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Evaluation of financial services legislation underway

Published 08 November 2005 - Updated 21 May 2007
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The Commission has published the first part of the evaluation of its financial services legislation, containing lessons learnt for the future.

Recommendations

The eleven recommendations with which the report ends focus on how financial services legislation can maintain the flexibility to adapt to changing global market conditions. It urges continued use of the Lamfalussy process, of wide consultation and of correct implementation and enforcement at member state level.The report includes a table showing levels of transposition for each measure as at October 2005.

Part II

The second part of the evaluation process involves a full legal and economic impact assessment of the legislation. It will be carried out over the next two years, with a full report expected in 2008/9.

 

Next steps: 
  • Consultation on Part I of the evaluation open to January 31 2006.
  • Final Part I report April 2006.
  • Part II impact assessment takes place 2006-2008.
  • Final Part II report 2008/9.
Background: 

The Commission is making good on its promise of a full and open evaluation of the legislation brought in during the five year process of the financial services action plan (FSAP) (see LinksDossier). 

The  report , published on 7 November 2005, analyses the way the 42 legislative and non-legislative measures were adopted, the factors allowing time-limits to be met and the role of consultation both within and outside the  Lamfalussy process.

The Commission is inviting comments for a consultation on the report before it is finalised in 2006.

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