The Committee of European Banking Supervisors has announced its revised consultation guidelines – various interested parties are canvassed prior to revision of supervisory rules and recommendations to national regulators:
The Committee will generally:
i) target the full range of interested parties, including market participants (e.g. credit institutions, investment firms, etc), consumers and other end-users, as well as their representative associations;
ii) make consultation proposals, related documents and key dates for the consultation widely known and available through appropriate means, in particular the Internet; and
iii) consult at national, European and international levels.
As has been noted, OSFI has no equivalent guidelines, which has led to public confusion over OSFI’s regulatory role and to inferior banking regulation.