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The joint response on improving the supervision of EU financial markets supports the proposal made by the de Larosière Group to introduce a two-tier institutional architecture for the supervision of the EU financial markets, with the 3L3 Committees providing the link at a European level between the envisaged macro and micro-supervisory arrangements.
The 3L3 Committees also support the Group’s call for a strengthened and harmonised legal framework for financial services at EU level and welcome the proposal to enhance their current status and to transform them into independent Authorities.
Future proposals by Commission should accommodate the requirements of self-governance/independence and accountability, they state.
The committees underline the need for a harmonised set of core rules, a coherent framework for crisis resolution and the establishment of colleges. They also call for increased and further formalised co-ordination among the sector regulators and supervisors.
Status of CEBS work on the de Larosière recommendations