| Author (Person) | Hughes, Jennifer, Tait, Nikki |
|---|---|
| Series Title | Financial Times |
| Series Details | 3.12.07 / 4.12.07 |
| Publication Date | 03/12/2007 |
| Content Type | News |
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The Lamfalussy Process is the name given to the process of development of financial service industry regulations used by the European Union. This articles discusses calls to review the process and a discussion at the ECOFIN Council, Brussels, 4 December 2007. The Council assessed the functioning of the Lamfalussy regulatory process for financial services on the basis of a report from an inter-institutional monitoring group (13913/07), a communication from the Commission (13364/07 / COM (2007)727) and a report the financial services committee. It is due to adopt conclusions reviewing developments and identifying potential challenges (15552/07). Originally developed in 2001 and named after Alexandre Lamfalussy, chairman of the EU advisory committee that helped create it, the Lamfalussy process is aimed at providing increased flexibility in the legislative process, so as to allow it to better respond to technological change and market developments, and to allow convergence in national supervisory practices2. Introduced initially for Whereas the process is generally viewed as working well, the current review looks at ways of improving the overall functioning of Lamfalussy structures and procedures. The review focuses on the role of national supervisors' committees, setting out concrete actions to further intensify supervisory convergence and cooperation. The Council is expected to find that the process has significantly increased the efficiency and effectiveness of the EU regulatory and supervisory framework for financial services, as well as the quality of the legislative process, and to agree on a detailed timetable for further actions to be undertaken at all levels of the Lamfalussy structure. |
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| Subject Categories | Business and Industry, Internal Markets |
| Countries / Regions | Europe |
