For this reason, the Lamfalussy procedure was developed at the end of , by a committee of experts, with Baron Alexandre Lamfalussy as Chair. Its objective. The Lamfalussy process is in use in the European Union for the regulatory development of the financial services action plan (securities, banking and insurance). Abstract: The Lamfalussy process was implemented from early , following the report of the Committee of Wise Men on the Regulation of European.
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The Lamfalussy process is an approach to the development of financial pamfalussy industry regulations used by the European Union. Originally developed in March the process is named after the chair of the EU advisory committee that created it, Alexandre Lamfalussy.
It is composed of four “levels,” each focusing on a specific stage of the implementation of legislation.
At the first level, proces European Parliament and Council of the European Union adopt a piece of legislation, establishing the core values of a law and building guidelines on its implementation.
The law then progresses to the second level, where sector-specific committees and regulators advise on technical details, then bring it to a vote in front of member-state representatives. At the third level, national regulators work on coordinating new regulations with other nations.
The fourth level involves compliance and enforcement of the new rules and laws. The Lamfalussy process has provided a significant impetus in delivering successful agreements on four key measures of the Financial Services Action Plan: The Lamfalussy Process is intended 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.
Nevertheless, the Lamfalussy Process has provoked controversy as it allows some element of bypassing accountable oversight by the Council of the European Union and the elected European Parliamentthereby embodying a further move away from representative democracy towards technocracy.
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CNMV – The Lamfalussy process
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