increasingly integrated European financial
market. A clear framework for the activities of these Committees in
the area of supervisory convergence and cooperation was deemed
necessary.
While reviewing the functioning of the Lamfalussy process, the
Council
invited the Commission to clarify the role of the Committees of
Supervisors and consider all different options to strengthen the
working of those Committees, without unbalancing the current
institutional structure or reducing the accountability of
supervisors (Council Conclusions 15698/07 of 4 December 2007).
At its meeting on 13 and 14 March 2008, the European Council called for swift
improvements to the functioning of the Committees of Supervisors
(Council Conclusions 7652/1/08 Rev 1.).
On 14 May 2008 (Council Conclusions 8515/3/08 Rev 3), the
Council invited the Commission to revise the Commission Decisions
establishing the Committees of Supervisors so as to ensure
coherence and consistency in their mandates and tasks as well as to
strengthen their contributions to supervisory cooperation and
convergence. The Council noted that specific tasks could be
explicitly given to the Committees to foster supervisory
cooperation and convergence, and their role in assessing risks to
financial stability. Therefore a reinforced legal framework
regarding the role and tasks of the Committee in this respect
should be provided. [...]"[1
]
So the European Commission's decision
(2009/78/EC) of 23 January 2009,
"for reasons of legal security and clarity", repealed, in its 16th
article Decision 2004/5/EC,[1
], which changed the legal framework of the
Committee.
Roles
(tasks)
In particular, according to article 2 of the Decision
2009/78/EC, "The Committee shall advise the Commission, in
particular as regards the preparation of draft implementing
measures in the field of banking activities and in the field of
financial conglomerates, on its own initiative or at the request of
the Commission. Where the Commission requests advice from the
Committee, it may lay down a time limit within which the Committee
shall provide such advice. Such time limit shall be laid down
taking into account the urgency of the matter.".[1
]
According to article 3 of the same Decision, "The Committee
shall fulfil the tasks assigned to it and contribute to the common
and uniform implementation and consistent application of Community
legislation by issuing non-binding guidelines, recommendations and
standards".[1
]
According to article 4 of same Decision,
- 1. The Committee shall enhance cooperation between national
supervisory authorities in the field of banking and foster the
convergence of Member States’ supervisory practices and approaches
throughout the Community. To this effect, it shall carry out, at
least, the following tasks:
- (a) mediate or facilitate mediation between supervisory
authorities in cases specified in the relevant legislation or at
the request of a supervisory authority;
- (b) provide opinions to supervisory authorities in cases
specified in the relevant legislation or at their request;
- (c) promote the effective bilateral and multilateral exchange
of information between supervisory authorities subject to
applicable confidentiality provisions;
- (d) facilitate the delegation of tasks between supervisory
authorities, in particular by identifying tasks which can be
delegated and by promoting best practices;
- (e) contribute to ensuring the efficient and consistent
functioning of colleges of supervisors in particular through
setting guidelines for the operational functioning of colleges,
monitoring the coherence of the practices of the different colleges
and sharing best practices;
- (f) contribute to developing high-quality and common
supervisory reporting standards;
- (g) review the practical application of the non-binding
guidelines, recommendations and standards issued by the
Committee.
- 2. The Committee shall review the Member States’ supervisory
practices and assess their convergence on an ongoing basis. The
Committee shall report annually on progress achieved and identify
the remaining obstacles.
- 3. The Committee shall develop new practical convergence tools
to promote common supervisory approaches".[1
]
According to article 5:
- 1. The Committee shall monitor and assess developments in the
banking
sector and, where necessary, inform the Committee of European
Securities Regulators, the Committee of European Insurance and
Occupational Pensions Supervisors and the Commission. The Committee
shall ensure that the finance ministries and national central banks
of the Member States are informed about potential or imminent
problems.
- 2. The Committee shall, at least twice a year, provide
assessments to the Commission of micro-prudential trends, potential
risks and vulnerabilities in the banking sector. The Committee
shall include in these assessments a classification of the main
risks and vulnerabilities and indicate to what extent such risks
and vulnerabilities pose a threat to financial stability and, where
necessary, propose preventative or remedial actions. The Council
shall be informed of these assessments.
- 3. The Committee shall have in place procedures enabling the
supervisory authorities to react promptly. Where appropriate, the
Committee shall facilitate a joint assessment amongst supervisors
within the Community on risks and vulnerabilities which may
negatively affect the stability of the financial system of the
Community.
- 4. The Committee shall ensure an adequate coverage of
cross-sectoral developments, risks and vulnerabilities by closely
cooperating with the Committee of European Securities Regulators,
the Committee of European Insurance and Occupational Pensions
Supervisors and the Banking Supervision Committee of the European
System of Central Banks.[1
]
Article 6:
- 1. The Committee shall contribute to the development of common
supervisory practices in the field of banking as well as on a
cross-sectoral basis in close cooperation with the Committee of
European Securities Regulators and the Committee of European
Insurance and Occupational Pensions Supervisors.
