EU finance ministers have agreed on a review of the so-called Lamfalussy process, which governs EU procedures for legislation applicable to banks and insurance companies, but rejected plans for a supranational financial market supervisor at European level.
The Commission unveiled its proposed Solvency II directive on 10 July, introducing a major reform of the supervisory framework for the insurance and reinsurance industries. The proposal was welcomed by large industry players who see it as an opportunity to expand their activities in other European states.
The European Parliament endorsed the Commission's proposals on the single market in financial services on Tuesday 5 February. By adopting the own-initiative report by rapporteur Karl von Wogau (EPP/ED Germany), MEPs secured the right of the Parliament to be informed and consulted on the implementation of legislation on financial securities.