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3L3 Joint Contribution Summary

Introduction

The 3L3 Committees (CESR, CEBS, and CEIOPS) have welcomed the European Commission’s Communication on European Financial Supervision from May 27, 2009. This document highlights the importance of enhancing financial stability in the EU and improving the existing regulatory and supervisory framework. The 3L3 Committees support the Commission's objectives to create a single European regulatory rulebook and to establish a European System of Financial Supervisors (ESFS), which includes three European Supervisory Authorities (ESAs) and a European Systemic Risk Board (ESRB). They emphasize the need for stakeholder balance, independence, and accountability of the ESAs.

Scope of the Joint Contribution

This contribution follows a previous joint response from the 3L3 Committees to the Commission's 2009 consultation on improving financial services supervision. Since then, the 3L3 Committees have actively participated in discussions with EU political institutions and provided informal input to support the transition from the old Committees to the new ESAs.

The joint contribution focuses on several key issues related to the proposed roles and responsibilities of the ESAs, including:

• Development of a single regulatory rulebook through harmonized rules and consistent supervisory practices.
• Improved supervision of financial institutions, including cross-border supervision, by developing common supervisory approaches and high-quality requirements.
• Resolving disputes between national supervisors through a structured process.
• Efficient enforcement of community legislation, with the ESAs able to investigate issues independently and recommend actions to national supervisors.
• Microprudential data collection and sharing, especially with the ESRB, while ensuring an adequate legal basis for information exchange between national authorities and the ESAs.

Key Issues and Recommendations

1. Independence and Accountability of the ESAs

The 3L3 Committees consider independence as a cornerstone of the new supervisory framework. They advocate for the ESAs to be independent from the EU political institutions, particularly the European Commission, to ensure objective technical input.

• The ESAs should have independent financial and operational structures.
• The Commission should act as an Observer without voting rights in ESA structures.
• The legal powers of the ESAs must be binding and proportionate, applied only in areas specified by existing or future EU legislation.
• The Commission’s role in endorsing technical standards should be formal and non-intrusive to maintain regulatory independence.

2. Governance of the ESAs

The 3L3 Committees support the evolutionary approach to governance, building on the current structures of the 3L3 Committees.

• They welcome the basic governance elements such as an independent Chair, Management Board, and Board of Supervisors.
• A 3L3 Steering Committee should be established, with clear role, remit, and governance structure.
• There is a need for clarification on how financial conglomerate issues will be addressed.
• The autonomous budgets of the 3L3 Committees should be governed by rules ensuring efficiency and accountability to the Council, Parliament, and Commission, as well as to their own members.

Conclusion

The 3L3 Committees are committed to supporting the transition of the three Committees into the ESAs and to the development of a more integrated and effective financial supervisory system in the EU. They also support the medium-term assessment of the new Authorities and the eventual transformation of the framework into a formal change in the EC Treaty to enable the ESAs to become EU Institutions.

The 3L3 Committees reiterate the importance of independence, accountability, and transparency in the new supervisory framework and expect the Commission to ensure these principles are embedded in the legislative process.