Commission pledges rogue supervisor clamp-down in Lamfalussy review

The legislative structure for the development of EU financial supervision - the so-called Lamfalussy process - is to be refined, according to the internal markets commissioner at the European Commission, Charlie McCreevy. The pledge comes as insurers and UK regulators warn about problems in the way that some national supervisors overstep their authority when they interpret EU directives.

First established for securities markets in 2001, the Lamfalussy process was extended to banking and insurance