The members of the Monitoring Group met with the Chairman of the Committee of the European Banking Supervisors (CEBS), the Vice-Chairmen of the Committee of European Securities Regulators (CESR) and the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) as well as with all Level 3 Committees´ Secretaries General. The representatives of Level 3 Committees referred to their activities under the Lamfalussy framework, to the improvements made since the start of the process and to difficulties they have encountered.
The main issues discussed were: the consultation process, in particular the time constraints for delivering technical advice and more generally the need to reconcile speed and quality in the legislative process; the problem of convergence of national supervisory powers; the funding requirement arising from new legislation; cooperation between Level 3 committees; and cross-sector issues.
The Monitoring Group also met with representatives of the Council's Secretariat General and a former Presidency as well as with chairs of the Level 2 Committees. Another hearing with a Member of the European Parliament and consumer representatives will take place in December.
In addition to the hearings, the Monitoring Group will send a questionnaire
to industry federations on market participants' experience of the Lamfalussy
process.
All interested stakeholders are invited to provide their comments
and observations. Any comments for consideration by the Monitoring Group can be
sent by e-mail to:
The Monitoring Group is expected to deliver its first interim report in March
2006. By the expiration of its mandate in December 2007, the Group will have
delivered three reports, monitoring the implementation of the Lamfalussy
approach as extended to all relevant financial sectors.
All information
concerning the Monitoring Group can be found at:
http://europa.eu.int/comm/internal_market/finances/committees/index_en.htm#interinstitutional
Background
The Lamfalussy process is a four-level regulatory approach which aims to create a more efficient system for the EU institutions to prepare, adopt and implement new legislation to integrate financial markets. The Final Report of the previous Monitoring Group, published in November 2004 and covering the European securities markets, showed that the Lamfalussy process has operated well so far. It is now necessary to establish how to deepen the extended Lamfalussy structure and make it work to its full potential.
[1] Dr. Karl-Peter SCHACKMANN-FALLIS (Germany), Executive Member of the Board of the German Savings Banks Association; Mr Freddy VAN den SPIEGEL (Belgium), Chief Economist and Director of Public Affairs, Fortis Bank; Mr Johnny ÅKERHOLM (Finland), President and CEO of the Nordic Investment Bank (NIB); Mr Rainer MASERA (Italy), Professor of Banking, Luiss University; Mr Mark HARDING (United Kingdom), Group General Counsel, Barclays Bank; Mr Pierre DE LAUZUN (France), Chief Executive, French Association of Investment Firms (AFEI) and Deputy Director General, French Banking Federation (FBF).
