Summary Tue, 11/01/2005 - 09:30
The Committee of European Banking Supervisors (CEBS) publishes its guidelines for supervisory authorities on increased transparency and public disclosure. The CEBS guidelines are required by the Capital Requirements Directive, the now passed EU Legislation for a new capital adequacy framework for credit institutions and investment firms.
The framework will allow easy access to qualitative information on the laws and rules adopted at the national level and on the ways in which Member States have exercised the options and national discretions, as well as to statistical data on the implementation of the Directive. Overview tables in CEBS' website will allow to have an overall perspective, embracing the whole Single Market.
CEBS believes this first set of guidelines is a major step towards a consistent implementation of EU legislation. Public disclosure by supervisory authorities will ensure proper accountability, which in turn helps to promote sound governance practices on the part of the supervisors themselves. It could also enhance convergence of supervisory practices across the EU.
The guidelines have been devised to provide a comprehensive overview of regulatory and supervisory rules in the EU and to enable meaningful comparison of the approaches adopted by national authorities. The framework is the result of a close cooperation among supervisory authorities positively supported by a constructive dialogue with the interested parties and potential users.
It is a web-based framework which gives easy access to information via a single location, the CEBS website, with a common format and a common language.