3L3 Call for evidence on internal governance issues

The 3L3 have produced a report containing the result of this stock-take that was performed and their subsequent analysis of the differences identified, as well as some proposed options to achieve ahigher level of harmonisation. This report is contained as an Annex to this Call for Evidence.This 3L3 analysis did not identify any major issues seeking a high priority for convergence, although the 3L3 identified the following areas where further harmonisation could be achieved:- Management of conflicts of interest;- Policies, processes and procedures related to the risks covered by the risk management systems;- How the risk management, compliance and internal audit functions might be independent in the light of their different sectoral requirements;- The supervisory review process.Accordingly, the 3L3 Committees invite all interested parties to comment on whether cross sectoral convergence is needed in the above mentioned areas. This includes a view as to whether there are any conflicting rules and additional implementation burden due to differences in the regulation for the different financial sectors which need to be remedied.Comments should be provided from today until the 9thApril 2010 to: secretariat@cesr.eu, secretariat@c-ebs.org, secretariat@ceiops.eu

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