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Home>Aladdin's Cave - Archives>Level 2 & 3 Committees



This section covers the debate on the role, powers and functions of the three sets of "Committees". Their regulatory actions are covered in the appropriate industry sections. But they may soon be turned into Authorites with greater powers. The Lamfalussy Process set out a  four-level approach to European regulation: essential principles, implementing measures, co-operation and enforcement. It is aimed at establishing faster and more flexible decision-making for legislation, and  ensuring uniform application in Member States:
  • Level 1: Framework principles to be decided by normal legislative procedures (i.e. proposal by the Commission to the Council of Ministers and the European Parliament for co-decision. 
  • Level 2: Implementing details to be defined, proposed and decided by the Commission with the assistance of a senior Committee of representatives of Member States. For securities and UCITS: European Securities Committee – based on technical advice received from the national regulators (ESMA). For banking, the advice is given by EBA and for insurance/pensions by EIOPA.
  • Level 3: These European Supervisory Authorities - ESMA/EBA/EIOPA - work in a network to ensure consistent implementation of Level 1 and 2 acts in the Member States. 
  • Level 4: the Commission enforces Community law.





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Level 2 & 3 Committees - 20117 articles out of 7.

2010 Level 2 & 3 Committees
2010-12-22 CESR issues a Feedback Statement on Transaction reporting on OTC derivatives and extension of the scope of transaction reporting obligations
2010-12-22 CESR publishes technical advice to the European Commission in the context of the MiFID review-standardisation and organised platform trading
2010-12-22 CEBS and CEIOPS published recommendations for supervisory colleges of financial conglomerates
2010-12-21 CESR issues guidelines for selection and presentation of performance scenarios in the Key Investor Information document for structured UCITS
2010-12-16 CEIOPS reports update on fifth quantitative impact study on Solvency II
2010-12-10 CEBS published its guidelines on remuneration policies and practices
2010-12-08 CESR updates list of short selling measures
2010-12-07 CESR publishes annual report on credit rating agencies
2010-12-06 CEBS publishes revised guidelines on the recognition of external credit assessment institutions
2010-12-01 CEIOPS calls for evidence on Solvency II equivalence assessment
2010-11-30 CESR finds Member States broadly compliant with Prospectus Directive
2010-11-30 CESR invites expressions of interest in ESMA’s Securities and Markets Stakeholder Group
2010-11-23 European Securities Committee meeting summary
2010-11-19 CESR publishes Guidelines on Risk Measurement and the Calculation of Global Exposure for certain types of structured UCITS
2010-11-16 CEIOPS consults on Variable Annuities
2010-11-15 CEIOPS response to the EC Green Paper - “Towards adequate, sustainable and safe European pension systems”
2010-11-15 CEIOPS published methodology for equivalence assessments under Solvency II
2010-11-11 CEIOPS published the findings of its 2010 survey on the functioning of Colleges of supervisors
2010-11-11 CEIOPS published its advice to the European Commission on the revision of the Insurance Mediation Directive
2010-11-09 CESR commented on EFRAG’s draft response on the IASB’s Exposure Draft Deferred Tax: Recovery of Underlying Assets
2010-11-04 CESR releases notes on Market Participants Consultative Panel meeting
2010-10-27 CESR's ninth batch of IFRS enforcement decisions
2010-10-27 CESR: Improvements in financial instruments disclosures by European financial institutions in 2009 accounts
2010-10-26 CESR publishes its half-yearly report for 2010
2010-10-22 CESR publishes Technical Advice to the European Commission in the context of the MiFID Review – Client Categorisation
2010-10-14 CESR completes its review of MiFID by issuing advice on OTC derivatives trading, post-trade transparency standards and client categorisation
2010-10-13 3L3 Task Force published a report on Packaged Retail Investment Products
2010-10-12 CEBS published its guidelines on the management of operational risk in market-related activities
2010-10-11 CEIOPS has launched a European-wide data request to support Commission in finalising the Solvency II implementing measures
2010-10-08 CESR published guidance to report transactions on OTC derivative instruments
2010-10-08 CEBS published draft guidelines on remuneration
2010-09-29 CEIOPS consults on its draft methodology for equivalence assessments under Solvency II
