|
|
CEBS published its contribution to the Lamfalussy review. CEBS calls for some enhancements to its mandate and status to have a greater impact on national practices. “The lack of any reference to CEBS in Community legislation and the predominant focus of the Commission’s decisions establishing CEBS on its advisory role do not adequately reflect the very high responsibility entrusted to the Committee in fostering supervisory convergence and cooperation”, CEBS states. “A reinforced mission statement, endorsed by all EU institutions and coupled with explicit reference to CEBS in Community legislation, would provide a better basis for the Committee’s work.”
CEBS proposes four steps to increase regulatory convergence:
1) a phasing out of options and national discretions,
2) a proper implementation of the Lamfalussy structure in banking,
3) the development of own initiative advice by CEBS, and
4) enhanced efforts at Level 4 to ensure consistent implementation of EU law.
CEBS also proposes three further steps to improve supervisory convergence:
1) a clear exante definition of the convergence target and expost assessment of the results,
2) the development of new practical convergence tools,
3) the pursuance of hard convergence in a few areas.
With regard to crisis management, CEBS is developing the concept of an operational network on supervisory cooperation, extended to encompass the relevant authorities and endowed with additional practical tools.
Although CEBS maintains that Level 3 tools should remain not legally binding, it calls for some possibility for qualified majority voting for the adoption of Level 3 tools as part of a package with peer review procedures, a “comply or explain” mechanism, mediation and application of impact assessments.
CEBS contribution to the Lamfalussy review