Feedback document on CP3 on Capital Adequacy

15 March 2004

The Commission published the results of the third consultation paper on the forthcoming Capital Adequacy Directive. The European Commission welcomed the generally positive feedback. There is continued wide and strong support amongst respondents for the approach proposed for ensuring that the new framework is capable of responding quickly to market and supervisory innovation. This is regarded as essential, in order to maintain an optimally efficient and competitive EU financial services sector.

Some 128 responses were received from a wide range of interested parties, including associations and participants in the financial services sector, end-users of financial services including small- and medium-sized enterprise associations and business more generally, and others.

it is intended to put the proposal forward for adoption very shortly after agreement is reached on the new international capital requirements framework by the Basel Committee on Banking Supervision2. According to public statements by the Basel Committee, such agreement should be reached in Basel by the middle of this year at the latest.

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