Europe’s committees increase supervisory role

New measures from the European Commission to strengthen the supervisory framework of Europe’s financial markets have enhanced the monitoring role and responsibilities of the three committees for insurance (Ceiops), banking (CEBS) and securities (CESR), although the committees remain advisory in nature and their advice non-binding. The measures, which took effect on 29 January 2009, replace the existing European Commission Decisions which first established Ceiops and CEBS in 2003 and the CESR in 2001.