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The implementation of financial services legislation in the context of the Lamfalussy report took a decisive step forward when Mr. Prodi made a formal declaration on behalf of the European Commission on the last European Parliament session on 5 February.
At the European Parliament, Mr Prodi read a formal Declaration containing the commitments the House had required. The Commission has undertaken to:
accept that the delegation of powers be limited to four years,
give equal treatment to Parliament,
extend the period in which Parliament may deliver its opinion on the implementing measures from one to three months,
ensure full transparency throughout the procedure,
give market operators a part in preparing the implementing measures via the Committee of European Securities Regulators,
support the amendment of Article 202 of the Treaty at the forthcoming Intergovernmental Conference, in order that Parliament’s role in the implementing legislation may accord with its powers in the co-decision procedure.
This agreement ends the dispute between Parliament and the Commission, which has distracted attention away from the fundamental objectives of the reform of the European financial markets, and is good news for the Barcelona Summit in March, which will be an opportunity for achieving the Spanish Presidency’s ambitious objectives for financial services.
See full von Wogau Report
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