27 January 2009
JOINT PRESS RELEASE ON TEN COMMON PRINCIPLES FOR COLLEGES OF SUPERVISORS
The Committee of European Banking Supervisors (CEBS) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS), together with their Interim Working Committee on Financial Conglomerates (IWCFC), publish today ten principles for the functioning of supervisory colleges.
Since their establishment, the committees have actively worked on enhancing cooperation between the different supervisory authorities involved in the supervision of the cross-border groups, through enhancing the functioning of colleges of supervisors.
Aside from the separate work done by each committee, the committees have jointly prepared ten common principles which are relevant for the banking, insurance and financial conglomerates sectors, regarding the functioning of colleges of supervisors. These common principles are based upon their existing work and supervisory experience, including their recent experience on the functioning of colleges of supervisors in a crisis situation.
The establishment of colleges of supervisors, and their effective functioning, have been key issues for the committees since their establishment. Enhancing the functioning of colleges of supervisors will remain a key priority for the committees. Further the committees will, in close cooperation with each other, focus their future work on enhancing and monitoring the coherence of the supervisory practices of the different colleges.
The ten common principles are published on www.ceiops.eu under Publications/Standards.