2001/528/EC: Commission Decision of 6 June 2001 establishing the European Securities Committee (Text with EEA relevance) (notified under document number C(2001) 1493)
Date: 2001-06-06
Institutions: European Commission
Subjects: advisory committee (EU), securities

13.7.2001

EN

Official Journal of the European Communities

L 191/45

COMMISSION DECISION

of 6 June 2001

establishing the European Securities Committee

(notified under document number C(2001) 1493)

(Text with EEA relevance)

(2001/528/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European
Community,

Whereas:

(1)

(2)

(3)

(4)

(5)

(6)

(7)

(8)

capital

The freedom to provide services and the free movement
of
the
Community, as referred to in Articles 49 and 56 of the
EC Treaty.

constitute

objectives

priority

of

Building a genuine internal market for financial services
in accordance with the principle of an open market
economy with free competition is crucial for increasing
economic growth and job creation in the Community,

The Commission action plan for financial services (1)
identifies a series of actions that are required in order to
complete the single market for financial services and
stresses the necessity to set up a securities committee in
order to contribute to the elaboration of Community
legislation in the securities field.

At its meeting in Lisbon in March 2000, the European
Council called for the implementation of this action plan
by 2005.

On 17 July 2000, the Council set up the Committee of
Wise Men on the regulation of European securities
markets.

In its final report, the Committee of Wise Men called for
the establishment of two advisory committees, the Euro-
pean Securities Committee, comprising high-level repre-
sentatives of Member States, and the Committee of
European Securities Regulators, comprising senior repre-
sentatives
authorities
competent in the field of securities in order, inter alia, to
advise the Commission.

from the

national

public

In its resolution on more effective securities market
regulation in the European Union, the Stockholm Euro-
pean Council welcomed the intention of the Commis-
sion immediately to establish a securities committee of
high-level officials from Member States, chaired by the
Commission.

The final report of the Committee of Wise Men emphas-
ised the fact that implementing measures will be neces-
sary for the application of directives or regulations in

(9)

(10)

(11)

order to take account of new developments on financial
markets.

The European Securities Committee should serve as a
body for reflection, debate and advice for the Commis-
sion in the field of securities.

The European Securities Committee should adopt its
own rules of procedure.

This Decision establishes
the European Securities
Committee in its advisory capacity. Subject to specific
legislative acts proposed by the Commission and
adopted by the European Parliament and the Council,
the Securities Committee should also function as a regu-
latory committee in accordance with the 1999 Decision
on comitology to assist the Commission when it takes
decisions on implementing measures under Article 202
of the EC Treaty,

HAS DECIDED AS FOLLOWS:

Article 1

A committee on securities in the Community, called the ‘Euro-
pean Securities Committee’
(hereinafter referred to as the
‘Committee’),

is hereby established.

Article 2

The role of the Committee shall be to advise the Commission
on policy issues as well as on draft legislative proposals the
Commission might adopt in the field of securities

Article 3

The Committee shall be composed of high level representatives
of Member States and be chaired by a representative of the
Commission.

the Committee of European Securities
The chairperson of
Regulators
established by Commission Decision 2001/
527/EC (2) shall participate at the meetings of the Committee as
an observer.

The Committee may invite experts and observers to attend
meetings.

(1) COM (1999) 232 final.

(2) See page 43 of this Official Journal.

L 191/46

EN

Official Journal of the European Communities

13.7.2001

The Committee may set up working groups.

Article 4

Article 5

The Committee shall adopt its own rules of procedure.

The secretariat of the Committee shall be provided by the Commission.

The Committee shall take up its duties on 7 June 2001.

Article 6

Done at Brussels, 6 June 2001.

For the Commission

Frederik BOLKESTEIN

Member of the Commission