Lamfalussy committees oppose EC’s M&A proposals

Europe’s supervisory authorities representing insurance, banking and securities have lodged an official protest with the European Commission (EC) over its plans to tighten up the merger and acquisition approval process in cross-border deals. In a letter to the EC, its advisers for the three financial sectors - CEIOPS, CESR and CEBS - say the new proposals “endanger our ability to fulfil the fundamental objectives of the legislation”.