March 20, 2010, 02:21 CET
Committee of European Banking Supervisors
The
Committee of European Banking Supervisors (CEBS) was established on the basis
of a European Commission Decision (2004/5/EC vom
5. November 2003) at the beginning of 2004. As an independent committee of
European banking supervisors, CEBS is
responsible for the following level three tasks as part of the Lamfalussy
procedure:
- Advising the European Commission, above all on the preparation of level two implementing measures for regulations in the banking sector. CEBS can advise the Commission in this area both on request and on its own initiative.
- Promoting the consistent implementation of European Commission Directives and convergence of supervisory practices in the member states.
- Enhancing supervisory cooperation, including the confidential exchange of information about supervised institutions.
CEBS comprises high-level representatives from the national banking supervisory authorities and central banks of the EU as well as from the European Central Bank. Representatives of the EEA countries which are not members of the European Union have permanent observer status. The European Commission, the chairman of the ECB’s Banking Supervision Committee (BSC) and the chairman of the Groupe de Contact (the main working group of CEBS) also participate as observers on a permanent basis.
The Federal Republic of Germany is represented by the Deutsche Bundesbank and the Federal Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht, or BaFin).
