Tag: financial services action plan (FSAP)

In response to the Commission's White Paper, the Parliament has adopted a report addressing future issues of EU financial-services policy, such as market consolidation, retail financial services and hedge funds.

During a public hearing on 17 July 2006, discussing the two interim reports on payment cards and current accounts and related services, the Commission and credit-cards issuers clashed on the issue of anticompetitive behaviour.

J.P. Casey and K. Lannoo, from the European Capital Markets Institute (ECMI), explain the evolution of EU regulation of investment firms from the original Investment Services Directive (principles-based approach) to the MiFID implementing measures (rules-based approach).

The EU’s effort to create a single market in financial services consists of over 40 measures and an ambitious plan to harmonise all national rules on banking, insurance and investment. But David Lascelles, co-director of the London-based Centre for the Study of Financial Innovation, believes it resembles a Soviet-style Gosplan and cannot work in practice.

The Commission's white paper on financial services 2005-2010 calls for 'dynamic consolidation' of recent measures rather than further legislation.

EU Internal Market Commissioner Charlie McCreevy has announced forthcoming changes to banking supervision rules to encourage cross-border mergers.

Internal Market Commissioner Charlie McCreevy has given the Financial Services Industry six months (until mid-March 2006) to cut the costs of trading securities between EU countries.

The Commission has announced enforcement action against 16 member states for failure to implement the market abuse directive.

In the news on financial services at the moment are the recent Commission Green Paper, the Capital Requirements Directive and the creation of a single market for financial services. One of the main actors in these important developments is the Committee of European Banking Supervisors (CEBS). EurActiv spoke to Freddy Van den Spiegel, Chair of the CEBS consultative committee, about these issues and others.

An array of experts in financial services, discussing future policy 2005-2010, have found a broad consensus: no more regulation except to correct taxation anomalies.

The Commission’s consultative document, setting out the priorities for financial services to 2010, reiterates the message of the past 6 months: there will be no new Financial Services Action Plan (FSAP).

The integration of financial services has been seen as one of the prerequisites to the attainment of the full economic benefits of a single European market. Progress in this area will therefore be high on the agenda of the Spring Council (22-23 March 2005).