- Commission creates two new committees on securities
The European Securities Committee (ESC) held its first meeting in September 2001. It is run by the European Commission and generally meets once a month. It fulfils both comitology and advisory functions. In other words, it assists the Commission in adopting implementing measures for EU Directives and provides advice on policy issues in the securities field. It is composed of high level representatives from the Member States and is chaired by a representative of the Commission. Observers from the European Central Bank, the Committee of European Securities Regulators, the EFTA countries and the candidate countries are also invited to attend. The ESC is a so-called “level 2” Committee under the four-level “Lamfalussy” approach.