The Committee of European Banking Supervisors (CEBS) is publishing today the Protocol and Methodology for a peer review mechanism. A group dedicated to conducting peer reviews – the Review Panel - is being set up and CEBS is now implementing ‘peer review’ as a powerful tool for convergence.
As set out in the rules and related procedures, the Review Panel is mandated to assess the degree of convergence reached by CEBS members in the implementation of a given supervisory provision or practice. To do so, CEBS relies on self-assessments conducted by its members against clear and objective implementation criteria, and independent reviews conducted by the Review Panel. Consistent with the so-called ‘comply or explain’ approach, should a member have not implemented a given supervisory provision or practice, then it will have to explain why.
The credibility and the effectiveness of the mechanism are assured by the independence of the Review Panel, by a clear and objective methodology, and by the transparency of the process.
CEBS has benefited from the experience of CESR when designing its mechanism. The protocol and methodology is published under: standards
The European Banking Authority was established by Regulation (EC) No. 1093/2010 of the European Parliament and of the Council of 24 November 2010. The EBA has officially come into being as of 1 January 2011 and has taken over all existing and ongoing tasks and responsibilities from the Committee of European Banking Supervisors (CEBS). The EBA acts as a hub and spoke network of EU and national bodies safeguarding public values such as the stability of the financial system, the transparency of markets and financial products and the protection of depositors and investors.