2004/10/EC: Commission Decision of 5 November 2003 establishing the European Banking Committee (Text with EEA relevance)
Date: 2003-11-05
Institutions: European Commission
Subjects: advisory committee (EU), banking, drafting of EU law, law of banking

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EN

Official Journal of the European Union

7.1.2004

COMMISSION DECISION

of 5 November 2003

establishing the European Banking Committee

(Text with EEA relevance)

(2004/10/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.

Directive 2000/12/EC of the European Parliament and of
the Council of 20 March 2000 relating to the taking up
and pursuit of the business of credit institutions (3) estab-
lished the Banking Advisory Committee to advise the
Commission in the development of legislation and assist
its implementing
the Commission in the exercise of
powers in the banking field.

The Commission has proposed a Directive modifying,
inter alia, Directive 2000/12/EC, Council Directive 93/6/
EEC of 15 March 1993 on the capital adequacy of
investment firms and credit institutions (4), Directive 94/
19/EC of the European Parliament and of the Council of
30 May 1994 on deposit-guarantee schemes (5), and
Directive 2002/87/EC of the European Parliament and of
the Council of 16 December 2002 on the supplementary
supervision of credit institutions, insurance undertakings
and investment firms in a financial conglomerate and
amending Council Directives 73/239/EEC, 79/267/EEC,
92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and

(1) OJ L 191, 13.7.2001, p. 43.
(2) OJ L 191, 13.7.2001, p. 45.
(3) OJ L 126, 26.5.2000, p. 1.
(4) OJ L 141, 11.6.1993, p. 1.
(5) OJ L 135, 31.5.1994, p. 5.

Directives 98/78/EC and 2000/12/EC of the European
Parliament and of the Council (6), to repeal the advisory
functions of the Banking Advisory Committee.

(6)

(7)

Such an amendment requires the corresponding and
simultaneous creation of a new advisory group to advise
the Commission as regards the development of Com-
munity banking legislation, to be called the ‘European
Banking Committee’.

To avoid duplication, the Decision shall enter into force
at the same time as any Directive repealing the purely
advisory functions of the Banking Advisory Committee.

(8) When the European Banking Committee provides advice
on provisions applicable to both credit institutions and
investment firms, its composition should be such as to
ensure that the perspective of investment firms is taken
into account.

(9)

The establishment of the European Banking Committee
should not rule out other forms of cooperation between
the different authorities involved in the regulation and
supervision of credit institutions, in particular within the
Committee of European Banking Supervisors established
by Commission Decision 2004/5/EC (7),

HAS DECIDED AS FOLLOWS:

Article 1

An advisory group on banking activities in the Community,
called the ‘European Banking Committee’, hereinafter referred
to as ‘the Committee’, is hereby established.

Article 2

The Committee shall advise the Commission, at the Commis-
sion's request, on policy issues relating to banking activities as
well as Commission proposals in that field.

Article 3

The Committee shall be composed of high level representatives
of Member States. The Committee shall be chaired by a repre-
sentative of the Commission.

(6) OJ L 35, 11.2.2003, p. 1.
(7) See page 28 of this Official Journal.

7.1.2004

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Official Journal of the European Union

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The Chairperson of the Committee of European Banking Super-
visors established by Commission Decision 2004/5/EC shall
participate at the meetings of the Committee as an observer.
The European Central Bank shall be represented as observer.

The Commission may invite experts and observers to attend
meetings.

The secretariat shall be provided by the Commission.

Article 5

This Decision shall enter into force on the same day as the
entry into force of any directive repealing the purely advisory
functions of the Banking Advisory Committee.

Article 4

Done at Brussels, 5 November 2003.

The Committee shall adopt
rules of procedure. The
Committee shall meet at regular intervals and whenever the
situation demands. The Commission may convene an emer-
gency meeting if it considers that the situation so requires.

its

For the Commission

Frederik BOLKESTEIN

Member of the Commission