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CESR, CEBS and CEIOPS issued their work programme for 2007 agreeing to focus their joint work only on those topics for which there is a high risk of disruptive regulatory arbitrage, where cross-sector co-operation can deliver obvious gains in the effective conduct of supervisory activities, and where co-operation between the three Committees could bring about a real efficiency gain.
Some issues are referred to as “priority”, meaning that they will be treated as especially important and will be done in 2007. These include the work on financial conglomerates, 3L3 consistency on Francq report issues, and own funds of banks, investment firms and insurance companies.
Also, in the first quarter of 2007 the Committees will complete analytical reports On internal governance, reporting requirements, supervisory co-operation, and substitute products and related level playing field issues
The Committees may find other areas of common concern during the course of the year, depending on changes in the markets and regulatory initiatives and the results of analytical reports which are currently being prepared.