L 3/30 Official Journal of the European Union 7.1.2004 COMMISSION DECISION of 5 November 2003 establishing the Committee of European Insurance and Occupational Pensions Supervisors (Text with EEA relevance) (2004/6/EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, (6)  The Committee should organise its own operational Having regard to the Treaty establishing the European Community, Whereas: (1)  In June 2001, the Commission adopted Decisions 2001/ 527[EC () and 2001/528/EC () setting up the Committee of European Securities Regulators and the European Securities Committee respectively. (2)  In its Resolutions of 5 February and 21 November 2002, the European Parliament endorsed the four-level regula- tory framework advocated in the report of the Committee of Wise Men and called for certain aspects of that approach to be extended to the banking and insur- ance sectors subject to a clear Council commitment to reform to guarantee a proper institutional balance. (3)  On 3 December 2002, the Council invited the Commis- sion to implement such arrangements in the field of banking and insurance and occupational pensions, and to establish as soon as possible new committees in an advisory capacity in relation to those fields. (4 A Committee of European Insurance and Occupational Pensions Supervisors (hereinafter ‘the Committee’) should be established to serve as an independent body for reflection, debate and advice for the Commission in the insurance, reinsurance and occupational pensions fields. However, as regards the occupational pensions field, while the Committee should consider regulatory and supervisory aspects relating to such arrangements, it should not address labour and social law aspects, such as the organisation of occupational regimes, and in particu- lar, issues relating to compulsory membership (affilia- tion) or the results of collective bargaining agreements. (5 The Committee should also contribute to the consistent and timely implementation of Community legislation in the Member States by securing more effective coopera- tion between national supervisory authorities, carrying out peer reviews and promoting best practices. () OJ L 191, 13.7.2001, p. 43. () OJ L 191, 13.7.2001, p. 45. arrangements, in particular take account of the specifici- ties of the relevant competent authorities, and maintain close operational links with the Commission and with the Committee established by Commission Decision 2004/9/EC of 5 November 2003, establishing a Euro- pean  Insurance and  Occupational  Pensions Committee (}). It should elect its chairperson from among its members. (7 The Committee should at an early stage consult exten- sively and in an open and transparent manner with market participants, consumers and end-users. (8)  The Committee should drawn up its own rules of proce- dure and fully respect the prerogatives of the institutions and the institutional balance established by the Treaty, HAS DECIDED AS FOLLOWS: Atrticle 1 An independent advisory group on insurance and occupational pensions in the Community, called the ‘Committee of European Insurance and Occupational Pensions Supervisors’, hereinafter ‘the Committee’, is established. Atticle 2 The role of the Committee shall be to advise the Commission, either at the Commission's request, within a time limit which the Commission may lay down according to the urgency of the matter, or on the Committee's own initiative, in particular as regards the preparation of draft implementing measures in the fields of insurance, reinsurance and occupational pensions. The Committee shall contribute to the consistent implementa- tion of Community Directives and to the convergence of Member States' supervisory practices throughout the Com- munity. The Committee shall also constitute a forum for supervisory cooperation, including the exchange of information on super- vised institutions. () See page 34 of this Official Journal.