Sélecteur de langues
Brussels, 19th November 2004
The European Commission is inviting comments on a working document concluding that significant progress has been made in implementing the four-level “Lamfalussy approach” to securities legislation (see IP/02/195). The process, and its extension to banking, insurance and occupational pensions (see MEMO/04/110 and IP/03/1507) should therefore continue. The document also makes practical suggestions to further improve the Lamfalussy approach.
The Commission’s document is part of the 2004 review of the Lamfalussy process, which the Council of Finance Ministers discussed on 16 November (see MEMO/04/258).
The preparation of EU legislation affecting securities markets is now more open and transparent, with better involvement of external stakeholders. Political cooperation between the Commission, Council and European Parliament has been enhanced, leading to swifter and higher quality legislation. The use of implementing measures will make it easier and faster to adapt EU legislation in the future. The process is also encouraging regulatory and supervisory convergence.
It is too early to assess the implementation and enforcement of measures adopted under the Lamfalussy approach. A more thorough evaluation could take place in 2007.
Meanwhile, the working paper proposes improvements:
Level 1 of the Lamfalussy approach consists of framework Directives or Regulations. At Level 2, four regulatory Committees assist the Commission in adopting implementing measures, ensuring that technical provisions can be kept up to date with market developments. Committees of national supervisors are responsible for Level 3 measures, which aim to improve the implementation of Level 1 and 2 acts in the Member States. At Level 4, the Commission will strengthen the enforcement of EU law.
The Commission’s paper is at: http://ec.europa.eu/internal_market/securities/lamfalussy/index_en.htm
The Commission welcomes comments on it, and on the third report of the Inter-institutional Monitoring Group, by 31 January 2005. Comments should be sent to:
All comments will be made public and posted on the Europa website unless the respondent requests otherwise.