EUROPE – CEIOPS, the European pensions and insurance supervisory committee has got signed a protocol of cooperation with its sister banking and securities committees.
The protocol is between CEIOPS (the Committee of European Insurance and Occupational Pensions Supervisors) and the Committee of European Banking Supervisors and the Committee of European Securities Regulators.
It was signed in Brussels today to “foster co-operation and coordination in the areas of regulation, policy, information exchange and other tasks with a common interest”.
“The purpose of the Joint Protocol will be to build further on this cooperation by formalising the relationship between the Committees in a transparent manner,” the committees said.
The move comes as observers have voiced concerns about consistent operation between financial sectors.
The committees – formed under the so-called Lamfalussy structure – agreed to align their work in general.
The practical objectives of the joint protocol are to share information, exchange experiences, produce joint reports and reduce supervisory burdens. Another factor will be to ensure that the basic functioning of the three committees “develops along parallel lines”.
Meanwhile, the European Commission has released its latest update of the International Financial Reporting Standard IAS 19 on retirement provision.