FBE: Response on Application to Lamfalussy Process

01 February 2005

The European Banking Federation (FBE) published its response to the Application to the Lamfalussy process, supporting the main suggestions towards its improvement in the near future. In particular, FBE agrees that the IIMG mandate should be extended beyond 2004 to cover the next phase of the Lamfalussy Process.

However, FBE criticizes that there is a need to better define the scope and respective role assigned to Level 3 and also mentions some reservations with the Commission’s suggestion that it may propose upgrading of Level 3 Standards into Level 1 or Level 2.

The Federation also warns to amalgam the existing securities rules at Level 1 and Level 2 into a common and consistent set of European rules. According to the FBE there is a greater urgency for the Commission to prepare for the reviews foreseen in these Directives rather than launch a massive, but essentially formalistic, legislative task.

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