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The BBA issued a report on European supervisory convergence and the Lamfalussy process. The report provides a review the operation of the Lamfalussy process to date, considers what the financial markets in
There needs to be a better common view of what supervisory convergence is needed and how it should be achieved, the report states. Supervisory convergence should be a principles-based, proportionate, outcome-focused approach to reach consistent regulatory solutions and remove undue differences in regulatory practice.
CEBS and CESR should be given greater opportunity to do more work on achieving common regulatory outcomes and supervisory work methods.
Also, the EU should give considerable thought to a work programme of specific convergence projects for the L3 committees to focus upon, the BBA recommends. The committees should be asked to consider and agree among themselves how they could reach agreement on supervisory convergence projects more effectively. Any remaining obstacles keeping regulators from delegating tasks to each other should be removed either through national law or EU legislation.
The review concerns the "Lamfalussy process", launched in 2001 to ensure faster and smarter policy making for specialised EU rules and directives. In a new report, the BBA recommends further improvements and points to the need to reduce the duplication and expense associated with multiple regulators under current arrangements.
"We need to create the right regulatory environment: sensitive to the needs of the industry and the consumer”, BBA Chief Executive Angela Knight said. "There have been times when learning to get Lamfalussy to work has been frustrating and slow, but we are through most of them now."
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