Financial supervision - Archive

• Committees of European supervisors (until 31.12.2010)
• Review of financial supervision arrangements (Lamfalussy process)
• Inter-institutional Monitoring Group (IIMG)
• Financial Services Committees
• Cross-border mergers and acquisitions

Committees of European supervisors

Legal framework

Decisions (January 2009) reforming the operational framework and decision-making processes for the existing supervisory committees:

• Committee of European Securities Regulators (Decision C(2009)176)
• Committee of European Banking Supervisors (Decision C(2009)177)
• Committee of European Insurance and Occupational Pensions Supervisors (Decision C(2009)178)
• Press release (26.01.2009)

Financing

The supervisory committees are funded directly from the EU budget under a special EU programme to support specific activities in the field of financial services, financial reporting and auditing.

• Decision establishing the programme (716/2009/EC)
• Press release (26.01.2009)
• Commission Staff Working Document SEC(2009)54

Review of financial supervision arrangements (Lamfalussy process)

2007 conference on supervision “Challenges for EU supervisory arrangements in an increasingly global financial environment”.

• Speech from European Commissioner for internal market and services
• Programme
• EU initiatives in financial services

Results of the review

• Review of the Lamfalussy process (press release 20.11.2007)
• EU communication - review of the Lamfalussy process

Public consultation

• Public consultation - decisions establishing supervisory committees (press release 23.05.2008)
• Public consultation paper
• Summary of the responses
• Index of responses

Inter-institutional Monitoring Group (IIMG)

IIMG - final report on Lamfalussy process

• Press release (15.10.2007)
• Final report

IIMG - second interim report

• Press release (30.01.2007)
• Full text of the second interim report
• Public responses to second interim report

IIMG - first interim report

• Press release (22.03.2006)
• Full text of the the first interim report
• Questionnaire to EU industry associations and federations (basis for first interim report) 

IIMG – third meeting (press release 12.01.2006)

IIMG – second meeting (press release 06.12.2005)

IIMG – first meeting (press release 26.09.2005)

• Inauguration speech Ms Pervenche Berès
• Inauguration speech Mr. Charlie McCreevy

IIMG re-established to cover extended Lamfalussy process (press release 25.07.2005)

Financial Services Committees

• EU directive (2005/1/EC) – new structure for financial services committees
• EU measures to improve regulation of banking, insurance and investment funds (press release  06.11.2003)
• FAQs on new measures
• EU decision (2005/5/EC) – establishing Committee of European Banking Supervisors
• EU decision (2004/6/EC) – establishing Committee of European Insurance and Occupational Pensions Supervisors
• EU decision (2004/7/EC) – establishing Committee of European Securities Regulators
• EU decision (2004/8/EC) – establishing European Securities Committee
• EU decision (2004/9/EC) – establishing European Insurance and Occupational Pensions Committee
• EU decision (2004/10/EC) – establishing European Banking Committee

Cross-border mergers and acquisitions

EU directive 2007/44 – cross-border mergers and acquisitions - improves the approval process by supervisory bodies.

• Text of the directive

History of the directive

• September 2006  – proposed directive
  • Commission proposal for a directive on mergers and acquisitions
  • Press release – EU proposes M&A directive (12.09.2007)
     
• November 2005 – analysis of survey results
  Commission presents analysis of survey results.
  • Press release – analysis of obstacles to EU M&A
  • FAQ – EU financial mergers and acquisitions
  • Commission working document SEC(2005)1398 - cross-border financial M&A in the EU
  • Survey results
  • Financial integration monitor – cross-border consolidation
  • Internal EU investment in financial services - Commission policy paper C(2005)4080
     
• April 2005 – Commission survey
  Commission launches survey on obstacles to cross-border mergers and acquisitions in financial sector.
  • Press release – EU survey on financial M&A
  • FAQ – EU survey on financial M&A
  • Background to the survey