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Improving supervision in the EU financial services sector: The 3L3 Commitees express their suport for the Commission's position

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The 3L3 Committees, CESR, CEBS and CEIOPS, published today their joint response to the European Commission’s consultation on improving the supervision of EU financial markets. The joint response also includes in an annex, the three Committees’ sectoral views on the proposals made by the high-level group (“the Group”) on the structure of financial supervision in the EU, chaired by Jacques de Larosière, which were endorsed by the Commission’s Communication of 4 March 2009.

The Commission’s consultation launched on 10 March 2009 and the 3L3 joint response to it, should be viewed in the context of the current financial crisis and its impact on the global financial system.

In their joint response to the Commission, the 3L3 Committees support the Group’s proposal to  introduce a two-tier institutional architecture for the supervision of the EU financial markets, with the 3L3 Committees providing the link at a European level between the envisaged macro and micro-supervisory arrangements, as suggested by “the Group”.

In addition, the 3L3 Committees’ response expresses their support for the Group’s call for a strengthened and harmonised legal framework for financial services at EU level.



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