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European Banking Committee

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European Banking Committee

Achievement of the single market for financial services necessitated the establishment of a consultative committee whose mission is to support and advise the European Commission in regulating these markets. The European Banking Committee (EBC) is directly attached to the Commission and plays a legislative advisory body role.

ACTS

Commission Decision 2004/10/EC of 5 November 2003, establishing the European Banking Committee (Text with EEA relevance).

SUMMARY

The establishing of a supervisory and regulatory committee aims at further facilitating the completion of the single market for financial services.

The EBC

The European Banking Committee (CBE) replaces the Banking Advisory Committee (established by Directive 77/78/EC in 1978). It is run by the European Commission and represents “Level 2” in the current Financial Services Supervision and Committee Architecture.

The EBC has an advisory and legislative role. It is central to the preparation and implementation of European banking legislation. It advises the Commission on political issues concerning banking activities and issues opinions on the proposals they present.

The EBC is composed of various participants. Members are high-level representatives from Member States, most particularly from finance ministries. The European Central Bank and the European Banking Authority participate as observers. The Commission may invite other experts and observers, such as representatives of the European Economic Area (EEA) countries.

Context

The EBC contributes to improving banking regulation and to supervising the application of European legislation in this field. As a consultative body, the committee intervenes in the preparation and application of implementing measures for framework principles defined by Directives and Regulations.

References

Act

Entry into force

Deadline for transposition in the Member States

Official Journal

Decision 2004/10/EC

13.4.2005

-

OJ L 3, 7.1.2004

See also

Last updated: 08.04.2011

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