EUR-Lex Access to European Union law
This document is an excerpt from the EUR-Lex website
Document 02001D0528-20040107
Securities markets: Advisory, regulatory and supervisory committee
Z összefoglalót archiváltuk és tartalmát a továbbiakban már nem frissítjük, mert az alapjául szolgáló dokumentum már hatályát vesztette vagy nem tükrözi az aktuális helyzetet.
Securities markets: Advisory, regulatory and supervisory committee
The need to establish a single market in financial services required the establishment of an advisory committee that can support and advise the European Commission in regulating those services. As regards the securities markets, the European Securities Committee (ESC) is attached directly to the Commission.
ACTS
Commission Decision 2001/528/EC of 6 June 2001 establishing the European Securities Committee (Text with EEA relevance) [See amending acts].
SUMMARY
The establishment of the supervisory and regulatory committees is designed to give practical impetus to the achievement of a single market in financial services in accordance with the framework spelt out in the Financial Services Action Plan (FSAP).
Creation of the ESC
The ESC was set up in 2001 to help improve the regulation and supervision of securities markets. Its creation meets the needs of the four-level regulatory framework advocated in the report by the Committee of Wise Men, the Lamfalussy report in 2001. As an advisory body, it participates in preparing and applying the measures for implementing the framework principles laid down in the relevant directives and regulations. The Lamfalussy process was re-examined in 2007. As part of the re-examination of this process, it seemed necessary to enhance the action of these committees and to establish a strengthened legal framework.
As it oversees developments on securities markets, this advisory committee participates in drawing up the implementing measures for the framework principles. It is also responsible for assessing risks which represent a major factor in financial stability.
Role of the ESC
The ESC is, first and foremost, a body for consultation and reflection. The committee is principally responsible for advising the Commission on policy issues and draft proposals which it could adopt in the field of securities.
Composition of the ESC
The ESC is composed of high-level representatives of Member States and is chaired by a representative of the Commission. The committee may invite experts and observers to attend its meetings.
Context
The interdependency of European Union financial systems and the disappearance of a distinction between bank-related activities, those related to securities and to insurance complicates monitoring both at national and European level. It is therefore essential to introduce a system to detect any cross-border and cross-sectoral risks rapidly so as to preserve financial stability.
Decision 2009/77/EC repeals Decision 2001/527/EC.
References
Act |
Entry into force |
Deadline for transposition in the Member States |
Official Journal |
Decision 2001/528/EC |
7.6.2001 |
- |
OJ L 191, 13.7.2001 |
Amending act(s) |
Entry into force |
Deadline for transposition in the Member States |
Official Journal |
Decision 2004/8/EC |
13.4.2005 |
- |
OJ L 3, 7.1.2004 |
Last updated: 08.04.2011