“Currently, three committees exist at the EU level in the financial services sector, with advisory powers, the Committee of European Banking Supervisors (CEBS), the Committee of European Insurance and Occupational Pensions Committee (CEIOPS) and the Committee of European Securities Regulators (CESR). These are often known as the “Lamfalussy level 3 Committees” because of the role which they play in the EU framework for financial services legislation, created following a report by a group chaired by Alexandre Lamfalussy.”