A new era in financial services regulation?

Karel Lannoo. Centre for European Policy Studies, Brussels

With a delay of almost a year, the European Parliament (EP), on 5 February 2002, finally approved the new Lamfalussy approach for EU financial services legislation. The EP agreed to a lesser say on secondary legislation, which should in the future allow for swifter changes to securities market legislation, against a promise to review the situation in 2004.