L 3/28 Official Journal of the European Union 7.1.2004 (Acts whose publication is not obligatory) COMMISSION COMMISSION DECISION of 5 November 2003 establishing the Committee of European Banking Supervisors (Text with EEA relevance) (2004/5/EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, Where 1 as: 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. In its Resolutions of 5 February and 21 November 2002, the European Parliament endorsed the four-level approach advocated in the Final Report of the Committee of Wise Men on the regulation of European securities markets and called for certain aspects of that approach to be extended to the banking and insurance sectors subject to a clear Council commitment to reform to guarantee a proper institutional balance. On 3 December 2002, the Council invited the Commis- sion to implement such arrangements in the fields of banking and insurance and occupational pensions and to establish as soon as possible new committees in an advi- sory capacity in relation to those fields. An independent body for reflection, debate and advice for the Commission in the field of banking regulation and supervision should be established. That body, to be called the Committee of European Banking Supervisors, hereinafter referred to as ‘the Committee’, should also contribute to the consistent and timely application of Community legislation in the Member States and to the convergence of supervisory practices throughout the Community. () OJ L 191, 13.7.2001, p. 43. () OJ L 191, 13.7.2001, p. 45. (6) The Committee should promote cooperation in the banking field, such as the exchange of information. The establishment of the Committee should be without prejudice to the organisation of banking supervision at either national or Community level. The composition of the Committee should reflect the organisation of banking supervision and should also take account of the role of central banks as regards the overall stability of the banking sector at national and Community level. The respective rights of the different categories of participants should be clearly identified. In particular, chairmanship and voting rights should be reserved to the competent supervisory authorities of each Member State; and participation in confidential discussions about individual supervised institutions should, where appropriate, be restricted to the compe- tent supervisory authorities and to the central banks entrusted with specific operational responsibilities for supervision of the individual credit institutions concerned. The Committee should organise its own operational arrangements and maintain close operational links with the Commission and the Committee established by Commission Decision 2004/10/EC of 5 November 2003 establishing a European Banking Committee (*). The Committee should cooperate with the other committees in the financial sector, in particular with the Committee established by Decision 2004/10/EC, with the Banking Supervision Committee of the European System of Central Banks and with the Groupe de Contact of European banking supervisors. In particular, it should be possible for the Committee to invite observers from other committees in the banking and financial sector. () See page 36 of this Official Journal.