UK

A recent discussion paper from the UK’s Financial Services Authority (FSA) and HM Treasury says that the Lamfalussy arrangements have made a “major contribution” to the supervision of Europe’s financial markets. It believes that the roles and responsibilities of the EU and national institutions involved are appropriate and effective, but proposes several areas that could be improved. “Based on experience to date, there are, of course, lessons we can learn to enhance the operation of the Lamfalussy arrangements without altering their basic structure”, the report says. In particular, the UK believes that more use can be made of better regulation to deliver cost effective rules and that there is room for greater collaboration between national supervisors.