Commenting on the forthcoming Commission proposal for a Directive extending the so called Lamfalussy procedure to banking, insurance and investment funds, the European Parliament would only accept such a move under two conditions, Mrs. Randzio-Plath, Chair of the EMAC Committee said.
As a sine qua non, ministers must make it abundantly clear that the European Parliament will be given a right of call back over secondary legislation in these areas.”It is simply not acceptable that important secondary legislation is drawn up and endorsed by unelected officials without any democratic control for the Parliament” Mrs Randzio-Plath said. With regard to the Draft Constitutional Treaty she, therefore, also demands a public decleration that it is the procedure foreseen in Article I-35 that will apply to all Lamfalussy Level II measures.
As the second condition Mrs. Randzio-Plath demands “ a real functional and operational independence”, especially with regard to the Level III Committees. “Increased co-operation between regulators and supervisors will help creating a more uniform market place, which will greatly benefit market participants”, she said.
EMAC press release
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