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This section covers the debate on the role, powers and functions of the three sets of "Committees". Their regulatory actions are covered in the appropriate industry sections. But they may soon be turned into Authorites with greater powers. The Lamfalussy Process set out a  four-level approach to European regulation: essential principles, implementing measures, co-operation and enforcement. It is aimed at establishing faster and more flexible decision-making for legislation, and  ensuring uniform application in Member States:
  • Level 1: Framework principles to be decided by normal legislative procedures (i.e. proposal by the Commission to the Council of Ministers and the European Parliament for co-decision. 
  • Level 2: Implementing details to be defined, proposed and decided by the Commission with the assistance of a senior Committee of representatives of Member States. For securities and UCITS: European Securities Committee – based on technical advice received from the national regulators (ESMA). For banking, the advice is given by EBA and for insurance/pensions by EIOPA.
  • Level 3: These European Supervisory Authorities - ESMA/EBA/EIOPA - work in a network to ensure consistent implementation of Level 1 and 2 acts in the Member States. 
  • Level 4: the Commission enforces Community law.





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Level 2 & 3 Committees - 20117 articles out of 7.

Level 2 & 3 Committees - 2010122 articles out of 122.

Level 2 & 3 Committees - 20097 articles out of 7.

Level 2 & 3 Committees - 200816 articles out of 16.

Level 2 & 3 Committees - 200717 articles out of 17.

Level 2 & 3 Committees - 200610 articles out of 10.

Level 2 & 3 Committees - 200518 articles out of 18.

Level 2 & 3 Committees - 20048 articles out of 8.

2002 Level 2 & 3 Committees
2002-11-15 UNICE opinion on Lamfalussy
2002-11-05 EMAC resolution on extending Lamfalussy
2002-10-14 Consultations on improving banking, insurance and conglomerates legislation
2002-10-07 Lamfalussy Monitoring Group started operating
2002-07-12 LAMFALUSSY MONITORING PROCESS AGREED
2002-06-03 EFC Report on EU financial integration
2002-03-07 Bolkestein concerned about pace of delivery of FSAP
2002-02-25 EFR: Strong Economic Case for completing Single European Market in Financial Services
2002-02-05 Commission welcomes Parliament’s agreement on Lamfalussy proposals for reform
2002-02-05 EP: von Wogau Report adopted
2002-02-05 Prodi Declaration on Lamfalussy
2002-02-05 Lamfalussy: Important step forward towards European financial integration
2002-01-22 EP Committee: von Wogau Report adopted
2002-01-08 EMAC Committee paves way to 'call-back right' solution

Prior Years Reports


Level 2 & 3 Committees - 200123 articles out of 23.

Level 2 & 3 Committees - 20002 articles out of 2.