24.3.2005 Official Journal of the European Union L 79/9 DIRECTIVE 2005/1/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 9 March 2005 amending Council Directives 73/239/EEC, 85/61 Directives 94/19/EC, 98/78/EC, 2000/12/EC, 2001/34 1/EEC, 91/675/EEC, 92/49/EEC and 93/6/EEC and [EC, 2002/83/EC and 2002/87/EC in order to establish a new organisational structure for financial services committees (Text with EEA relevance) THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION, Having regard to the Treaty establishing the European Community, and in particular Article 47(2) thereof, Having regard to the proposal from the Commission, Having regard to the opinion of the European Economic and Social Committee (1), Having consulted the Committee of the Regions, Having regard to the opinion of the European Central Bank (3), Acting in accordance with the procedure laid down in Article 251 of the Treaty (%), Whereas: (1) The Commission Communication of 11 May 1999 entitled ‘Implementing the framework for financial markets: action plan’ identifies a series of actions that are required in order to complete the single market for financial services. (2) At its meeting in Lisbon of 23 and 24 March 2000, the European Council called for the implementation of this Action Plan by 2005. () O] C 112, 30.4.2004, p. 21. () Q] C 58, 6.3.2004, p. 23. ()  Opinion of the European Parliament of 31 March 2004 (not yet published in the Official Journal) and Council Decision of 11 May 2004. 3) —_— ~ On 17 July 2000, the Council set up the Committee of Wise Men on the Regulation of European Securities Markets. In its final report, the Committee of Wise Men called for the establishment of a four-level regulatory framework in order to make the regulatory process for Community securities legislation more flexible, effective and transparent. In its Resolution on more effective securities market regulation in the European Union, the Stockholm European Council of 23 and 24 March 2001 welcomed the report of the Committee of Wise Men and called for the four-level approach to be implemented. In the light of those developments, the Commission adopted on 6 June 2001 Decisions 2001/527/EC (%) and 2001/528[EC (°) setting up, respectively, the Com- mittee of European Securities Regulators (CESR) and the European Securities Committee (ESC). Democratic accountability and transparency must be inherent in the Lamfalussy process and its extension, which can only be sufficiently guaranteed by respecting the interinstitutional balance with regard to implement- ing measures. OJ L 191, 13.7.2001, p. 43. OJ L 191, 13.7.2001, p. 45. Decision as amended by Decision 2004/8/EC (O] L 3, 7.1.2004, p. 33).