LAMFALUSSY PROCESS PDF

The Latham Team Lamfalussy Process The Lamfalussy process was established in to create a faster and more flexible legislation in the financial sector at a European level. It can be described as a fast-track procedure for legislation which is divided into four levels. Level 3: Guidelines and Recommendations by ESMA: ESMA issues guidelines and recommendations to national authorities and market participants to ensure the uniform application of the level 1 and level 2 acts. The Four Levels of the Lamfalussy Process Level 1: Framework Acts Level one comprises the framework acts enacted as directive or regulation by the Parliament and Council under the co-decision procedure. The co-decision procedure Art. Framework acts often contain detailed provisions and extensive annexes and thereby anticipate the delegated and implementing acts on levels 2 and 3 of the Lamfalussy process.

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Review of the Lamfalussy process With a view to strengthening the Lamfalussy process, the Commission presents practical improvements to encourage deeper cooperation regarding supervision and greater consistency in national implementation and enforcement.

In this context, in particular the role and impact of the committees of regulators should be strengthened. It consists of four levels. It starts with the adoption of the framework legislation Level 1 and detailed implementing measures Level 2. For the technical preparation of the implementing measures, the Commission is advised by committees, made up of representatives of national supervisory bodies, which exist in three sectors: banking, insurance and occupational pensions, and the securities markets.

These committees then contribute to the consistent implementation of Community directives in the Member States, ensuring effective cooperation between the supervisory authorities and convergence of their practices Level 3. Finally, the Commission enforces the timely and correct transposition of EU legislation into national law Level 4. The evaluation of the Lamfalussy process is positive on the whole.

However, despite undeniable contributions flexible regulatory system, convergence, cooperation, etc. Improvements in the legislative process and enforcement Experience with the adoption of framework legislation and implementing measures has generally been positive, with only a few adjustments necessary between institutions with regard to supervision and implementation.

Consequently, it is difficult to set reasonable deadlines for both transposition and application. To resolve this, the transposition deadline for the whole legislative package could be linked to the adoption of the last implementing measures identified in Level 1. The Lamfalussy process has enabled sound regulatory principles to be introduced and applied. In particular it has led to improved quality of legislation and enhanced transparency and predictability of European Union EU policy-making.

However, Member States must refrain from adding further national rules "gold-plating". For greater transparency regarding consultation, the systematic publication of contributions should also become general practice.

Finally, impact assessment should be extended to all significant implementing measures. In order to increase transparency regarding transposition, the impact of the various disclosure instruments put in place under the Capital Requirements Directive, etc.

For their part, Member States should provide the Commission with transposition tables. Supervisory cooperation and convergence Supervisory cooperation and convergence are one of the innovations of the process, but have not always had the expected effects. As regards political accountability, an overall two-step approach political guidance from the European Parliament, the Council and the Commission and committee reports should enable them to deliver more results.

In addition, the mission of the national supervisors is to be extended to include a cooperation and convergence requirement at European level. Reducing the practical obstacles at European and national levels would strengthen mutual trust and the implementation of the measures.

Decision-making, especially of the committees of regulators, should be facilitated extension of qualified majority voting and definition of solutions in the case of a blocking minority and carry more authority even if non-binding in relation to the national regulators and supervisors. Member States also have a key role to play to guarantee the application in full of the standards and guidelines concerning: the powers of national supervisors and sanctions.

In view of the divergence of the national systems, the regulators and supervisors should have sufficient supervisory powers and tools, including sanctions, to be able to fulfil their obligations; the guarantee of the operational independence of national supervisory authorities in four fields: institutional, regulatory, budgetary and supervisory; the proposals strengthening cooperation between home and host regulators.

The development of common standards to ensure optimum cooperation between colleges of supervisors would guarantee greater coherence and uniformity of application and would allow the problems of competences between home and host countries to be resolved.

Cross-sector cooperation is based on a joint protocol on cooperation, signed in , and is provided for when added value can be expected from a joint action. As regards crisis management, rapid information procedures must be provided for to ensure efficient, collective action in the case of a major market disturbance or financial crisis. The Commission considers that some financial assistance from the EU budget may be appropriate in response to the calls made on the committees of regulators arising from their Community obligations.

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EU legislation: The Lamfalussy Process

Text Review of the Lamfalussy process With a view to strengthening the Lamfalussy process, the Commission presents practical improvements to encourage deeper cooperation regarding supervision and greater consistency in national implementation and enforcement. In this context, in particular the role and impact of the committees of regulators should be strengthened. It consists of four levels. It starts with the adoption of the framework legislation Level 1 and detailed implementing measures Level 2. For the technical preparation of the implementing measures, the Commission is advised by committees, made up of representatives of national supervisory bodies, which exist in three sectors: banking, insurance and occupational pensions, and the securities markets. These committees then contribute to the consistent implementation of Community directives in the Member States, ensuring effective cooperation between the supervisory authorities and convergence of their practices Level 3. Finally, the Commission enforces the timely and correct transposition of EU legislation into national law Level 4.

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The Lamfalussy process

Levels Level 1: Standard legislative procedure At the first level, the EC submits a legislative proposal, based on its right to launch such an initiative. The proposal explains the basic political aspects the EC would like to see regulated, as well as the implementing bodies it would like to involve for level 2. This allows them to comment on the proposal and contribute to vision developed by the EC. The EP can agree to the proposal with or without amending it in the form of textual additions, modifications or deletions and pass it to the CoM. Subsequently, the CoM can accept or reject the proposal as received from the EP.

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MiFID II - The Lamfalussy procedure

This is an approach to the development of financial service industry regulations used by the European Union, which was originally developed in March and named after the chair of the EU advisory committee that created it, Alexandre Lamfalussy. In principle, the Lamfalussy Process aims to provide several benefits over traditional lawmaking, including more-consistent interpretation, convergence in national supervisory practices, and a general boost in the quality of legislation on financial services. The original document of European Commission that outlines the application of the Lamfalussy Process can be found here. Since the creation of the EU supervisory authorities, and in particular ESMA, the process has been amended to award these specialist authorities greater involvement and powers. The ESMA regulation see full text here has introduced the following updated four level framework: Level 1 Directives and regulations, continue to set out the high level political objectives on the area concerned by the legislation.

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