IIMG proposes Lamfalussy improvements

BRUSSELS - The Inter-Institutional Monitoring Group (IIMG) has called for regulatory self-restraint at all levels of the Lamfalussy Process, in its second interim report on the process.

Named after its creator, Alexandre Lamfalussy, the process is a four-level regulatory approach that aims to create a more efficient system for EU institutions to prepare, adopt and implement new legislation to integrate financial markets. Each of its four levels represents a different stage in the regulatory process.

Framework principles establishing the core values of a new law are adopted at Level 1 by normal co-decision procedure. Sector-specific comitology committees and committees of