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