The chairs of the 3L3 Committees sent a Joint Letter to the EU Institutions submitting their draft programmes for 2008 together with their provisional joint 3L3 cross sector work programme.
The Committees identified six key areas, which are:
- Home-host co-operation, with a specific focus on setting up a common framework for the delegation of supervisory tasks;
- consistency issues in the regulatory and supervisory treatment of competing products, such as investment funds and insurance policies;
- the self-regulatory standards for - and possible coordinated regulatory approaches towards - credit rating agencies;
- consistency issues on internal governance requirements stemming from different directives;
- financial conglomerates; and
- issues concerning the valuation of illiquid financial instruments, also in light of the weaknesses highlighted during the recent market turmoil.
In addition, the Committees will work on areas identified in the December 2007 Council Conclusions of the Lamfalussy Process. The key priorities will be:
- the implementation and/or further strengthening of self-assessment and peer review mechanisms;
- the identification of possible obstacles stemming from differences in supervisory powers and objectives;
- the exploration of tools to further foster convergence and strengthen the national application of Level 3 guidelines, recommendations and standards; and
- their work on developing convergence in days to day supervisory practice and support co-operation within colleges of supervisors.
Further, the three committees will continue their cooperation in following the recent market turmoil, and coordinating their supervisory efforts,
Letter
© Graham Bishop
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