CEBS progress report to FSC

19 June 2007

CEBS published the third progress report sent to the Financial Services Committee which includes the assessment of the progress in supervisory convergence and a specific section on the implementation of the Francq recommendations.

CEBS notes that its work has shifted from the development of common supervisory approaches through guidelines, to the implementation and application of the commonly agreed principles in day-to-day supervisory practices. CEBS has initiated three main areas of work:

• promoting consistent interpretation of the Capital Requirements Directive,
• implementation of the common supervisory disclosure guidelines, and
• operational networks to foster supervisory cooperation.

  CEBS has initiated work to implement all of the FSC recommendations, in particular:

• CEBS has developed a pragmatic and tailored approach to promoting a common supervisory culture targets encouraging short-term secondments.
• CEBS has developed a mediation mechanism for resolving potential disputes between banking supervisors, a peer review mechanism, and a common methodology for impact assessment.
• CEBS started to publish on its website the ways its guidelines on common reporting of financial and prudential information (COREP and FINREP) have been implemented by its members.
• Finally, CEBS has initiated work on making ‘colleges of supervisors’ work more effectively and on defining the preconditions for delegations of tasks and joint inspections, with the overall goal of improving crossborder supervision.

  Full report

   

© Graham Bishop