Select Committee on European Union Forty-Fifth Report


Appendix 4 List of FSAP Measures

Measures proposed but not yet adopted

(Legislative proposals in bold)

1.  Directive on transparency obligations for securities issuers. Commission proposal 26 March 2003.

2.  Directive on investment services and regulated markets (upgrade Investment Services Directive). Commission proposal 19 November 2002 (COM (2002)625).

3.  Directive on Takeover Bids. New Commission proposal adopted 2 October 2002 (COM(2002)534).

Measures not yet proposed

4.  Legal Framework for payments

5.  10th and 14th Company Law Directives

6.  Risk-based Capital Directive

7.  Third Money-Laundering Directive

Measures adopted but not yet implemented

8.  Directive on Insider Dealing and Market Manipulation (Market Abuse). Directive 2003/6/EC of 28 January 2003.

9.  Amendments to the 4th and 7th Company Law Directives to allow fair value accounting: Directive 2001/65/EC adopted on 31 May 2001.

10.  Regulation (EC)1606/2002 of the European Parliament and of the Council on the application of international accounting standards adopted on 19 July 2002.

11.  Modernisation of the accounting provisions of the 4th and 7th Company Law Directives adopted 6 May 2003 (PE-CONS 3611/03, amending Directives 78/660/EEC, 83/349/EEC, 86/635/EEC, and 91/647/EEC on the annual and consolidated accounts of certain types of companies, banks and other financial institutions and insurance undertakings.

12.  Directive on financial collateral arrangements. Directive 2002/47/EC adopted on 6 June 2002.

13.  Political agreement on the European Company Statute. Directive 2001/86/EC and Regulation (EC)2157/2001 adopted on 8 October 2001.

14.  Two Directives on UCITS. Directives 2001/107/EC and 2001/108/EC adopted on 21 January 2002.

15.  Directive on the Prudential Supervision of Pension Funds adopted on 13 May 2003 (P5_TA (2003) 0086)

16.  Directive on the Distance marketing of Financial Services. Directive 2002/65/EC adopted on 23 September 2002.

17.  Directive on Insurance Mediation. Directive 2002/92/EC of 9 December 2002.

18.  Adoption of the proposed Directive on the Reorganisation and Winding-up of Insurance undertakings. Directive 2001/17/EC adopted on 19 March 2001.

19.  Adoption of the proposed Directive on the Winding-up and Liquidation of Banks. Directive 2001/24/EC adopted on 4 April 2001.

20.  Adoption of the proposal for an Electronic Money directive. Directive 2000/46/EC adopted on 18 September 2000.

21.  Amendments to the solvency margin requirements in the Insurance Directives. Directives 2002/12/EC and 2002/13/EC adopted on 5 March 2002.

22.  Directive on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate. Directive 2002/87/EC of 16 December 2002.

23.  Directive on Prospectuses. Decision on 3 July 2003. Directive (COM(2002)460).

Completed FSAP Measures

24.  Amendment to the Money Laundering Directive. Directive 2001/97/EC adopted on 4 December 2001.

25.  Commission Communication on the Application of Conduct of Business Rules Under Article 11 of the Investment Services Directive (ISD) (distinction between professional and retail investors). Issued on 14 November 2000, COM(2000)722.

26.  Commission Communication on upgrading the ISD. Issued on 15 November 2000, COM(2000)729.

27.  Commission Communication updating the EU accounting strategy. Issued on 13 June 2000, COM(2000) 359.

28.  Commission Recommendation 2001/256 of 15 November 2000 on quality assurance of the statutory audit (C(2000) 3304).

29.  Commission Recommendation 2001/6942 of 16 May 2002 on Statutory auditor's independence in the EU: A set of fundamental principles (C(2002)1873).

30.  Implementation of the Settlement Finality Directive 98/26/EC of 19 May 1998. In the coming months the Commission will publish a report to modify the Settlement Finality Directive and the Directive stated under (11) to integrate the The Hague Convention in EU Law.

31.  Review of EU corporate governance practices The final report of the Comparative Study was published on 27 March 2002 (available on DG Markt's website : http://europa.eu.int/comm/internal_market/en/company/company/news/index.htm).

32.  Commission Communication on Funded pension Schemes. Issued on 11 May 1999 (Com (1999)134). This includes the Review of taxation of financial service products. This action has been taken care of in the context of the initiative on taxation of cross-border occupational pensions.

33.  Commission Communication on clear and comprehensible information for purchasers. The work on the communication has been integrated in the context of the Commission Communication on an e-commerce policy for financial services (COM(2001)66 - 07/02/2001).

34.  Commission Recommendation 2001/193 of 1 March 2001 to support best practice in respect of information provision (mortgage credit) (C(2001)477).

35.  Commission report on substantive differences between national arrangements relating to consumer-business transactions. Discussions with industry ('Forum Group') and consumers are concluded. Information gathered is used for further Commission initiatives in the field of retail financial services.

36.  Interpretative Communication on the freedom to provide services and the general good in insurance. Issued on 2 February 2000, C(1999)5046.

37.  Commission Communication on a single market for payments. Issued on 31 January 2000, COM(2000)36.

38.  Commission Action Plan to prevent fraud and counterfeiting in payment systems. Issued on 9 February 2001, COM(2001)11.

39.  Commission Communication on an e-commerce policy for financial services. Issued on 7 February 2001, COM(2001) 66.

40.  Commission Recommendation 2000/408 of 23 June 2000 on disclosure of financial instruments (C(2000) 1372).

41.  Amendment of the Insurance Directives and the Investment Services Directive to permit information exchange with third countries. Directive 2000/64/EC adopted 7 November 2000.

42.  Creation of two Securities Committees. Decision of 6 June 2001 setting up the European Securities Committee - ESC (C(2001)1493) and Decision of 6 June 2001 setting up the Committee of European Securities Regulators - CESR (C(2001)1501).

Based on European Commission FSAP Eighth Progress Report (3 June 2003) and Bank of England EU Financial Services Action Plan: A Guide, 31 July 2003.


 
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