-The European Banking Federation (FBE) supports the extension of the Lamfalussy model to banking subject to improved industry consultation. The sectoral approach to financial supervision as outlined in the
EFC Report will allow the legislative process to cope more effectively with specific sectoral issues.
FBE also urges the Commission to make representations to the Convention on the Future of Europe to ensure that the democratic legitimacy of the Lamfalussy process is maintained. The Federation also argues to change Article 202 of the EU Treaty to safeguard the position of the Parliament.
FBE strongly supports the recommendation of the Lamfalussy Report that the Commission must consult with industry before any proposal can enter the co-decision process. As regards the Market Abuse Directive and the Prospectus Directive, the process did not operate in an efficient manner. As the consultation processes on technical implementing measures began before Council had reached a common position, or there was a clear sign of consensus between Council and Parliament, both CESR and respondents to CESR’s consultations felt that much of the work carried out at this stage was not accurately directed towards the issues.
Position paper
© FBE
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article