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lamfalussy reviewed December 5, 2007

Posted by Bradley in : Uncategorized , trackback

The Economic and Financial Affairs Council met and agreed to modify the co-operative Lamfalussy process for financial services regulation in the EU. The Council’s provisional conclusions note the need to increase input from consumers into the process. The Council:

WELCOMES the efforts already made so far by the Commission and the Level 3 committees to conduct open and transparent consultations with all interested stakeholders, but recalls its aforementioned conclusions of 5 May 2006 on the Commission White Paper, whereby it noted “also the importance of strengthening consumer input” and stressed “the need to facilitate an appropriate involvement of consumers and SMEs

In addition, the conclusions emphasise better regulation, and the need to limit gold-plating (Member States adding extra rules when they implement measures within their domestic systems) and the use of options and discretions by the Member States. And the conclusions suggest that the level 3 committees should move to qualified majority voting in order to enhance the efficiency of decisionmaking, with an understanding that the level 3 decisions are not legally binding, although non-compliers should explain their non-compliance (see also this document from CESR).

And there is no agreement on a single EU regulator or a single rule-book.

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