2010-09-22 3L3 Committees welcome European Parliament landmark vote to reform financial supervision in Europe
2010-09-21 CESR Chair Tavares welcomes the Commission proposals for the regulation of derivatives markets and short selling
2010-09-14 CESR publishes a Feedback statement on CESR consultation on common standards for assessment of compliance of credit rating methodologies
2010-09-14 CESR publishes a Feedback statement on CESR consultation on enforcement practices
2010-09-08 CEBS defends consistent EU stress test
2010-09-07 CESR publishes the feedback statement on the Investor Protection and Intermediaries part of the MiFID review
2010-09-01 CESR has updated the list of measures regarding short-selling
2010-08-31 CEBS publishes revised guidelines on stress testing
2010-08-31 Solvency II: CEIOPS final advice on equivalence assessments to be undertaken in relation to Articles 172, 227 and 260
2010-08-30 CESR publishes a Guidance on the enforcement practices and activities to be conducted under Article 21.3(a) of the Regulation
2010-08-30 CESR publishes a Guidance on common standards for assessment of compliance of credit rating methodologies
2010-08-23 Solvency II milestone: CEIOPS publishes QIS5 spreadsheet
2010-08-02 CESR publishes a consultation paper on development of pan-European access to financial information disclosed by listed companies
2010-07-29 CESR proposes changes to MiFID to improve securities markets’ functioning, transparency and investor protection
2010-07-29 CESR publishes report on trends, risks and vulnerabilities in financial markets
2010-07-28 CESR sets out final guidelines on risk measurement and the calculation of global exposure and counterparty risk for UCITS
2010-07-23 CEBS published the results of the EU-wide stress-testing exercise
2010-07-20 CESR consults on its guidelines for the transition from the Simplified Prospectus to the Key Investor Information document
2010-07-19 CESR updates the list of measures regarding short-selling
2010-07-19 CESR consults on transaction reporting on OTC derivatives and extension of the scope of Transaction Reporting Obligations
2010-07-19 CESR consults on Standardisation and exchange trading of OTC derivatives
2010-07-16 CESR Members elected Portuguese Carlos Tavares as the Chair of CESR replacing Belgian Eddy Wymeersch
2010-07-16 CEBS draft guidelines on revised Article 3 of Directive 2006/48/EC – taking up and pursuit of the business of credit institutions
2010-07-14 CEIOPS consults on equivalence assessments to be undertaken in relation to Solvency II articles 172, 227 and 260
2010-07-14 CESR comments on the IASB’s exposure draft fair value option for financial liabilities
2010-07-13 MiFID Review: CESR consults on Client Categorisation
2010-07-10 CEBS on EU-Wide Stress Test: stress testing exercise has been extended to key domestic credit institutions in Europe
2010-07-07 Solvency II: CEIOPS published findings on Preparedness of insurance supervisors to implement
2010-07-07 CESR advises the European Commission on Key Investor Information Document
2010-07-06 CESR’s guidelines on the methodology for the calculation of the synthetic risk and reward indicator
2010-07-02 CEBS published two follow-up reports presenting the findings of its assessment of banks’ disclosures
2010-06-29 CEIOPS published its Spring 2010 report covering the insurance, reinsurance and occupational pension fund markets
2010-06-29 CESR comments on IASB’s ED Financial Instruments: Amortised Cost and Impairment
2010-06-18 CESR published 2009 annual report marked by the financial crisis
2010-06-16 CEBS 2009 Annual Report: Enhanced role of colleges in co-ordinating supervisory activities and decisions
2010-06-09 CESR’s advice on the equivalence between the Japanese Regulatory and Supervisory Framework and the EU Regulatory Regime for CRAs
2010-06-09 CESR updates the list of measures recently taken by members regarding short-selling
2010-06-04 CESR Guidelines on implementing the Regulation for CRAs: - effective from Monday 7 June
2010-05-26 CEIOPS Annual report 2009 and Work Programme 2010 – new challenges to come, particularly the creation of EIOPA
2010-05-26 CESR recommends that the European Institutions introduce a pan-European short selling disclosure regime as soon as possible
2010-05-26 CESR intensifies co-ordination for Euro denominated debt instruments
2010-05-21 CESR published technical advice on the equivalence between the US regulatory and supervisory framework and the EU CRAs regime
2010-05-21 CESR updates the list of measures recently taken by members regarding short-selling
