2004/5/EC: Commission Decision of 5 November 2003 establishing the Committee of European Banking Supervisors (Text with EEA relevance)
Date: 2003-11-05
Institutions: European Commission
Subjects: EU control, banking supervision, committee (EU), credit institution

L 3/28

EN

Official Journal of the European Union

7.1.2004

II

(Acts whose publication is not obligatory)

COMMISSION

COMMISSION DECISION

of 5 November 2003

establishing the Committee of European Banking Supervisors

(Text with EEA relevance)

(2004/5/EC)

THE COMMISSION OF THE EUROPEAN COMMUNITIES,

Having regard to the Treaty establishing the European
Community,

Whereas:

(1)

(2)

(3)

(4)

(5)

In June 2001, the Commission adopted Decisions 2001/
527/EC (1)
2001/528/EC (2)
the
Committee of European Securities Regulators and the
European Securities Committee respectively.

setting

and

up

endorsed

European Parliament

In its Resolutions of 5 February and 21 November 2002,
four-level
the
approach advocated in the
the
Committee of Wise Men on the regulation of European
securities markets and called for certain aspects of that
approach to be extended to the banking and insurance
sectors subject to a clear Council commitment to reform
to guarantee a proper institutional balance.

the
Final Report of

On 3 December 2002, the Council invited the Commis-
sion to implement such arrangements in the fields of
banking and insurance and occupational pensions and to
establish as soon as possible new committees in an advi-
sory capacity in relation to those fields.

An independent body for reflection, debate and advice
for the Commission in the field of banking regulation
and supervision should be established.

That body, to be called the Committee of European
Banking Supervisors, hereinafter
‘the
Committee’, should also contribute to the consistent and
timely application of Community legislation in the
Member States and to the convergence of supervisory
practices throughout the Community.

referred to as

(6)

(7)

(8)

(9)

(10)

The Committee should promote cooperation in the
banking field, such as the exchange of information.

The establishment of the Committee should be without
prejudice to the organisation of banking supervision at
either national or Community level.

The composition of the Committee should reflect the
organisation of banking supervision and should also take
account of
the role of central banks as regards the
overall stability of the banking sector at national and
Community level. The respective rights of the different
categories of participants should be clearly identified. In
particular, chairmanship and voting rights should be
reserved to the competent supervisory authorities of
each Member State; and participation in confidential
supervised institutions
discussions
should, where appropriate, be restricted to the compe-
tent supervisory authorities and to the central banks
entrusted with specific operational responsibilities for
institutions
supervision
concerned.

individual

individual

about

credit

the

of

The Committee should organise its own operational
arrangements and maintain close operational links with
the Commission and the Committee established by
Commission Decision 2004/10/EC of 5 November 2003
establishing a European Banking Committee (3).

The Committee
should cooperate with the other
committees in the financial sector, in particular with the
Committee established by Decision 2004/10/EC, with
the Banking Supervision Committee of the European
System of Central Banks and with the Groupe de Contact
of European banking supervisors. In particular, it should
be possible for the Committee to invite observers from
other committees in the banking and financial sector.

(1) OJ L 191, 13.7.2001, p. 43.
(2) OJ L 191, 13.7.2001, p. 45.

(3) See page 36 of this Official Journal.

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Official Journal of the European Union

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(11)

The Committee should, at an early stage, consult exten-
sively and in an open and transparent manner with
market participants, consumers and end-users.

(12) Whenever the Committee provides advice on provisions
institutions and investment
applicable to both credit
firms, it should consult those authorities competent for
the supervision of
firms which are not
already represented on the Committee,

investment

HAS DECIDED AS FOLLOWS:

information concerning an individual
Whenever confidential
supervised institution is exchanged, participation in that discus-
sion may be restricted to the competent supervisory authorities
and the national central banks entrusted with specific opera-
tional responsibilities for the supervision of
the individual
credit institutions concerned.

The Committee shall elect a chairperson from among the repre-
sentatives of the competent supervisory authorities.

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

Article 1

Article 4

An independent advisory group on banking supervision in the
Community, called ‘the Committee of European Banking Super-
visors’ (hereinafter ‘the Committee’) is established.

The Committee shall maintain close operational links with the
Commission and with the Committee established by Commis-
sion Decision 2004/10/EC.

Article 2

It may set up working groups. The Commission shall be invited
to participate in the working groups.

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 as
regards the preparation of draft implementing measures in the
field of banking activities.

The Committee shall contribute to the consistent application of
Community directives and to the convergence of Member
States' supervisory practices throughout the Community.

shall

It
exchange of information on individual supervised institutions.

supervisory cooperation,

including the

enhance

Article 5

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

When providing advice on provisions applicable to both credit
institutions and investment firms, the Committee shall consult
all authorities which are competent
for the supervision of
investment
firms and are not already represented on the
Committee.

Article 3

Article 6

The Committee shall be composed of high level representatives
from the following organisations:

(a) the national public authorities competent for the supervi-
sion of credit institutions, hereinafter ‘the competent super-
visory authorities’;

(b) the national central banks entrusted with specific opera-
individual
supervisory

responsibilities for
institutions

the supervision of

competent

alongside

a

tional
credit
authority;

(c) the central banks which are not directly involved in the
supervision of individual credit institutions, including the
European Central Bank.

Each Member State shall designate high level representatives to
participate in the meetings of the Committee. The European
Central Bank shall designate a high level representative to parti-
cipate in the Committee.

The Commission shall be present at
the
Committee and shall designate a high level representative to
participate in its debates.

the meetings of

The Committee shall submit an annual report to the Com-
mission.

Article 7

The Committee shall adopt its own rules of procedure and
including voting
organise its own operational arrangements,
rights. Only representatives of
supervisory
authorities shall receive voting rights.

the competent

The Committee shall take up its duties on 1 January 2004.

Article 8

Done at Brussels, 5 November 2003.

For the Commission

Frederik BOLKESTEIN

Member of the Commission