The Council adopted a directive establishing a new financial services committee organisational structure aimed at enabling legislators and regulators to respond more quickly and effectively to technological change and market developments.
The Directive is part of a package of measures aimed at extending the EU committee structure used in the securities sector since 2002 to banking, insurance and investment funds. It is intended to allow more detailed cooperation between supervisors.
Four new committees are established. Two of them, the European Banking Committee (EBC) and the European Insurance and Occupational Pensions Committee (EIOPC) will, like the European Securities Committee (ESC) for securities, assist the Commission in adopting implementing measures under EU financial services directives.
Two others, the Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), have already been established; bringing together national supervisors, they aim to improve implementation of EU law in their respective fields in the Member States.
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