2010-05-17 CESR publishes two sets of consultations in the field of Credit Rating Agencies
2010-05-11 CESR Comporti calls for increased transparency standards
2010-05-07 CESR to take a coordinated effort to respond to the recent market turmoil
2010-05-07 MiFID review: CESR consults on non-equity markets transparency
2010-05-03 CESR’s comments on IASB’s exposure draft measurement of liabilities in IAS 37
2010-04-29 CEBS principles for disclosures in times of stress - Lessons learnt from the financial crisis
2010-04-20 CESR feedback on Key Information Document disclosures for UCITS
2010-04-20 CESR feedback on level 2 measures on mergers, master-feeder structures and cross-border notification of UCITS
2010-04-20 CESR consults on risk measurement and the calculation of global exposure and counterparty risk for UCITS
2010-04-20 CESR published feedback statement on understanding the definition of advice under MiFID
2010-04-20 CESR final position on good and poor practices on inducements
2010-04-16 CEIOPS main background document for its L2 advice on calibrations
2010-04-13 MiFID review: CESR consults on equity markets
2010-04-13 MiFID review: CESR consults on transaction reporting
2010-04-08 CESR reviews options and discretions of the Market Abuse Directive – recommends extensions
2010-04-08 CESR consults on micro-structural issues of the European equity markets for the MiFID review
2010-04-08 CEIOPS publishes final advice for L2 implementing measures on Solvency II
2010-04-07 CEIOPS’ 2010 report on the functioning of Colleges
2010-04-07 Summary of CEBS public hearing on draft revised guidelines on stress testing
2010-03-31 CEIOPS: pilot exercise findings on supervisory disclosure
2010-03-31 CEIOPS: First Level 3 Guidance for Solvency II on pre-application process for internal models
2010-03-24 CESR: comments on EFRAG's draft response to IASB's measurement of liabilities in IAS 37
2010-03-16 CEIOPS publishes European-wide stress test findings for the insurance sector
2010-03-16 Council Presidency letter to 3L3C on 2010 work programme
2010-03-11 CEBS publishes its consultation on draft guidelines on liquidity cost-benefit allocation
2010-03-09 CESR updates assessment of proposals for MiFID pre-trade transparency waivers
2010-03-08 CESR members provide commonly agreed answers to EU credit-rating regulation questions
2010-03-03 CEIOPS publishes liquidity premium report on valuing insurance liabilities
2010-03-02 CESR recommends introduction of pan-European short selling disclosure regime
2010-02-27 CESR publishes amended protocol on transparent operation of MiFID database of share trading volumes
2010-02-18 CEIOPS publishes convergence roadmap for 2010
2010-02-18 CEIOPS publishes Convergence 2009 report
2010-02-11 CEBS public hearing summary: guidelines on lessons learnt from the financial crisis
2010-02-09 CESR consults on extensions to major shareholding notifications
2010-02-03 CEBS’s comments on EU framework for cross-border crisis management in the banking sector
2010-02-01 CEIOPS publishes the list of insurance groups for which a college is in place
2010-02-01 CEIOPS publishes final advice on Solvency II Level 2 implementing measures
2010-01-29 CESR reviews the application of guidelines to simplify UCITS notification procedures across Europe
2010-01-29 How to report transactions on OTC derivative instruments: CESR consults on guidance
2010-01-28 CEIOPS sets up Task Force to deliver the final Quantitative Impact Study under Solvency II
2010-01-28 CEIOPS consults on Solvency II Level 3 guidance
2010-01-27 ECON Committee exchanges views with CEBS Chairman – need to ensure EBA works efficiently
2010-01-20 CESR introduces new working structures to increase efficiency and prepare for a smooth transition to ESMA
2010-01-15 CESR publishes consolidated information on UCITS depositary obligation for all 29 CESR Members
2010-01-04 CEBS consults on draft guidelines on the management of operational risk in market-related activities
2010-01-04 CEBS publishes guidelines on operational risk mitigation techniques
2010-01-04 CESR advice on mergers, master-feeder structures and cross-border notification of UCITS

Prior Years Reports


Level 2 & 3 Committees - 20097 articles out of 7.

Level 2 & 3 Committees - 200816 articles out of 16.

Level 2 & 3 Committees - 200717 articles out of 17.

Level 2 & 3 Committees - 200610 articles out of 10.

Level 2 & 3 Committees - 200518 articles out of 18.

Level 2 & 3 Committees - 20048 articles out of 8.

Level 2 & 3 Committees - 200214 articles out of 14.

Level 2 & 3 Committees - 200123 articles out of 23.

Level 2 & 3 Committees - 20002 articles out of 2.


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