International committees and working groups
European Commission/ European Council
European Systemic Risk Board
This Committee is tasked with identifying and assessing measures for preventing and mitigating systemic risk and financial stability in the EU. The CMVM Chair is a member of the General Council, that decides on recommendations and warning to be issued concerning the financial system.
Audit Regulatory Committee
Under the Directive on statutory audit, the European Commission may adopt various implementing measures, using the comitology
procedure. In doing so, the Commission will be assisted by Audit
Regulatory Committee, composed of the representatives of the Member
ARC - Accounting Regulatory Committee
The Accounting Regulatory Committee (ARC) is composed of
representatives from Member States and chaired by the European
Commission. The Committee has been set up by the Commission in
accordance with the requirements contained in Article 6 of the IAS Regulation (EC/1606/2002). The function of the Committee
is a regulatory one and consists in providing an opinion on the
Commission proposals to adopt an international accounting standard as
envisaged under Article 3 of the IAS Regulation.
EGAOB - European Group of Auditors’ Oversight Bodies
The European Commission set
up a "European Group of Auditors' Oversight Bodies" (EGAOB). The Group
will ensure effective coordination of new public oversight systems of
statutory auditors and audit firms within the European Union. It provides technical input to the preparation of possible
measures of the Commission implementing the Directive on statutory
audit, such as endorsement of the International Standards on Auditing or
assessment of third countries' public oversight systems.
The Expert Group on Company Law consists advises the EU on company law. The Group aids in the improvement of Company Law and Corporate Governance in Europe, particularly the revision of the Directive on Shareholders' Rights.
FIN-NET is a financial dispute resolution network of national
out-of-court complaint schemes in the European Economic Area countries
(the European Union Member States plus Iceland,
Liechtenstein and Norway) that are responsible for handling
disputes between consumers and financial services providers, i.e. banks,
insurance companies, investment firms and others. This network was
launched by the European Commission in 2001.