Commission’s preliminary assessment on Lamfalussy process

19 November 2004

The Commission published a working document on the application of the Lamfalussy process to EU securities markets legislation. The document concludes that significant progress has been made in implementing the four-level approach to securities legislation.

The Commission suggests to further develop the consultation processes and to grant sufficient time for the implementation process. Also, the Commission calls for focusing framework Directives on general rules and principles as already articulated in the latest IIMG report.

Finally, the mandate of the Inter-institutional Monitoring Group should be renewed and widened to cover banking, insurance and occupational pensions.

Comments are welcomed by 31 January 2005

Press release
Working document

© European Commission