Appendix 2 Call for Evidence
Sub-Committee B (Energy, Industry & Transport)
of the House of Lords Select Committee on the European Union is
undertaking an inquiry into the European Commission's Financial
Services Action Plan.
On 11 May 1999, the Commission adopted an Action
Plan which outlined a series of policy objectives and specific
measures to improve the single market for Financial Services.
The Financial Services Action Plan is to be implemented by 2005.
The Financial Services Action Plan outlined four
- a genuine single market for wholesale financial
- open and secure retail markets;
- clear, efficient, prudential rules and supervision
of financial services; and
- wider conditions for an optimal, single financial
Evidence is invited on the following issues:
- What progress has been made to date? Has this
been beneficial or deleterious to UK interests? Has sufficient
weight been given to the position and experience of UK financial
- What are the main outstanding matters that remain
to be dealt with under the FSAP and what key issues will need
to be resolved?
The success of setting up a single market in financial
services will depend to a considerable degree on the way in which
the regulatory Framework is implemented and enforced.
- How successful do you expect the Lamfalussy process
to be? Are any changes needed?
- Who will be responsible for ensuring effective
implementation and enforcement of the single market, after the
regulatory Framework is in place? How successful do you expect
this process to be? What will be the role of competition regulators
at EU and Member State level?
- What issues will arise as the single market framework
is implemented and enforced?
- What non-regulatory barriers might impede the
effective functioning of a single market for financial services?
- How do witnesses see the future development of
a single market in financial services following implementation
of the FSAP? Are additional measures needed?
- Will the changes resulting from the FSAP proposals
have an impact on the competitive position of London and EU markets
as a whole in the global environment?