Press Release: Financial services: Commission presents measures to improve regulation of banking, insurance and investment funds

The European Commission launched a package of seven measures on 6 November 2003 - a proposal for a Directive and six Commission Decisions - to allow the European Union to respond far more quickly to developments in the financial sector.
The package would create a modern and streamlined decision-making structure for financial services with the aim of improved regulatory and supervisory co-operation. The package aims to extend the committee structure and approach already used in the securities sector since 2002 to banking, insurance and investment funds (UCITS). Once agreed and implemented, the measures will produce real benefits by allowing greater and more detailed co-operation between supervisors and much greater convergence in day-to-day regulation and supervision.
The effect of the package will be to create six new financial services committees:
European Banking Committee (EBC)
European Insurance and Operational Pensions Committee (EIOPC)
European Securities Committee (ESC)
Committee of European Banking Supervisors (CEBS)
Committee of European Insurance and Occupational Pension Supervisors (CEIOPS)
Committee of European Securities Regulators (CESR)

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