Wise Men’s Panel, led by Alexandre Lamfalussy, presents final report on reforming regulation of EU securities markets
The Wise Men's Panel, led by Alexandre Lamfalussy, presented its final report on reforming regulation of the EU securities markets on Thursday 15 February. The report proposes afast-track methodfor the introduction and implementation of legislation on financial markets. Under the current rules, creating new legislation on financial markets is a slow process that leads to ineffective and patchwork implementation.
The experts panel recommends that Council and Parliament should pass framework legislation (as EU regulations) and that the detailed implementation should be left to a new powerful'EU securities committee', made up of the European Commission and member states officials.
The Lafalussy proposals are meeting with strongobjections from members of the European Parliament, who fear that the fast-track procedure may reduce their democratic role.
Several think tanks have also commented on the Wise Men's proposals. The UK-basedFederal Trusturged EU politicians to make the Securities Committee a "high level" group that would carry the moral, as well as legal, authority to implement detailed legislation. A Task Force for theCentre for European Policy Studies(CEPS) supports the creation of an EU Securities Committee, as proposed by the Lamfalussy Panel but prefers a less heavy structure of regulation (the 4 levels) than the current proposal.