2003/165/EC: Council Decision of 18 February 2003 concerning the establishment of the Financial Services Committee
Date: 2003-02-18
Institutions: Council of the European Union
Subjects: committee (EU), financial market

12.3.2003

EN

Official Journal of the European Union

L 67/17

II

(Acts whose publication is not obligatory)

COUNCIL

COUNCIL DECISION

of 18 February 2003

concerning the establishment of the Financial Services Committee

(2003/165/EC)

THE COUNCIL OF THE EUROPEAN UNION,

1. RECALLS that the Council in its conclusions of 3 December
2002 stated its willingness to take a decision on the estab-
lishment of a new committee with the purpose of providing
advice and oversight for the Council and the Commission
on a range of financial market issues;

2. accordingly ESTABLISHES the Financial Services Committee
(hereinafter called the ‘Committee’), with the following tasks:
— to provide for cross-sectoral strategic reflection, separate

from the legislative process,

— to help to define the medium- and long-term strategy

for financial services issues,

— to consider sensitive short-term issues,
— to assess progress and implementation,
— to provide political advice and oversight on both
internal issues (e.g. single market, including implementa-
tion of the Financial Services action plan) and external
issues (e.g. WTO);

3. AGREES the following as for the composition, the chairman-

ship and the functioning of the Committee:
— the Commission and each member of the Council shall
appoint one high-level representative and one alternate
the European
to the Committee; a representative of
Central Bank and the Chairs of the relevant Community
committees of regulators will have observer status,

— the Committee shall have one Chair and one Vice-Chair
which it shall appoint from among the representatives
of the Member States; the Chair and the Vice-Chair shall
serve for two years; the first Chair shall be appointed by
the Economic and Financial Committee,

— the Member State whose representative is appointed
Chairman shall have one additional representative on
the Committee for the Chairman's period of office,

— the Chairman and Vice-Chair, together with the repre-
sentative from the Commission, the representative from
the Member State holding the Presidency of the Council
for the duration of its office, a representative of the
General Secretariat of the Council and a representative
the Economic and Financial
from the Secretariat of
Committee shall cooperate closely with a view to facili-
tating the work of the Committee,

— the Committee shall report to the Economic and Finan-
cial Committee in order to prepare advice to the Council
the established role of
(Ecofin),
Coreper,

taking into account

— the Chairman of the Committee shall be available for a
regular exchange of views on strategic developments
related to financial markets with the Committee on
Economic and Monetary Affairs of the European Parlia-
ment,

— the Committee shall adopt its own Rules of Procedure in

accordance with the Council's Rules of Procedure,

— the secretariat shall be provided by the General Secre-

tariat of the Council;

4. NOTES that the Committee's activities will be without preju-

dice to the Commission's right of initiative;

5. DECIDES to review this Decision in the second half of 2004.

Done at Brussels, 18 February 2003.

For the Council

The President

N. CHRISTODOULAKIS