The Committee of European Banking Supervisors (CEBS) has decided today to start a formal consultation with the banking industry, market participants and end-users to amend its consultation practices. The consultation period will last three months by 19 June 2007.
In its first three years of activity CEBS has issued a number of Guidelines aimed at fostering consistent implementation of Community legislation and convergence in supervisory practices within the Single Market. CEBS focus has moving within the last year from the design of Guidelines to the delivery of convergence in day-to-day supervisory practices. As part of this process, CEBS expects that its Guidelines may have to be amended in the coming years to correct them and keep them up to date with relevant developments.
CEBS considers it important that the amendment process respects some basic criteria, ensuring stability of the Guidelines and adequate transparency, without generating unduly burdensome procedures. The consultation paper puts forward the criteria and proposes the introduction of simplified consultation procedures, together with safeguards to ensure that relevant changes will follow a standard consultation process.
This proposal, when finally approved, will be incorporated in the “Public Statement of Consultation Practices”.
For more information, please visit our website
http://www.c-ebs.org/Consultation_papers/consultationpapers.htm