The European Securities Committee was established by the Commission Decision 2001/528/EC of June 2001. It performs two main functions: provides advice to the Commission at the level 1 regulation (Council and European Parliament Directives and/or Regulations), and helps in the elaboration of level 2 regulation (Commission Directives and/or Regulations).
The members are qualified representatives from the Ministries of Finances of the European Union, They are usually the Directors of Treasury and Financial Policy. The alternate members are specific representatives appointed by the proper members of this Committee. The CNMV attends the meetings as alternate.