The ‘Lamfalussy Process’, Consultation, and Participation Rights

Joana Mendes

in Participation in EU Rule-Making

Published in print March 2011 | ISBN: 9780199599769
Published online September 2011 | e-ISBN: 9780191729195 | DOI:

Series: Oxford Studies in European Law

The ‘Lamfalussy Process’, Consultation, and Participation Rights

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Chapter 6 analyses the role of consultation procedures in the context of the Lamfalussy procedure. It contrasts consultation and rights-based participation, thereby building a bridge between the political and the legal strands of participation. This chapter contributes to clarifying the reasons why participation has become one of the principles of European governance. It shows how rights-based participation has been quite a distant concern in the setting up of consultative procedures, specifically, in the area of financial services, and, in general, in the consultation practices that pervade European governance. At the same time, the specificities of consultation in the field of financial services are highlighted. One specific decisional procedure covered by the Lamfalussy process — the adoption of accepted market practices — is analysed. It illustrates the problems ensuing from the recognition of participation rights in rulemaking procedures. Chapter 6 further elaborates on the solutions to circumvent the contingencies of participation proposed in Chapter 2.

Keywords: Lamfalussy procedure; consultation; European governance; financial services; rights-based participation; contingency of participation; market abuse; accepted market practices

Chapter.  22356 words. 

Subjects: EU Law

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