Download or read book The EU Financial Services Action Plan written by Paul Richards and published by . This book was released on 2005 with total page 14 pages. Available in PDF, EPUB and Kindle. Book excerpt: A Single Market in financial services has long been an EU objective. The integration of financial markets in the EU has progressed much further in wholesale than in retail financial services, with the latter still segmented largely along national lines.The Financial Services Action Plan (FSAP) consists of a set of measures intended by 2005 to fill gaps and remove the remaining barriers to a Single Market in financial services across the EU as a whole.This guide to the FSAP has been prepared by HM Treasury, the Financial Services Authority (FSA) and the Bank of England. The guide is intended to provide an introduction to the FSAP for the UK financial sector, corporate sector and consumer groups, where they are not yet sufficiently familiar with its potential impact, rather than for experts. The guide is being published now, because the FSAP is now in the process of being implemented.The key points for the UK financial sector, corporate sector and consumer groups are as follows:The FSAP is intended to be implemented by 2005, and many measures are due to be implemented before then.The FSAP is important because EU legislation effectively determines UK law in this area.The UK financial sector, corporate sector and consumer groups will all be affected by FSAP measures, as and when they are implemented.The FSAP represents a competitive opportunity, even though some individual FSAP measures have not lived up to expectations, and barriers to a Single Market in financial services cannot all be removed by legislation.The UK authorities are keen to ensure that the UK financial sector, corporate sector and consumer groups are consulted on, and fully understand the impact of, FSAP measures.As new FSAP measures are adopted, the European Commission's priorities are gradually shifting to ensuring that legislation is implemented consistently and promptly at national level and properly enforced.
Download or read book The European Union s Financial Services Action Plan and Its Implications for the American Financial Services Industry written by United States. Congress. House. Committee on Financial Services and published by . This book was released on 2002 with total page 128 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The EU Financial Services Action Plan written by and published by . This book was released on 2004 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book The European Union s Financial Services Action Plan and Its Implications for the American Financial Services Industry written by United States. Congress and published by Createspace Independent Publishing Platform. This book was released on 2018-02-12 with total page 122 pages. Available in PDF, EPUB and Kindle. Book excerpt: The European Union's financial services action plan and its implications for the American financial services industry : hearing before the Committee on Financial Services, U.S. House of Representatives, One Hundred Seventh Congress, second session, May 22, 2002.
Download or read book The EU Financial Services Action Plan written by and published by . This book was released on 2003 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Towards a Single Market for Finance The Financial Services Action Plan with Evidence 45th Report Session written by Great Britain. Parliament. House of Lords. Select Committee on the European Union and published by . This book was released on 2003-01-01 with total page 277 pages. Available in PDF, EPUB and Kindle. Book excerpt: The single market in financial services is a key part of the long-standing EU objective of an internal market which ensures the free movement of people, goods, services and capital. The Committee's report finds that a single market in financial services should lower the cost of capital and borrowing, whilst providing greater consumer protection and increasing choice for borrowers and investors. The Financial Services Action Plan (FSAP) will provide a major impetus towards this objective but also raises many important issues. The quality of EU legislation will be crucial, since over-regulation could stifle innovation and lead to higher costs. Other aspects also discussed in the report include: the global nature of financial markets, the position of London, the Investment Services Directive, implementation and enforcement, parliamentary accountability, the concept of a single European regulator, a clearing and settlement system, and agreement on international accounting standards.
Download or read book Over But Far from Finished written by Alasdair Murray and published by . This book was released on 2004 with total page 4 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Selling the City Short written by Keith Boyfield and published by . This book was released on 2006 with total page 119 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book After the EU Financial Services Action Plan written by Great Britain. Treasury and published by . This book was released on 2004 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book European Union United States written by Walter W. Eubanks and published by . This book was released on 2006 with total page 12 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book European Financial Services Regulation written by Great Britain: Parliament: House of Commons: Treasury Committee and published by The Stationery Office. This book was released on 2006-06-08 with total page 148 pages. Available in PDF, EPUB and Kindle. Book excerpt: The EU's ambitious Financial Services Action Plan, started in 1999, is drawing to an end. A single market in wholesale financial services exists. Many retail financial services institutions are expanding through acquisitions of banks and insurers across Europe, though the prospect of a single market in such services, with comparable products and services available to consumers direct across borders, is not a realistic proposition in the near future. The Commission has set out its policy objectives for 2005-2010, attaching greater importance to consistent and workable implementation of existing legislation. The Committee welcomes this, and the commitment to ensure that any new regulation will have a clear benefit to the European economy. The Committee examined three specific case studies: implementation of the Markets in Financial Instruments Directive (MiFID), the consideration of a Clearing and Settlement Directive, and consideration of mortgage credit in the context of the development of a single market in retail financial services. In all the Commission will need to demonstrate its commitment to "better regulation", and its new focus on implementation and enforcement. The Committee is concerned that MiFID will not be implemented consistently across Europe. It finds that the case for a new mortgage directive remains unproven, and that there is a clear need to reduce the additional costs associated with clearing and settlement across borders.
