This section covers the debate on the role, powers and functions of the three sets of "Committees". Their regulatory actions are covered in the appropriate industry sections. But they may soon be turned into Authorites with greater powers. The Lamfalussy Process set out a four-level approach to European regulation: essential principles, implementing measures, co-operation and enforcement. It is aimed at establishing faster and more flexible decision-making for legislation, and ensuring uniform application in Member States:
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Level 1: Framework principles to be decided by normal legislative procedures (i.e. proposal by the Commission to the Council of Ministers and the European Parliament for co-decision.
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Level 2: Implementing details to be defined, proposed and decided by the Commission with the assistance of a senior Committee of representatives of Member States. For securities and UCITS: European Securities Committee – based on technical advice received from the national regulators (Committee of European Securities Regulators - CESR). For banking, the advice is given by CEBS and for insurance/pensions by CEIOPS.
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Level 3: CESR/CEBS/CEIOPS work in a network to ensure consistent implementation of Level 1 and 2 acts in the Member States.
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Level 4: the Commission enforces Community law.