Press Release: Financial services: Commission consults on review of Decisions establishing the Committees of Supervisors

The European Commission launched a consultation on possible amendments to Commission Decisions establishing the Committee of European Securities Regulators (CESR), the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS). The overall objective was to align, clarify and strengthen the responsibilities of the Committees of Supervisors and to ensure their contribution to supervisory cooperation and convergence at EU level, and to the safeguarding of financial stability. The consultative document invites comments on a non-exhaustive list of tasks that the Committees are expected to perform in these areas. Stakeholders are invited to comment on these issues by 18 July 2008.