First Meeting Of Committee Of European Banking Supervisors Takes Place

by Ulrika Lomas, for LawAndTax-News.com, Brussels

05 February 2004

The newly created Committee of European Banking Supervisors (CEBS) held its first meeting on January 29, it emerged this week.

The Committee was established by the European Commission's adoption of a Decision on the matter, which entered into force on January 1, 2004.

According to a statement issued following the meeting, the functions of the Committee are to:

• Advise the Commission, either at the Commission’s request, within a time limit which the Commission may lay down according to the urgency of the matter, or on the Committee’s own initiative, in particular as regards the preparation of draft implementing measures in the field of banking activities;
• Contribute to the consistent implementation of Community Directives and to the convergence of Member States’ supervisory practices throughout the Community; and
• Enhance supervisory co-operation, including the exchange of information.

The Committee is comprised of representatives from the central banks and bank supervisory authorities of EU member states, with representatives from pre-accession countries participating as observers until May 1. The CEBS Secretariat will be based in London.

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