Download or read book The European Union s Financial Services Action Plan and Its Implications for the American Financial Services Industry written by and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Is There a Uniform EU Securities Law After the Financial Services Action Plan written by Luca Enriques and published by . This book was released on 2015 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1999 the European Commission launched an ambitious plan to integrate EU financial markets through law: the Financial Services Action Plan (the FSAP). The FSAP, which mainly focused on financial services, securities regulation and company law issues, was implemented in the following five years through a steady flow of new European Community (EC) legislative measures. These include harmonization measures in core securities regulation matters, such as securities offerings, insider trading and market manipulation, takeover bids, and mandatory disclosure. The main purpose of the FSAP was to provide the legal bedrock for EU financial markets' integration through uniform rules that, while providing a high level of investor protection, at the same time lower the costs that otherwise stem from the joint application of differing Member States' regimes to cross-border transactions. To reduce these costs two non-alternative and possibly complementary strategies are available: harmonization of substantive rules across the EU and harmonization of conflict of laws rules so as to avoid the joint application of more than one regime to the same cross-border transaction (the multiple-jurisdiction problem). This paper attempts to assess whether the post-FSAP regulatory framework within the EU has achieved its goals in terms of uniformity and solution of the multiple-jurisdiction problem. The paper provides a taxonomy of harmonization measures: as to their content, they may be categorized as relating to either substantive rules or conflict of laws rules; as to their scope, they can be either comprehensive or partial; as to their nature, they can be either mandatory or optional; finally, from the point of view of their relationship with national laws, harmonization measures can be either minimum or maximum. Effective uniformity can only be achieved through substantive law harmonization measures that are comprehensive, maximum, leaving no room for options at the Member State level. The multiple-jurisdiction problem is solved if the law always identifies one and only one applicable law to any cross-border transaction, with no additional requirements applying in other jurisdictions. The paper describes the main policy and harmonization choices made by the EC in the implementation of the FSAP, by looking at four of the main measures adopted by the EC between 2003 and 2004: the Prospectus Directive, the Market Abuse Directive, the Takeover Bids Directive and the Transparency Directive. The paper argues that uniformity in EU securities regulation, while reasonably greater than prior to the implementation of the FSAP, is still an unachieved goal: hence, the transaction costs stemming from the diversity of legal regimes and from their simultaneous application to some cross-border transactions have reduced, but are still far from negligible. The paper concludes by arguing that a crucial role in this post-FSAP era will be played by CESR, which is in charge of two vital tasks mandated by the Lamfalussy process: implementation and enforcement. Effective implementation, supervisory convergence and effective enforcement of Member States' obligations will ultimately determine the success of this period of reforms.
Download or read book A Practitioner s Guide to EU Financial Services Directives written by Freshfields Bruckhaus Deringer and published by . This book was released on 2006 with total page 436 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text covers 17 directives impacting on financial services, including regulation of credit institutions, regulation of investment firms and the wholesale markets, regulation of retail markets, regulation of insurance companies, and prudential rules and supervision.
Download or read book The Incomplete European Market for Financial Services written by Paolo Cecchini and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: Looking back over the last decade it can be said with some justification that sig nificant progress has been achieved on the way towards fully integrated financial markets in Europe. The 1993 Internal Market initiative and the Euro introduction in 1999/2002 constitute important milestones. The integration process has further been intensified by market developments like the surge in mergers and acquisi tions and by technological innovations like internet based distribution. As a result, some market segments today do no longer have a national character. Nevertheless, this success should not obscure the fact that integration of financial services markets is still a long way from the level of integration that exists within national markets. Particularly for retail financial services national borders still constitute a considerable de facto barrier. The absence of frequent direct cross border links between financial service providers and retail consumers holds true despite the fact that the Euro has made product comparisons easier and that the internet has reduced information costs to a considerable extent.
Download or read book After the EU Financial Services Action Plan written by Great Britain. Treasury and published by . This book was released on 2004 with total page 23 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book European Banking and Financial Services Law written by Cornelia Gerster and published by . This book was released on 2004 with total page 257 pages. Available in PDF, EPUB and Kindle. Book excerpt: The initiative to improve the level of integration in banking and financial services law within the European Union, ongoing since the end of the sixties, has been largely successful. About 80% of the national laws regarding financial services are based on European law. A practical guide To The entire field of EU law in this area is the new resource European Banking and Financial Services Law, published by the EAPB in co-operation with Kluwer Law International. The book approaches the subject thematically, considering banking and banking supervision law, capital markets and securities law, accounting and company law, consumer law, taxation and capital transactions, payments, money laundering and financial crime, competition law, civil law and other issues. For each of these distinct areas of practice it offers such essential guidance as the following: concise summary of the law as it stands and its legislative history, overview of laws binding and in force, pending legislation not yet adopted, issues under discussion in the European Parliament And The Council, e.g. The review of the Capital Requirements, The Proposal for a Directive on Markets in Financial Instruments, The proposal for a revision of the Consumer Credit Directive, The new legal framework for payments. A CD-ROM enclosed with this book provides the full official versions of all directives and regulations published by the European Union in the fields of banking and financial services. An introduction of each chapter gives a quick overview and a description of the thematic surrounding. Texts on the CD-ROM include such fundamental documents as the Banking Directive, The Financial Conglomerates Directive, The Stock Exchange Law Directive, The Market Abuse Directive, The Prospectus Directive, The IAS Regulation, The Statute for a European Company, The Takeover Bids Directive, The E-Commerce Directive, The Directive and Regulation on Cross-Border Payments, The Anti-Money Laundering Directive, The new EC Merger Regulation And The Consumer Credit Directive. Annexes present the Financial Services Action Plan (FSAP) of 1999 And The descriptions and schemes For The Lamfalussy procedure as well as the Co-decision procedure.
