LAMFALUSSY MONITORING PROCESS AGREED

12 July 2002

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At its 12 July meeting, ECOFIN agreed to set up the Monitoring Committee on the political progress towards implementing the Lamfalussy Committee's proposals on securities market regulation.

Mrs. Randzio-Plath - Chair of the Economic and Monetary Committee of the European Parliament – confirmed (at the 9th July meeting) that Parliaments nominees of the Monitoring Group would be Graham Bishop and Norbert Walter (of Deutsche Bank).

The Council confirmed the agreement reached with the European Parliament and the Commission on 10 July 2002 on the mandate for the Inter-institutional monitoring Committee. This Group should:

assess the progress made on implementing the Lamfalussy process to secure a more effective securities market regulatory system, and

identify any possible emerging bottlenecks in this process.

The Monitoring Group should report results to the Institutions twice a year. The High Level Group on Inter-institutional Co-operation and the 2005 group on the Financial Services Action Plan should be regularly informed of the Group's deliberations and receive the draft reports. The reports should be made public on the Internet.

The Group should begin working as soon as possible. The mandate for the Group may be revised as part of a full review in 2004.

ECOFIN Results of 12 July

© Graham Bishop