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The bodies concerned by the proposal are the committees in charge of supervising the banking (CEBS), insurance (CEIOPS) and securities (CESR) sectors. These are made up of national representatives.



If the proposal is approved by the European Parliament and the Council, the three committees would see their monitoring powers increased and will be charged with providing assessments of "micro-prudential trends, potential risks and vulnerabilities" in the sectors under their competence. The weaker point of the proposal is that opinions made these committees would remain purely advisory and therefore would not be binding.



In addition, it has been proposed that these committees, as well as other bodies involved in the standard-setting process for financial reporting and auditing, should receive financial support for the European Union to ensure objectivity and efficiency.



For more information and the press release by the European Commission, click here.