Brussels, 10th October 2002
Financial Markets: Inter-institutional Monitoring Group for securities markets meets for the first time
The European Parliament, the Council and the European Commission have welcomed the first meeting of the Inter-institutional Monitoring Group for securities markets on 7 October. The group is composed of six independent experts, two nominated by each institution. It has a mandate to assess the progress made on implementing the "Lamfalussy process" (see IP/02/195) which aims to create a more efficient system for the EU institutions to prepare, adopt and implement new legislation to integrate securities markets. The group is expected to report results twice a year, with its first report in Spring 2003.
Internal Market Commissioner Frits Bolkestein said: "This is the last piece in the Lamfalussy jigsaw. The Lamfalussy process gives us enormous potential for better and swifter financial legislation. The Monitoring Group will help us to make the best use of that opportunity, to keep up to speed and fulfil our commitments. It will keep all of us on our toes."
The members nominated by the European Parliament are:
The Council nominated as members:
The European Commission nominated:
In its first meeting, the experts agreed that Graham Bishop should act as a Rapporteur for the first report which should be made public in Spring 2003. The experts will deal with the processes related to the forthcoming Directives on market abuse and on prospectuses, as well as the future proposals for the revision of the Investment Services Directive and for a Directive on transparency of security issuers (Regular reporting).
The Monitoring Group is the last remaining structural element which the Lamfalussy Committee recommended in February 2001 (see IP/01/215) and which has not yet been put in place.
According to the mandate agreed between the Parliament, the Council and the Commission, the Monitoring Group should :
This mandate may be revised as part of a full review in 2004 without prejudice as to whether the Group might continue or not after 2004. The Group should report results to the Institutions twice a year and publish them on the Internet.
A light secretariat, provided by the Commission with the full participation of the European Parliament and the Council will support the Group in preparing their reports.
Any comments for the group can be sent by e-mail to:
The recommendations of the Committee of Wise Men are centred around a four-level approach to European securities regulation, based on two new committees, the European Securities Committee (ESC) and the Committee of European Securities Regulators (CESR). This approach should allow the EU to respond rapidly and flexibly to developments in financial markets in order to achieve greater market integration and improved competitiveness. European Heads of State and Government endorsed these recommendations at the March 2001 Stockholm European Council. The European Parliament welcomed them in February 2002. The two committees were set up by the European Commission in June 2001 (see IP/01/792 and MEMO/01/213).
The four-level approach is to work as follows: