Parliament approved Lamfalussy extension

31 March 2004

The European Parliament adopted the report of Ms Randzio-Plath on the establishment of a new committee structure in the financial services sector by extending the Lamfalussy procedure to banking and insurance.

Rapporteur and chair of EMAC Ms Randzio-Plath insisted that the adoption of new financial services legislation must respect Parliament's role in the process. An agreement between Parliament and Council was found during discussion mid March. A declaration of the both Council and Commission before Parliament on 31 March 2004 guarantied the rights demanded by Parliament in their report.

Adopted text provisional version
Statement by the Council before EP (en)
Statement by the Commission before EP (fr)
Press release of Ms Randzio-Plath (de)

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