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CEBS Consultation Practices Summary

Core Content

The Committee of European Banking Supervisors (CEBS) was established on 1st January 2004 by the EU Commission (Decision 2004/5/EC). Its primary role is to advise the Commission on banking regulation, ensure consistent application of EU directives, promote supervisory convergence across the European Community, and enhance supervisory cooperation.

CEBS follows a structured and transparent consultation process to involve stakeholders in its regulatory and supervisory activities. The process is designed to be flexible and proportionate, depending on the significance of the issue at hand. Consultations are conducted at national, European, and international levels, and the Committee publishes an annual work programme outlining the scope and nature of consultations.

Main Objectives of Consultation

• To gather expertise from market participants, consumers, and end-users to identify, assess, and analyze regulatory issues and solutions.
• To promote understanding of CEBS's work and its role.
• To build consensus among all interested parties on appropriate regulatory practices.

Who is Consulted

• Market participants (e.g., credit institutions, investment firms).
• Consumers and end-users of banking services.
• Representative associations of these groups.
• CEBS will announce consultations in accordance with Article 1, ii), and publish its final decision on the same topic.

Areas of Consultation

CEBS consults on:

• Level 2 issues: Draft implementing measures for European legislation in banking supervision.
• Level 3 issues: Guidelines, recommendations, standards, and general advice related to:
  • Consistent application of Community directives.
  • Convergence of Member States' supervisory practices.
  • Enhancing supervisory cooperation.
  • Structure of information exchange arrangements.

Note: Ongoing supervisory practices and information exchanges are not subject to consultation due to confidentiality concerns.

Modes of Consultation

CEBS uses various methods to engage stakeholders:

• Provides opportunities for submissions after receiving a mandate.
• Produces reasoned consultative proposals.
• Includes preliminary impact information in proposals.
• Releases draft papers and initial questions before formal consultation.
• Establishes technical expert groups for informal discussions.
• Conducts public hearings, roundtables, and bilateral meetings as needed.

Timing of Consultation

Standard Timeline for Level 2 Issues

1. 4 months to draft a consultation paper (with informal meetings recommended).
2. 3 months for public consultation.
3. 2 months to analyze comments.
4. 1 month to prepare final opinion and submit to the Commission.

Standard Timeline for Level 3 Issues

1. Publish timeline for work.
2. Prepare consultation paper (with informal meetings recommended).
3. 3 months for public consultation.
4. 2 months to analyze comments.
5. 1 month to prepare feedback document and final opinion.

Exceptions for Controversial Matters:

• A second round of consultation may be added.
• Additional time for analysis and final document preparation.

Adjustments for Special Periods

• If consultations occur during July–August or mid-December to mid-January, the timeline is extended by one month.

Follow-up to Consultations

CEBS:

• Gives due consideration to all responses received.
• Publishes responses (unless requested otherwise).
• Provides a summary of responses and reasoned explanation of feedback.
• May reconsult if significant problems are identified or revised proposals differ significantly from the original.
• Publishes all formal proposals and advice given to the Commission.

Amendments to Consultation Procedures

CEBS applies standard consultation procedures by default. However, amendments may be made in the following cases:

• If consultations fall during specific months (July–August or mid-December to mid-January), the timeline is extended.
• If third parties set shorter timelines.
• If there is no time constraint.
• If a provisional instead of a formal mandate is received.
• If the amendment affects only a specific group of market participants.
• If the document contains confidential information.
• If guidelines, standards, or recommendations are subject to limited amendments or drafting amendments.

Types of Amendments

1. Limited Amendments:

   • Include changes due to regulatory updates (e.g., IAS/IFRS changes).
   • Aim at clarifying or completing existing guidelines.
   • Subject to a 1-month public consultation.
   • Final amendments are prepared within 2 months after consultation.
   • May require a second consultation if deemed controversial.

2. Drafting Amendments:

   • Include minor changes like typos, deletions of duplications, or corrections.
   • Subject to a two-week approval period by CEBS members via the "red flag" procedure.

Documentation of Amendments

• A clean version of the document is posted on CEBS's public website.
• A link to amendment documentation is provided.
• If a public consultation was conducted, a feedback document is published.
• The reasons for any alternative consultation process are also published, along with the views of the Consultative Panel.

Final Provisions

• If CEBS cannot follow the stated consultation principles, it will publicly explain the reasons.
• The consultation practices statement is reviewed periodically as needed.
• Amendments to CEBS guidelines, standards, and recommendations are made once a year to ensure stability.