EU supervisory committee to be established

The European Commission is establishing a supervisory committee designed to promote convergence among EU nations in the adoption of the Basel Accord revisions and the related EU Capital Adequacy Directive (CAD), according to Jean-Claude Thebault, head of the financial institutions directorate at the EU in Brussels.

He was speaking at a British Bankers’ Association conference in London yesterday morning. He added that the new committee “will play a central role in promoting consistency” of adoption and implementation of the Basel revisions between regulators, which is a concern among internationally active financial institutions.

Thebault also indicated that small changes would be made to the operational risk proposals contained in the current version of the CAD before final publication in June. Small

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