Printer friendly pdf versionThe Committee of European Banking Supervisors (CEBS) was established on 1 January 2004 by the European Commission (2004/5/EC). It fulfils the function of a Level 3 Committee for the banking sector under the "Lamfalussy" Process. Its tasks include advising the Commission on banking regulation, promoting consistent application of EU directives and convergence of supervisory practices throughout the Community, and enhancing supervisory cooperation. In exercising its role, CEBS consults extensively in an open and transparent manner with market participants, consumers and end-users of banking services.
In addition to this, a Consultative Panel (“the Panel”) was established to assist CEBS in performance of its functions and, in particular, to ensure that the consultation process functions effectively. The Panel also acts as a “sounding board” for CEBS.
The Panel is not intended to represent sectoral interests (whose opinion will be channelled to CEBS through the open consultations) or national positions (which will be reflected in the European Banking Committee).
To ensure productive input, the Panel is composed of a limited number of independent high level individuals, committed to the objectives of the European Union and appointed on a personal basis. Rotation of the membership will permit the expression of a large number of opinions over the long run.
This Charter has been revised on 5 March 2007.
Role of the Panel
1. The role of the Panel is to:
- express views on the CEBS work programme and the 3L3 work programme;
- provide comments on the way in which CEBS is exercising its role and, in particular, the adequacy of consultation with market participants, consumers and end-users.
- assist CEBS in the definition of priorities;
- alert CEBS to regulatory inconsistencies in the Single Market and suggest areas for Level 3 work; and
- inform CEBS about major financial market developments.
Members of the Panel
2. The Panel is composed of 21 members.
3. Members of the Panel are appointed by CEBS Bureau on the basis of nominations received from different bodies:
• up to fourteen members representing market participants are appointed on the basis of nominations by CEBS members. Their composition will aim to reflect the different types of institution active in the Single Market;
• up to two members are appointed on the basis of nominations from the European Banking Industry Committee (EBIC);
• one member is appointed on the basis of joint nominations by the ‘International Swaps and Derivatives Association’ (ISDA), the ‘London Investment Banking Association’ (LIBA), and the ‘International Capital Market Association’ (ICMA);
• up to two members are appointed on the basis of nominations by the ‘Forum of Users of Financial Services’ (FINUSE);
• one member is appointed on the basis of nominations from the European Consumers' Organisation (BEUC); and
• one member is appointed on the basis of nominations from the Union of Industrial and Employers' Confederations (UNICE).
4. The persons nominated should have significant experience in the field of banking, have European working experience and share the objectives of the European Union. They should be in a position to speak independently and authoritatively. Panel members are appointed in their personal capacity and must be capable of studying technical issues related to the prudential rules and supervision in the area of banking. The Panel members must also be capable of taking a broad and strategic view of the issues facing the European Banking Market and the Single Market in Financial Services.
5. The names of members of the Panel, are published on the CEBS website. The Panel also publishes a summary of the conclusions of its debates on the CEBS website.
6. Membership of The Panel is revised according to the following procedure:
• panel members appointed by CEBS from nominations by CEBS members are changed by one third every year. The changes are based on natural rotation and, if this does not lead to the required number of changes, a random ballot is held;
• EBIC, LIBA-ISDA-ICMA, FINUSE, BEUC and UNICE are invited to nominate their representatives every three years.
7. Members of the Panel can be reappointed. Panel members are expected to attend the official meetings of the Panel. They may nominate an alternate to deputise for them at Panel meetings when they are unable to attend. However, if a Panel member does not personally attend three consecutive meetings of the Panel, he will be deemed to have resigned.
Observers of the Panel
8. CEBS can grant observer status at the Consultative Panel to representatives of other European associations of market participants or end users of financial services. Such decisions are taken on a case by case basis. The number of observers is normally limited to four.
9. Observers can attend all the meetings of the Panel and participate in the discussions when invited by the Chair of the Panel.
Operation of the Panel
10. The Panel is chaired, in a personal capacity, by one of the Panel members. The Panel Chair will be chosen by consensus, or if consensus cannot be achieved elected by a majority of two thirds of the Panel members, for a period of two year. A Panel member cannot serve more than two terms as Panel Chair.
11. The Panel Chair organises and chairs the meetings of the Panel and executes all other functions delegated to the Panel Chair by the Panel. The Panel defines its own procedures.
12. The Chair of CEBS attends the official meetings of the Panel and can ask the Vice-Chair and other members of CEBS Bureau and/or the chairs of the relevant expert groups of CEBS to join the meetings.
The EU Commission is also invited to attend the official meetings of the Panel.
13. The Panel holds official meetings at least three times a year.
14. The Secretariat of CEBS provides all necessary support for the activities of the Panel and its Chair.
15. The Panel Members and other attendees pay their own expenses.
Update of the Panel Charter
16. The Charter may be updated in order to take account of possible developments in the roles and organisation of CEBS and the Panel.