Newsletter Dec 2005: EU supervisory bodies sign cooperation protocol

BRUSSELS – Heads of the EU’s three key supervisory committees charged with coordinating oversight of their respective banking, insurance and securities industries across the 25-nation bloc signed a joint protocol in late November to foster mutual cooperation between themselves. The Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupation Pensions Supervisors (CEIOPS), and the Committee of European Securities Regulators (CESR), form an essential part of the EU’s Lamfalussy process aimed at streamlining secondary financial legislation.