Press Release: Financial Markets: Commission presents a review of the Lamfalussy process

The European Commission has published a Communication on the Review of the Lamfalussy Process, a four-level regulatory approach for the adoption, implementation and enforcement of legislation and implementing measures across the securities, banking and insurance sectors. Although the process has broadly met its overall objectives, there is a growing consensus that some important changes are required in order to make it more efficient. In particular, the functioning of the Level 3 Committees must be improved to enhance supervisory convergence and cooperation.