Brussels, 12/12/2005 (Agence Europe) - At the second meeting of the Inter-institutional Monitoring Group on Financial Services (ISG) on 18 November last, the progress of the Lamfalussy Process was assessed. (This Process is a Regulatory approach on four levels which should allow the institutions of the EU to prepare, adopt and more efficiently implement legislation on financial market integration.) The group of six experts considered topics such as the consultation process, convergence of national surveillance competences, need for funding as a result of the new legislation, among others. The Monitoring Group is to send out a questionnaire to sector unions on the market players' experience of the Lamfalussy Process (address: ISG-2005-2007@cec.eu.int). The ISG's first interim report is due in March 2006. By the end of its mandate in December 2007, the group will have produced three reports, assessing how the Lamfalussy Process, enlarged to all relevant financial sectors is being implemented.