Council Decision of 18 February 2003 concerning the establishment of the Financial Services Committee (2003/165/EC)

Author:Secretariat General
Profession:Council of the European Union

Page 262


  1. Recalls that the Council in its conclusions of 3 December 2002 stated its willingness to take a decision on the establishment of a new committee with the purpose of providing advice and oversight for the Council and the Com mission on a range of nancial market issues;

  2. accordingly establishes the Financial Services Committee (hereinafter called the 'Committee'), with the following tasks:

    - to provide for cross-sectoral strategic reflection, separate from the legislative process,

    - to help to dene the medium- and long-term strategy for nancial servicesissues,

    - to consider sensitive short-term issues,

    - to assess progress and implementation,

    - to provide political advice and oversight on both internal issues (e.g. single market, including implementation of the Financial Services action plan) and external issues (e.g. WTO);

  3. agrees the following as for the composition, the chairmanship and the functioning of the Committee:

    - the Commission and each member of the Council shall appoint one high- level representative and one alternate to the Committee; a representative of the European Central Bank and the Chairs of the relevant Community committees of regulators will have observer status,

    - the Committee shall have one Chair and one Vice-Chair which it shall appoint from among the representatives of the Member States; the Chair and the Vice-Chair shall serve for two years; the rst Chair shall be appointed by the Economic and Financial Committee,

    - the Member State whose representative is appointed Chairman shall have one additional representative on the Committee for the Chairman's period of oce,

    - the Chairman and Vice-Chair, together with the representative from the Commission, the representative from the Member State holding the Presid ency of the Council for the duration of its oce, a representative of the General Secretariat of the Council and a representative from the SecretariatPage 263 of the Economic and Financial Committee shall cooperate closely with a view to facilitating the work of the Committee,

    - the Committee shall report to the Economic and Financial Committee in order to prepare advice to the Council (Econ), taking into account the established role of Coreper,

    - the Chairman of the Committee shall be available for a regular exchange of views on strategic developments related to nancial markets with the Com mittee on Economic and Monetary Aairs of the European Parliament,

    - the Committee shall adopt its own Rules of Procedure in accordance with the Council's Rules of Procedure,

    - the secretariat shall be provided by the General Secretariat of the Council;

  4. notes that the Committee's activities will be without prejudice to the Commission's right of initiative;

  5. decides to review this Decision in the second half of 2004. Done at Brussels, 18 February 2003.Page 264


    [113] OJ L 67,12.3.2003, p. 17.