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CEBS 2007 Work Programme Summary

1. Progress in 2006 and Outlook for 2007

2006 was a productive year for CEBS, with significant groundwork laid for achieving its medium-term objectives. Most products were delivered on time, as outlined in the attached timeline (Annex 1). CEBS responded to several calls for advice from the Commission, including on Large Exposures and Own Funds, and delivered major surveys on these topics. Due to time constraints, public consultations were not conducted, but extensive questionnaires and informal discussions via the Consultative Panel were used. CEBS also submitted own-initiative advice on the revision of the banking Directive regarding cross-border consolidation.

In 2006, CEBS initiated a methodology for assessing progress toward its objectives, which will support a report in the first half of 2007. Additionally, it will further investigate tools for peer review and use its operational networking project to evaluate the practical application of guidelines in daily supervision.

The shift in CEBS's orientation from design to delivery of a more convergent supervisory framework will continue in 2007. The operational networking project is central to this refocusing, and it will be complemented by seminars, case studies, and other initiatives.

2. Context and Overview of Work Programme for 2007

The 2007 work programme is guided by the consultative Panel, which helped prioritize issues based on importance and urgency. CEBS will continue its focus on promoting cooperation and convergence in the operational implementation of the Capital Requirements Directive (CRD). It aims to enhance the cost efficiency of prudential supervision and improve cross-border supervision.

CEBS will also intensify its cooperation with EU supervisors in other sectors and with non-EU banking supervisors, particularly the US and Switzerland. It plans to work closely with its sister Level 3 Committees, CESR and CEIOPS, and will develop a joint work programme for cross-sector initiatives.

3. Work Streams and Priorities for 2007

3.1 Regulatory Advice

• Own Funds (Priority): CEBS will conduct a quantitative analysis of regulatory capital held by institutions in the EU, with a focus on hybrid instruments. This will support potential future advice from the Commission on reviewing the definition of own funds.

  • Deliverable: Report on quantitative analysis of regulatory capital
  • Timeline: May 2007

• Commodities Business and Firms (Priority): CEBS will assess the prudential risks associated with commodities business and firms involved in such activities.

  • Deliverable: Report on prudential risks from commodities business
  • Timeline: April 2007

• Large Exposures (Priority): CEBS will be asked to explore ways to achieve supervisory convergence within the existing regime and to consider the need for more fundamental changes.

  • First Deliverable: Advice on supervisory convergence and Large Exposures regime
  • Timeline: October 2007
  • Second Deliverable: Advice on credit risk mitigation, intra-group exposures, and reporting
  • Timeline: March 2008

• Liquidity (Priority): CEBS will conduct a stock-take of current practices in the EU and develop an issues paper on liquidity risk supervision.

  • First Deliverable: Stock-take of current practices
  • Timeline: June 2007
  • Second Deliverable: Issues paper on liquidity risk supervision
  • Timeline: September 2007

• Equivalence of Third Country Supervision (Priority): CEBS will review the 2004 guidance on the equivalence of US and Swiss consolidated banking supervision.

  • Deliverable: Advice on US and Swiss supervision equivalence
  • Timeline: November 2007

3.2 Convergence of Supervisory Practices

• Implementation of Francq Recommendations (Priority): CEBS will draft a report on the progress made in implementing the FSC recommendations, emphasizing a common European supervisory culture.

  • Deliverable: Report to FSC on Francq recommendations
  • Timeline: June 2007

• Training and Staff Exchange (Priority): CEBS will develop training programmes and a framework for staff exchanges among member organizations.

  • Deliverables: Training programmes and common framework for staff exchange
  • Timeline: Planning phase by June 2007; implementation in the second half of 2007

• Mediation Mechanism (Priority): CEBS will develop a consultation paper on its mediation mechanism, building on the framework already in place at CESR.

  • Deliverable: Consultation paper on CEBS mediation mechanisms
  • Timeline: March 2007, implementation by 2008

• Delegation of Tasks (Priority): CEBS will investigate the delegation of tasks and responsibilities in the context of operational networking and co-operation between consolidating and host supervisors.

  • Deliverable: Feasibility study on a review mechanism
  • Timeline: June 2007

• Streamlining of Reporting Requirements (Priority): CEBS will assess the progress made with the common reporting frameworks COREP and FINREP and identify further streamlining opportunities.

  • Deliverable: Internal note on mutual recognition and national discretions
  • Timeline: June 2007

• CRD Transposition Group (Priority): CEBS will continue collecting and answering technical supervisory questions on the implementation of the CRD.

  • Deliverable: Answers to technical supervisory questions
  • Timeline: Until December 2007

• Pillar 3 (Priority): CEBS will monitor the national implementation of Pillar 3 and exchange experiences on disclosure requirements.

  • Deliverable: Internal note on regulatory implementation of Pillar 3
  • Timeline: December 2007

3.3 Co-operation and Information Exchange

• Operational Networking (Priority): CEBS will intensify its operational networking project, focusing on a sample of 10 cross-border groups. This includes case studies, surveys, and catalogues of supervisory solutions.

  • Deliverables:
    • Survey of current practices at colleges of supervisors (March 2007)
    • Survey of implementation issues in validation of AMA and IRB approaches (June 2007)
    • Survey of implementation issues on the supervisory review process (December 2007)
    • Seminars and discussion fora (Timeline: to be defined)
    • Analysis of delegation of tasks and joint inspections (Discussion paper: March 2007; interim report: December 2007)

• Crisis Management (Priority): CEBS will focus on practical arrangements for crisis management, including the role of operational networks and cooperation with the BSC.

  • Deliverable: Internal note on crisis cooperation arrangements
  • Timeline: December 2007

• Information Exchange: CEBS will enhance its mechanisms for information sharing, including discussion forums and query systems.

• Third Country Relations (Priority): CEBS will monitor global developments, attend Basel Committee meetings, and engage in bilateral contacts with US and Chinese supervisors. It will also support information exchanges on third country supervisory structures to facilitate MoU negotiations.

  • Deliverable: Assessment of issues in third country branches
  • Timeline: To be determined

4. Maintenance of CEBS Products

• Framework for Supervisory Disclosure (FSD) (Priority): CEBS will extend the FSD to include information on the implementation of COREP and FINREP.

  • Deliverable: Extension of FSD to include COREP and FINREP
  • Timeline: December 2007

• Common Reporting Frameworks: CEBS will update its reporting frameworks and XBRL-taxonomies to reflect changes in international accounting standards. A web-based facility will be established to address implementation questions.

• Internal Governance and Electronic Guidebook: CEBS will finalize its internal governance guidelines and complete the electronic guidebook of standards and guidelines.

  • Deliverables:
    • Consolidated guidelines on internal governance
    • Electronic Guidebook
  • Timeline: September 2007 (guidelines); December 2007 (guidebook)

5. Monitoring of Progress

• CEBS Progress Assessment (Priority): CEBS will prepare an analysis of stakeholder responses and its own progress report for the 2007 Lamfalussy Review.

  • Deliverable: Analysis of responses and CEBS progress report
  • Timeline: Early May 2007

• Convergence in Supervisory Reporting: CEBS will conduct a study to assess the degree of convergence in supervisory reporting under its frameworks.

  • Deliverable: Analytical report on convergence in supervisory reporting
  • Timeline: September 2007