Resolution on financial regulation, supervision and stability and the Lamfalussy method

The Council endorsed the final EFC report on financial regulation, supervision and stability and adopted the following Conclusions: - the Ecofin Council discussed the results of the open consultation on the EFC report on financial regulation, supervision and stability on the basis of a written report by the Commission services on the public consultation, an oral report by the Presidency on its discussions with the European Parliament and a final report by the EFC; - The Council notes the assessment of the Commission services that there was broad support for the EFC proposals among respondents to the public consultation and so adopted the report on financial regulation, supervision and stability. The Council recognises, however, the need to provide further details regarding formal arrangements for consulting the public, including market participants, in the new framework. Therefore, it invites the Commission services to make suggestions in this respect whilst implementing the recommendations; - In light of the results of the public consultation, the Council fully endorsed the EFC report. In particular, it reaffirmed its clear preference for implementing arrangements based upon the Lamfalussy framework to all financial sectors as proposed in the report, i.e. according to existing inter-institutional agreements, incorporating all accountability measures to the European Parliament and the Council already adopted for securities - including the sunset clause with a full and open review in 2004 - and recognising sectoral specificities. The Council agrees to continue discussions with the European Parliament. - The Council notes that the Presidency will invite the representatives of the governments of Member States meeting within the General Affairs Council on 9-10 December 2002 to - state that they will draw the attention of their heads of state and government to the importance of a revision of Article 202 of the treaty and invite them to consider this question in the preparation of the Intergovernmental conference and - note that it is of great importance that the discussions in the Convention and the Intergovernmental Conference consider a legislative system allowing for a higher degree of efficiency in the legislative process, which respects the requirements of subsidiarity and the prerogatives of the institutions involved in the legislative process. -The Council notes that the issue of delegating the powers to adopt implementing measures to the Commission is left open pending further contacts with the European Parliament. The Council notes that the other aspects of the envisaged new structure can be implemented and invites the Commission to establish the level 2 committees in an advisory capacity only, and the level 3 committees as soon as possible.