Level 3 Committees welcome the new institutional arrangements for European financial supervision
24 September 2009
The L3 committees stressed the importance of preserving the independence of the new authorities, currently afforded by the existing governance arrangements, and underlined the importance of having two key, interdependent pillars to support their work.
The Level 3 Committees – CESR, CEBS and CEIOPS - share the Commission’s objectives to enhance financial architecture in the EU in an ambitious way, upgrading the quality and consistency of supervision, reinforcing the oversight of cross-border groups and establishing a European single rule book applicable to all financial institutions in the Single Market.
The Level 3 Committees underline the importance of having the new European System of Financial Supervisors and the European Systemic Risk Board (ESRB) as two key and interdependent pillars of the new institutional structure and fully support the active participation of the Supervisory Authorities in the ESRB.
The L3 committees also stressed the importance of preserving the independence of the new Authorities, currently afforded by the existing governance arrangements.
The commitees are ready to actively contribute to further refinements of the legislative proposals and to provide their input into building effective new Supervisory Authorities with appropriate powers.
© CEIOPS
