Committee of European Banking Supervisors (CEBS) releases first consultation paper: Public Statement of Consultation Practices

Today the Committee of European Banking Supervisors (CEBS) released its first consultation paper, dealing with the scope and the modalities of CEBS' consultation practices.

CEBS considers it very important to operate in an open and transparent manner and to consult extensively with market participants, consumers and end-users of banking services. 

The Public Statement on Consultation Practices covers the following aspects of CEBS' consultation practices:

- Parties to be consulted

- Areas of consultation

- Modes of consultation

- Timing of consultation

- Follow-up to consultations

In conducting public consultations, CEBS aims to

- benefit from the expertise of market participants, consumers and end-users in identifying, assessing and analysing regulatory issues and possible solutions,

- promote understanding of the Committee's work and its role, and

- build consensus where possible between all interested and affected parties on what regulation or supervisory practice is appropriate.

In order to deliver these aims, CEBS has defined a flexible and proportionate approach to consultation that can be adapted according to the significance of an issue.

CEBS would like to invite all interested parties to comment on the consultation practices set out in the Public Statement by 31 July 2004 ( CP01@c-ebs.org ). CEBS will publish the responses received (unless the respondent requests otherwise) as well as a reasoned explanation addressing all major points raised. It is envisaged that a final version of the Statement will then be formally adopted by CEBS.

Notes:

1. CEBS was established by a Decision of the European Commission [1] and took up its duties on 1 January 2004.

2. CEBS will fulfil the functions of Level 3 Committee for the banking sector in the application of the "Lamfalussy" Process.  Its tasks are to:

a) Advise the Commission, in particular as regards the preparation of draft implementing measures in the field of banking activities;

b) Contribute to the consistent implementation of Community Directives and to the convergence of supervisory practices;

c) Enhance supervisory co-operation, including the exchange of information.

3. CEBS is comprised of high level representatives from the banking supervisory authorities and central banks of the European Union.  The EU acceding countries will participate as observers until 1 May 2004.  The EEA countries which are not members of the EU will participate as observers on a permanent basis.

4. The Committee is chaired by Mr José-María Roldán (Banco de España, Spain).  The Chair is supported by a Vice-Chair and a "Bureau", comprising 3 Members of the Committee. The Committee's Secretariat will be based in London, UK.