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CEBS Progress Summary

Core Content

The document titled "Assessing CEBS progress so far" presents an analysis of the progress made by the Committee of European Banking Supervisors (CEBS) up to the 2007 London Conference. It outlines key areas of focus, challenges, and considerations in the development of a harmonized European financial services regulatory framework, emphasizing the need for convergence, cooperation, and alignment with democratic principles.

Main Focus Points

Regulatory Framework and Comparative Advantage

• The EU financial services sector is ahead of the US, largely due to its more robust regulatory framework.
• The financial services sector is not only a source of economic growth but also a tool for investment in the real economy.
• The question of who benefits from the success of the Financial Services Action Plan (FSAP) is raised, highlighting the need for transparency and equitable distribution of gains.

Harmonization and Supervision

• Non-regulated sector growth: The increasing size of the non-regulated financial services sector poses challenges for oversight and fair competition.
• Market concentration: The role of competition policy in addressing market concentration and ensuring fair market practices is emphasized.
• Level playing field: The need for a consistent regulatory environment between local and cross-border markets is discussed, with questions about whether Member States are competing or operating within a common market.
• Principles vs. rules: A debate exists between principles-based and rule-based regulation, with implications for consistency and enforceability.
• Harmonization level: The degree of harmonization across Member States is a key concern, particularly in relation to supervisory practices.
• Discretionary powers: Supervisors have discretion in applying regulations, which may lead to variations in implementation.
• Dialogue with industry and end users: Engagement with stakeholders is crucial for effective policy-making.
• Democratic accountability: The importance of ensuring that regulatory decisions are transparent and accountable to the public.
• Global impact of mutual recognition: The effect of mutual recognition agreements on the global financial services landscape is noted.

Supervisory Convergence

• Execution practice convergence: Efforts are being made to align supervisory practices across the EU.
• Mutual trust: Trust among supervisors is the foundation for delegating responsibilities and reducing bureaucratic hurdles.
• Cross-sector cooperation: Collaboration between different regulatory sectors is necessary for a comprehensive approach.
• Cross-border cooperation: The concept of lead supervisors for multinational groups is introduced, though its limitations are also discussed.
• Different supervisory approaches: Conduct of business, prudential supervision, and systemic risk management are handled differently, requiring coordination.

Challenges and Considerations

• Practical cooperation: Overcoming national interests in the implementation of Level 2 and Level 3 regulations is a major challenge.
• National discretion and gold-plating: The risk of national authorities adding extra requirements (gold-plating) to EU regulations is highlighted.
• Legal enforceability and liability: Ensuring that regulatory decisions are legally binding and that mechanisms for liability and redress are in place is essential.
• Role of the ECB: The European Central Bank plays a critical role in oversight and coordination, especially in the context of European-wide regulatory systems.
• Decision-making process: The debate between Qualified Majority Voting (QMV) and consensus-based decision-making is relevant to the efficiency and legitimacy of regulatory frameworks.
• Link to competition supervision: The relationship between financial regulation and competition policy is explored, with questions about the ultimate responsibility for regulatory enforcement.
• Private policy makers: The influence of private entities such as credit rating agencies and the International Accounting Standards Board (IASB) on regulatory decisions is a concern.

Conclusion

The document underscores the importance of a unified and effective European financial services regulatory framework, built on principles of convergence, mutual trust, and cooperation. It highlights the challenges of balancing national interests with EU-wide harmonization, ensuring democratic accountability, and maintaining enforceability. The lead supervisor concept is seen as a potential solution but is not without its limitations. Ultimately, the goal is to create a resilient, transparent, and fair financial services environment that supports both the real economy and global competitiveness.