Lamfalussy process

This is the first time we have used the Lamfalussy process.

Lamfalussy process, an approach to the development of financial service industry regulations used by the European Union.

We will not hesitate to use our rights of challenge under the Lamfalussy process if we see the need.

It was also prior to the Lamfalussy process.

We would like the Commission to see the Lamfalussy process as a good experience that has opened up financial markets in harmony with reality.

Indeed, this is a historic moment: the completion of the Lamfalussy process for the first time by this House.

Towards the end of this year, the Commission will also produce its own assessment of the way in which the Lamfalussy process works.

The same applies here too; this is not to make a general criticism of the Lamfalussy process, but there are two points that must first be clarified.

The Interinstitutional Monitoring Committee on the Lamfalussy process will also complete its final report in 2007.

The Lamfalussy process has a key role in ensuring that the FSAP legislation works for the benefit of both financial services companies and their customers.

The Lamfalussy process will, however, be used, as we will at that stage be determining which annexes will be amended by which procedure.

CEIOPS was a Level-3 Committee of the European Union in the Lamfalussy process.

(DE) Mr President, I rise to make the following request: on Tuesday afternoon there is to be a discussion on the Lamfalussy process.

Here there is good reason to act, which Parliament among others is now doing, for example by following up the Lamfalussy process to modernise the European supervisory structure.

I would like to mention the Lamfalussy process, because so far it has helped much with adapting the basic legislation in financial services to the real world of market operators and regulators.

Sixthly, there will be a full and open review in 2004 and we hope an interinstitutional monitoring group to ensure everyone carries out their commitments connected with the Lamfalussy process.

Although most of the Economic Committee's amendments are in Mr Toubon's excellent report, I am sorry that the ones relating to the Lamfalussy process were not incorporated.

This road map sets out what needs to be done to improve the Lamfalussy process and in particular to improve the committees of national supervisory authorities, the so-called 'level three' committees.

I hope that, at the end of the year when there will be a fuller review of the CRD, the Lamfalussy process will also be taken properly into account.

Since 2003, Solvency II regulation follows the Lamfalussy process, which distinguishes 3 levels of measures, starting from the big principles to the enforcement measures necessary for the operational implementation.

It is quite clear to me too that Basel II is not a typical Lamfalussy process, as the lawmaking process will find us sharing in decisions on the annexes.

I would like briefly to touch on the decisions reached following the review of the Lamfalussy process, adopted at the December session of the ECOFIN Council, and the attached schedule.

We are delegating a large part of our decision-making powers to the Commission and we want to ensure that the legislation enacted in the Lamfalussy process gives the best possible technical quality, as well as democratic legitimacy.

The other dossier on the Capital Requirements Directive (CRD) is not, in my view, a good example of better regulation under the Lamfalussy process that we have developed in the 10 years I have been active.

The Committee of European Securities Regulators (CESR) was an independent committee of European Securities regulators in the Lamfalussy process established by the European Commission on June 6, 2001.