07 October 2002

Lamfalussy Monitoring Group started operating

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The Inter Institutional Monitoring Group (IIMG) is composed of six independent individuals nominated by the European Parliament, the Council and the Commission The Monitoring Group created to scrutinise the Lamfalussy Process held its first meeting on October 7th.

During a press conference the Economic and Monetary Affairs Committee chair, Christa Randzio-Plath, Commissioner Frits Bolkestein and the President-in-Office of the ECOFIN Council, Thor Pedersen, welcomed the setting up of the Inter-Institutional Monitoring Committee, provided for in the Lamfalussy process to oversee the financial services action plan, prior to its first meeting later in the day. Mrs Randzio-Plath noted that the committee was composed of six eminently qualified individuals and she was confident that they would prove up to the task ahead.

The Monitoring Group has been set up to ensure that the legislative and regulatory process runs smoothly and the question now, said Mr Pedersen, was to consider whether to extend it to other areas in the financial sector such as banking and insurance. Mr Bolkestein too was 'delighted' at the appointment of the new committee to run until 2004 which, he said, showed that the EU institutions were determined to be transparent and open. It will affect proposals currently passing through the legislative process on issues such as insider trading and market abuse and prospectuses for new financial issues.

A first report of the Group will focus on the Directives on Market Abuse and Prospectuses and will be released in spring 2003. Graham Bishop was appointed as rapporteur of the Group.

Any comments for the group can be sent by e-mail to:
IIMG-monitoring-group@cec.eu.int

The committee is composed of:

Mr Graham BISHOP (nominated by the European Parliament)
Mr Norbert WALTER (nominated by the European Parliament)
Mr Walter VAN GERVEN (nominated by the European Commission)
Mr Michel PRADA (nominated by the European Commission)
Mr Mauro DRAGHI (nominated by the Council of the European Council)
Mrs Kari Marie LOTSBERG (nominated by the Council of the European Union)

Expert group mandated to assess progress made on implementing the “Lamfalussy process”
ec.europa.eu',WIDTH, 300, SHADOW, true, FADEIN, 300, FADEOUT, 300, STICKY, 1,DURATION,3500)" onmouseout="UnTip()");">IIMG Release.doc' target='_blank'>EMAC press release
Commission press release

© Graham Bishop