2001/527/EC: Commission Decision of 6 June 2001 establishing the Committee of European Securities Regulators (Text with EEA relevance) (notified under document number C(2001) 1501)
Date: 2001-06-06
Institutions: European Commission
Subjects: committee (EU), market stabilisation, securities

13.7.2001

EN

Official Journal of the European Communities

L 191/43

II

(Acts whose publication is not obligatory)

COMMISSION

COMMISSION DECISION

of 6 June 2001

establishing the Committee of European Securities Regulators

(notified under document number C(2001) 1501)

(Text with EEA relevance)

(2001/527/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European
Community,

Whereas:

(1)

(2)

(3)

(4)

(5)

(6)

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
is crucial for increasing economic growth and job crea-
tion 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.

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
the European
Securities Committee, comprising high-level representa-
tives of Member States, and the Committee of European

two committees,

(1) COM(1999) 232 final.

Securities Regulators, comprising senior representatives
from the national public authorities competent in the
field of securities in order,
to advise the
Commission.

inter alia,

In its resolution on more effective securities-market
regulation in the European Union, the Stockholm Euro-
pean Council welcomed the Commission's intention
regulators
an
formally
committee, as proposed in the report of the Committee
of Wise Men.

independent

establish

to

The Committee of European Securities Regulators
should serve as an independent body for reflection,
debate and advice for the Commission in the securities
field.

The Committee of European Securities Regulators
should also contribute to the consistent and timely
implementation of Community
legislation in the
Member States by securing more effective cooperation
between national supervisory authorities, carrying out
peer reviews and promoting best practice (2).

The Committee of European Securities Regulators
should organise its own operational arrangements and
maintain close operational links with the Commission
and the European Securities Committee. It should elect
its chairperson from among its members.

The Committee of European Securities Regulators
should consult extensively and at an early stage with
market participants, consumers and end-users in an
open and transparent manner.

The Committee of European Securities Regulators
should draw up its own rules of procedure and fully
respect the prerogatives of the institutions and the insti-
tutional balance established by the Treaty (3),

(7)

(8)

(9)

(10)

(11)

(12)

(2) Text taken from the third paragraph of point 6 of the Stockholm

European Council resolution.

(3) Text taken from the last paragraph of the preamble to the Stock-

holm European Council resolution.

L 191/44

EN

Official Journal of the European Communities

13.7.2001

HAS DECIDED AS FOLLOWS:

Article 4

Article 1

advisory

An independent
in the
Community, called the ‘Committee of European Securities
Regulators’
is
hereby established.

(hereinafter referred to as the ‘Committee’),

group on securities

Article 2

The role of the Committee shall be 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 for
the preparation of draft implementing measures in the field of
securities.

The Committee shall maintain close operational links with the
Commission and the European Securities Committee.

It may set up working groups.

Article 5

Before transmitting its opinion to the Commission,
the
Committee shall consult extensively and at the early stage with
market participants, consumers and end-users in an open and
transparent manner.

Article 6

The Committee shall present an annual report to the Commis-
sion.

Article 3

Article 7

The Committee shall be composed of high-level representatives
from the national public authorities competent in the field of
securities. Each Member State shall designate a high-level
representative from its competent authority to participate in
the meetings of the Committee.

The Commission shall be present at meetings of the Committee
and shall designate a high-level representative to participate in
all

its debates.

The Committee shall elect a chairperson from among its
members.

The Committee may invite experts and observers to attend its
meetings.

The Committee shall adopt its own rules of procedure and
organise its own operational arrangements.

The Committee shall take up its duties on 7 June 2001

Article 8

Done at Brussels, 6 June 2001.

For the Commission

Frederik BOLKESTEIN

Member of the Commission