Brussels, 31/01/2007 (Agence Europe) - On Tuesday 30 January, the Inter-institutional Monitoring Group (IIMG) published its second interim report on the "Lamfalussy process" in the domain of financial services regulation. Stakeholders have until 26 March 2007 to take action. The final report is expected out in autumn 2007.
In a press release the Commission indicates that in its second interim report, the IIMG calls for "regulatory self-restraint" at all levels of the Lamfalussy process and suggests that Levels 1 (elaboration of legislation by the European institutions) and 2 ( measures for executing measures derived from level 1 and adopted by the Commission) work - as far as possible - in parallel. The group puts forward some guiding principles for determining what the most appropriate legislative instrument would be, namely, directives or regulations. Broadly favourable to all levels of the impact assessment, the IIMG considers that further effort is required for improving cooperation between the national monitoring authorities. As part of the open consultation process up to the end of March, when the final report comes out, the question of progress accomplished in this area will be posed, as well as questions about obstacles to cooperation between national regulators and the extent to which this cooperation goes. (mb)