The 3L3 Committees have conducted a stock-take on, and analysis of, existing internal governance requirements applicable in the areas of banking, insurance and securities, and identified some areas for potential further harmonization.
The 3 Level 3 Committees, CESR, CEBS and CEIOPS, publish a Call for Evidence on cross sectoral internal governance issues. The 3L3 Committees have conducted a stock take on and analysis of existing internal governance requirements applicable in the areas of banking, insurance and securities, and identified some areas for potential further harmonization.
The 3L3 analysis did not identify any major issues seeking a high priority for convergence, although the 3L3 identified the following areas where further harmonisation could be achieved:
- Management of conflicts of interest;
- Policies, processes and procedures related to the risks covered by the risk
- How the risk management, compliance and internal audit functions might be “independent” in the light of their different sectoral requirements;
- The supervisory review process.
Deadline for comments on 9 April 2010
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