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3L3 Joint Contribution Summary

Core Content

The 3L3 Joint Contribution outlines the positions and recommendations of the Level 3 Committees regarding the European Commission's consultation on improving financial services supervision in the EU. It responds to the de Larosière Report and the Commission's Communication, which propose a new supervisory architecture and legislative measures for the financial sector.

The main goal of the contribution is to support the transformation of Level 3 Committees into independent supervisory authorities, with a clear mandate, adequate resources, and institutional independence. The Level 3 Committees also emphasize the importance of harmonized rules, coordinated cross-border supervision, and a robust crisis management framework.

Main Points and Key Views

1. Support for the de Larosière Report and EC Communication

• The Level 3 Committees support the establishment of a new European body with clear competence in financial stability.
• They advocate for a harmonized legal framework across the EU, with independent Authorities playing a central role in defining and implementing technical rules.
• The Committees welcome the macro and micro prudential approach, which is based on harmonized rules and decentralized supervision.

2. The Design of the Future EU Supervisory Architecture

• The Committees recognize the challenge of designing a legal framework that allows for the creation of independent EU supervisory bodies.
• They emphasize the need for a clear and balanced structure that integrates macro and micro supervision.
• The role of the European Systemic Risk Council (ESRC) is highlighted, with the need for equal representation of the 3L3 Committees and national supervisors.

3. Adequate Tools for the New Structure

• A harmonized set of core rules is seen as essential to reduce national discretions and enhance regulatory convergence.
• The establishment of supervisory colleges is proposed as a core structure for cross-border supervision, with mediation mechanisms to resolve conflicts.
• The Committees stress the importance of good quality supervision and the need to strengthen the role of host supervisory authorities.

4. Increased Resources and Independence

• The Level 3 Committees agree that increased resources are necessary to handle the expanded responsibilities.
• They stress that institutional independence and accountability are crucial for delivering effective and objective supervision within the Lamfalussy framework.

Sectoral Contributions

CEBS – Banking Sector

• CEBS supports the harmonization of core rules and the strengthening of the European Banking Authority (EBA) as a hub for defining supervisory practices.
• They welcome the establishment of the ESRC and its role in macro-prudential supervision, with a focus on ensuring a strong link between macro and micro supervision.
• CEBS emphasizes the importance of maintaining the role of national supervisory authorities in day-to-day supervision.
• They highlight the need for clarity in the legal framework for the EBA, particularly regarding its binding mediation role and enforcement mechanisms.

CEIOPS – Insurance and Occupational Pensions Sector

• CEIOPS supports the macro-prudential approach and the creation of the ESRC, emphasizing the need for equal representation of 3L3 Committees in macro supervision.
• They advocate for reinforced resources and independence for CEIOPS, as well as for a clear legal mechanism to ensure convergence in prudential rules.
• CEIOPS encourages the inclusion of occupational pensions in the new supervisory system and supports the expansion of its role in international relations.

Key Challenges

• Legal and institutional balance: The Committees highlight the need to clearly define the roles and responsibilities of the EBA and national supervisors.
• Enforcement of EBA decisions: There is uncertainty about how EBA decisions will be enforced and challenged in the absence of a centralized European administrative law.
• Convergence of interpretations: The challenge of ensuring a coherent and effective interpretation of EU prudential rules across Member States remains significant.
• Accountability and independence: Maintaining the independence of the new supervisory bodies while ensuring accountability to EU institutions is a critical issue.

Conclusion

The 3L3 Committees are committed to supporting the transformation of the EU financial supervisory framework, emphasizing the need for harmonization, independence, and effective coordination. They welcome the Commission's proposals and are prepared to contribute to the development of a robust, integrated, and resilient financial supervision system across the EU.