12.3.2003 Official Journal of the European Union L67/17 I (Acts whose publication is not obligatory) COUNCIL COUNCIL DECISION of 18 February 2003 concerning the establishment of the Financial Services Committee (2003/165/EC) THE COUNCIL OF THE EUROPEAN UNION, — the Chairman and Vice-Chair, together with the repre- 1. RECALLS that the Council in its conclusions of 3 December 2002 stated its willingness to take a decision on the estab- lishment of a new committee with the purpose of providing advice and oversight for the Council and the Commission on a range of financial market issues; 2. accordingly ESTABLISHES the Financial Services Committee (hereinafter called the ‘Committee’), with the following tasks: — to provide for cross-sectoral strategic reflection, separate from the legislative process, — to help to define the medium- and long-term strategy for financial services issues, — to consider sensitive short-term issues, — to assess progress and implementation, — to provide political advice and oversight on both internal issues (e.g. single market, including implementa- tion of the Financial Services action plan) and external issues (e.g. WTO); 3. AGREES the following as for the composition, the chairman- — ship and the functioning of the Committee: — the Commission and each member of the Council shall sentative from the Commission, the representative from the Member State holding the Presidency of the Council for the duration of its office, a representative of the General Secretariat of the Council and a representative from the Secretariat of the Economic and Financial Committee shall cooperate closely with a view to facili- tating the work of the Committee, the Committee shall report to the Economic and Finan- cial Committee in order to prepare advice to the Council (Ecofin), taking into account the established role of Coreper, the Chairman of the Committee shall be available for a regular exchange of views on strategic developments related to financial markets with the Committee on Economic and Monetary Affairs of the European Parlia- ment, the Committee shall adopt its own Rules of Procedure in accordance with the Council's Rules of Procedure, the secretariat shall be provided by the General Secre- tariat of the Council; appoint one high-level representative and one alternate 4. N.OTES that the C(?m.mit'tee.'s activi.tigs. Will be without preju- to the Committee; a representative of the European dice to the Commission's right of initiative; Central Bank and the Chairs of the relevant Community 5. DECIDES to review this Decision in the second half of 2004. committees of regulators will have observer status, — the Committee shall have one Chair and one Vice-Chair which it shall appoint from among the representatives of the Member States; the Chair and the Vice-Chair shall Done at Brussels, 18 February 2003. serve for two years; the first Chair shall be appointed by the Economic and Financial Committee, — the Member State whose representative is appointed Chairman shall have one additional representative on the Committee for the Chairman's period of office, For the Council The President N. CHRISTODOULAKIS