Joint work by the three Level 3 committees (3L3)
In November 2005, the three level 3 committees CESR, CEBS and CEIOPS signed a Joint Protocol on cooperation to ensure greater consistency between the work done in the different financial sectors.
The objectives set out in this Joint Protocol include:
- sharing information in order to ensure compatible sector approaches are developed;
- exchanging experiences which can facilitate supervisors’ ability to cooperate;
- producing joint work or reports to relevant EU Institutions and Committees;
- reducing supervisory burdens and streamlining processes; and
- ensuring the basic functioning of the three Committees develops along parallel lines.
Building on this Joint Protocol, the three committees publish a joint three Level 3 (3L3) work programme once a year.
In light of the need for convergence across sectors wherever possible and appropriate, and given the increasing importance of market integration and cross-sector business activities within the EU, the objective of the Work Programme is to make supervisory cooperation transparent across financial sectors and to enhance the consistency between the sectors. Ultimately, work done in one financial sector should be coherent with the work developed in the others.
Training
The Lamfalussy structures play a key role in the creation of new financial services legislation within the EU. They also have a broader role in terms of fostering de facto convergence of supervisory approaches and practices.
A key aspect of this is the provision of training and the sharing of supervisory experiences across member states of the EU. Extensive progress has already been made, for example in opening up aspects of Member States' training programmes to participants from other EU countries.
Work has also begun on the creation of an EU-wide platform which will provide an opportunity for supervisors from across the EU to receive training on a cross-sectoral basis and to exchange views on supervisory issues in which they have a common interest.
The three L3 Committees and the IWCFC
Committee of European Securities Regulators (CESR)
Committee of European Banking Supervisors (CEBS)
Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS)
Interim Working Committee on Financial Conglomerates (IWCFC)
