Alphabetical index
This page is available in 5 languages

We are migrating the content of this website during the first semester of 2014 into the new EUR-Lex web-portal. We apologise if some content is out of date before the migration. We will publish all updates and corrections in the new version of the portal.

Do you have any questions? Contact us.

Securities markets: Advisory, regulatory and supervisory committee

The need to establish a single market in financial services required the establishment of an advisory committee that can support and advise the European Commission in regulating those services. As regards the securities markets, the European Securities Committee (ESC) is attached directly to the Commission.


Commission Decision 2001/528/EC of 6 June 2001 establishing the European Securities Committee (Text with EEA relevance) [See amending acts].


The establishment of the supervisory and regulatory committees is designed to give practical impetus to the achievement of a single market in financial services in accordance with the framework spelt out in the Financial Services Action Plan (FSAP).

Creation of the ESC

The ESC was set up in 2001 to help improve the regulation and supervision of securities markets. Its creation meets the needs of the four-level regulatory framework advocated in the report by the Committee of Wise Men, the Lamfalussy report in 2001. As an advisory body, it participates in preparing and applying the measures for implementing the framework principles laid down in the relevant directives and regulations. The Lamfalussy process was re-examined in 2007. As part of the re-examination of this process, it seemed necessary to enhance the action of these committees and to establish a strengthened legal framework.

As it oversees developments on securities markets, this advisory committee participates in drawing up the implementing measures for the framework principles. It is also responsible for assessing risks which represent a major factor in financial stability.

Role of the ESC

The ESC is, first and foremost, a body for consultation and reflection. The committee is principally responsible for advising the Commission on policy issues and draft proposals which it could adopt in the field of securities.

Composition of the ESC

The ESC is composed of high-level representatives of Member States and is chaired by a representative of the Commission. The committee may invite experts and observers to attend its meetings.


The interdependency of European Union financial systems and the disappearance of a distinction between bank-related activities, those related to securities and to insurance complicates monitoring both at national and European level. It is therefore essential to introduce a system to detect any cross-border and cross-sectoral risks rapidly so as to preserve financial stability.

Decision 2009/77/EC repeals Decision 2001/527/EC.


ActEntry into forceDeadline for transposition in the Member StatesOfficial Journal

Decision 2001/528/EC



OJ L 191, 13.7.2001

Amending act(s)Entry into forceDeadline for transposition in the Member StatesOfficial Journal

Decision 2004/8/EC



OJ L 3, 7.1.2004

Last updated: 08.04.2011

See also

  • Further information can be obtained on the website of the Internal Market and Services Directorate-General: ESC
Legal notice | About this site | Search | Contact | Top