Some lay persons undergo special training to become lay ministers. This is generally a two year course. These lay ministers are allowed to preside over (if that’s the right term) a communion service. There will be no fanfare as the lay minister acts in the capacity for which he/she has been trained.
That differs from parish to parish and diocese to diocese. Some of the laity who lead the Sunday Celebration of the Word with Communion in my parish have no training beyond a 2 hour workshop in the parish. Others have a certificate in pastoral liturgy from a recognized school of theology which required 140 hours of class & hands on preparation of Liturgy of the Hours and Mass as well as having implemented a project in their parish over a 2 year period.
Is it the same as Mass? No. There is no consecration. The hosts are taken from the tabernacle.
Unlike a deacon, the lay minister is not ordained. Although consecrated (installed, maybe, not consecrated), he or she remains an extraordinary minister. By all rights, he/she would defer to the deacon if one is available for the communion service. There will be no homily following the readings when the lay minister leads the communion service.
Again, that depends on the parish. It’s not called a homily but a reflection is often given after the Gospel. In our parish it’s one that was approved by our pastor.
Lay ministers may also act in the role of EMCH or lector as the need arises.