1. The Commission shall be assisted by the European Banking Committee established by Commission Decision 2004/10/EC 12 of 5 November 2003 (hereinafter referred to as ‘the Committee’).
2. Where reference is made to this paragraph, the procedure laid down in Article 5 of Decision 1999/468/EC shall apply, having regard to the provisions of Article 7(3) and 8 thereof. The period laid down in Article 5(6) of Decision 1999/468/EC shall be three months.
3. Without prejudice to the implementing measures already adopted, upon expiry of a two-year period following the adoption of this Directive, and by 1 April 2008, the application of the provisions of this Directive requiring the adoption of technical rules, amendments and decisions in accordance with paragraph 2 shall be suspended. Acting on a proposal from the Commission and in accordance with the procedure laid down in Article 251 of the Treaty, the Parliament and the Council may renew those provisions and, to that end, shall review them prior to the expiry of the period or by the date referred to in this paragraph, whichever the earlier.
4. The Committee shall adopt its Rules of Procedure