Having studied the views of the IIMG
, CEBS and others, the Commission will publish its own proposals.
ESBG Chair Chris de Noose commented, "It is our impression that the IIMG report did not make a distinction [between the banking and insurance sectors] which is important when talking about the roles and responsibilities of different supervisors".
This is the last report of the current IIMG. A decision on whether to extend the group's mandate must be taken by all three EU institutions depending on the impact of the current report.
The IIMG recommends that directives should be specific on expected levels of harmonisation and stipulates that any additional provisions be reported specifically to the Commission.
The IIMG report focuses on the increased role which must be allocated to the level three committees - CESR (securities), CEBS (banking) and CEIOPS (insurance) - to cope with changing markets, in particular:
The IIMG recognises the need for tighter crisis management arrangements which must necessarily involve the level three committes.
The IIMG report says that the EU is passing legislation on those two new areas in a completely different way than when the process was first used in securities legislation.
The IIMG suggests that the committees can buy time if they set stricter rules on the length and format of the stakeholders' response.