- 2. To this effect, it shall in particular establish sectoral
and cross-sectoral training programmes, facilitate personnel
exchanges and encourage competent authorities to intensify the use
of secondment schemes, joint inspection teams and supervisory
visits and other tools.
- 3. The Committee shall, as appropriate, develop new instruments
to promote the common supervisory practices.
- 4. The Committee shall enhance cooperation with the supervisory
authorities of third countries, in particular by their
participation in common training programmes.[1
]
Structure
(organization and working)
According to articles 7-15 of the Decision 2009/78/EC:[1
]
Article 7:
- 1. The Committee shall be composed of high-level
representatives from the following organisations:
- (a) the national public authorities competent for the
supervision of credit institutions, hereinafter ‘the competent
supervisory authorities’;
- (b) the national central banks entrusted with specific
operational responsibilities for the supervision of individual
credit institutions alongside a competent supervisory
authority;
- (c) the central banks which are not directly involved in the
supervision of individual credit institutions, including the European Central Bank.
- 2. Each Member State shall designate high-level representatives
to participate in the meetings of the Committee. The European
Central Bank shall designate a high level representative to
participate in the Committee.
- 3. The Commission shall be present at the meetings of the
Committee and shall designate a high-level representative to
participate in its debates.
- 4. The Committee shall elect a chairperson from among the
representatives of the competent supervisory authorities.
- 5. The Committee may invite experts and observers to attend its
meetings.
Article 8:
- 1. The members of the Committee shall be required not to
disclose information covered by the obligation of professional secrecy. All participants in
the discussions shall be obliged to comply with the applicable
rules of professional secrecy.
- 2. Whenever discussion of an item on the agenda entails the
exchange of confidential
information concerning a supervised institution, participation
in such discussion may be restricted to the competent supervisory
authorities directly involved and the national central banks
entrusted with specific operational responsibilities for the
supervision of the individual credit institutions concerned.
Article 9:
- 1. The Committee shall regularly inform the Commission about
the outcome of its activities. It shall have regular contacts with
the European Banking Committee established by Commission Decision
2004/10/EC (OJ L 3, 7.1.2004, p. 36.) and the competent Committee
of the European Parliament.
- 2. The Committee shall ensure cross-sectoral consistency of
work in the financial services sectors by
regular and close cooperation with the Committee of European
Securities Regulators and the Committee of European Insurance and
Occupational Pensions Supervisors.
- 3. The chairperson of the Committee shall meet the chairpersons
of the Committee of European Securities Regulators and of the
Committee of European Insurance and Occupational Pensions
Supervisors at least once a month.
Article 10:
The Committee may set up working groups. The Commission shall be
invited to the meetings of the working groups as an observer.
Article 11
The Committee shall cooperate in the area of supervision of financial conglomerates with the Committee of European Insurance and
Occupational Pensions Supervisors in a Joint Committee
on Financial Conglomerates.
The Commission and the European Central Bank shall be
invited to the meetings of the Joint Committee on Financial
Conglomerates as observers.
Article 12
Before transmitting its opinion to the Commission, the Committee
shall, at an early stage, consult market participants, consumers and end-users extensively and in an open and
transparent manner. The Committee shall publish the results of the
consultations, unless the respondent requests otherwise.
When providing advice on provisions applicable to both credit
institutions and investment firms, the Committee shall consult all
authorities which are competent for the supervision of investment
firms and are not already represented in the Committee.
Article 13
The Committee shall draw up an annual work programme and
transmit it to the Council, the European
Parliament and the Commission by the end of October
each year. The Committee shall periodically and at least annually
inform the Council, the European Parliament and the Commission on
the achievement of the activities set out in the work
programme.
Article 14
The Committee shall work by consensus of its members. If no consensus can
be reached, decisions shall be taken by qualified majority. The votes of the
representatives of the Members of the Committee shall correspond to
the votes of the Member States as laid down in Articles 205(2) and
(4) of the Treaty. Members of the Committee which do not follow the
guidelines, recommendations, standards and other measures agreed by
the Committee shall be prepared to present the reasons for this
choice.
Article 15
The Committee shall adopt its own rules of
procedure and organise its own operational arrangements. With
regard to decisions concerning amendments to the rules of procedure
and elections to and dismissals from the Board of the Committee,
the rules of procedure may foresee decisionmaking procedures that
are different from those set out in Article 14.
Location
The office of the Secretariat of the CEBS is placed in the City
of London, United Kingdom.[2]
See also
References
- ^
a
b
c
d
e
f
g
h
i "OJEU 29.1.2009 - COMMISSION
DECISION of 23 January 2009 establishing the Committee of European
Banking Supervisors (2009/78/EC)". OJEU. Oct 4, 2009. p. L
23-27. http://eur-lex.europa.eu/LexUriSer/LexUriServ.do?uri=OJ:L:2009:025:0023:0027:EN:PDF.
- ^
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