L 25/18 Official Journal of the European Union 29.1.2009 COMMISSION COMMISSION DECISION of 23 January 2009 establishing the Committee of European Securities Regulators (Text with EEA relevance) (2009/77EC) THE COMMISSION OF THE EUROPEAN COMMUNITIES, Having regard to the Treaty establishing the European Community, Whereas: G) As part of the so-called Lamfalussy process, the Commission adopted Decision 2001/527/EC of 6 June 2001 establishing the Committee of European Securities Regulators (')  (hereinafter  ‘the =~ Committee’).  The Committee took up its duties on 7 June 2001, serving as an independent body for reflection, debate and advice of the Commission in the securities field. Fulfilling the provisions of Directive 2005/1/EC of the European Parliament and of the Council of 9 March 2005 amending Council Directives 73/239/EEC, 85/611/EEC, 91]675[EEC, 92/49/EEC and 93J6/EEC and Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34/EC, 2002/83EC and 2002/87[EC in order to establish a new organisational structure for financial services committees (?), the Commission carried out a review of the Lamfalussy process in 2007 and presented its assessment in a Communication of 20 November 2007 entitled Review of the Lamfalussy process — Strengthening supervisory convergence’ (°). In the Communication, the Commission pointed out the importance of the Committee of European Securities () O] L 191, 13.7.2001, p. 43. () OJ L 79, 24.3.2005, p. 9. () COM(2007) 727 final. Regulators, the Committee of European Banking Super- visors and the Committee of European Insurance and Occupational Pensions Supervisors (hereinafter ‘the Committees of Supervisors) in an increasingly integrated European financial market. A clear framework for the activities of these Committees in the area of supervisory convergence and cooperation was deemed necessary. While reviewing the functioning of the Lamfalussy process, the Council invited the Commission to clarify the role of the Committees of Supervisors and consider all different options to strengthen the working of those Committees, without unbalancing the current institu- tional structure or reducing the accountability of super- visors (4. At its meeting of 13 and 14 March 2008, the European Council called for swift improvements to the functioning of the Committees of Supervisors (°). On 14 May 2008 (%), the Council invited the Commission to revise the Commission Decisions estab- lishing the Committees of Supervisors so as to ensure coherence and consistency in their mandates and tasks as well as to strengthen their contributions to supervisory cooperation and convergence. The Council noted that specific tasks could be explicitly given to the Committees to foster supervisory cooperation and convergence, and enhance their role in assessing risks to financial stability. Therefore a reinforced legal framework regarding the role and tasks of the Committee in this respect should be provided. (*) Council Conclusions 15698/07 of 4 December 2007. (°) Council Conclusions 76521/08 Rev 1. (®) Council Conclusions 8515/3/08 Rev 3.