Lamfalussy process

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The Lamfalussy process is a method for accelerating the EU legislative process. It was approved in March 2002 by the European Council with a view to the goal of a timely implementation of the Financial Services Action Plan ( FSAP).

Originally developed for the securities sector method is based on a proposal of a " Committee of Wise Men " chaired by Baron Alexandre Lamfalussy. The aim is to simplify the complex and lengthy regular EU legislative process as part of a four-step plan and accelerate. In December 2002 the Council to extend the Lamfalussy process to the entire EU financial sector decided.

After this procedure, the Council and the Parliament are in the area assigned to them by the codecision procedure only decide Framework Directive. The technical details are, however, prepared by regulatory committees that are proposed by the European Commission and adopted by representatives of the Member States in a comitology committee. The underlying technical settled regulatory committees are composed of representatives of national financial authorities.

By early 2004, the Lamfalussy process was considered as a new legislative procedure with the aim of accelerating only in the field of securities.

The experience with the Lamfalussy process so far. In particular, the issue of democratic control and the democratic legitimacy of the so-called Level 3 Committees (representatives of national financial authorities ) under the Lamfalussy process requires an intensive discussion. The aim must be to prevent supervisors make decisions that are no longer covered by the mandate of their respective committee. Thus, the " Committee of European Securities Regulators ' ( CESR) has taken lay claim to exercise the supervision of the national regulatory authorities.

  • EU term
  • Legislature of the European Union
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