The Report stated that the proposed ESC would be set up following the regulatory ‘comitology’ procedure suggested for implementing powers conferred on the Commission. It would be composed of high-ranking officials – State Secretaries in the Finance Ministries of the Member States or their personal representatives – and would be chaired by the European Commissioner responsible for the Internal Market in Financial Services. The ESRC would be set up as an independent advisory group to the Commission (outside the comitology process) and would be composed of national securities regulators.
