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 Important Note: These notes have been prepared as a summary and guide on intended European legislation in the area of retail and wholesale financial services. No responsibility for loss to any person acting or refraining from acting as a result of any material contained in these notes can be accepted by the Securities & Investment Institute or the author.The European Union is presently introducing a series of measures on the supply of financial services which will have a far-reaching effect on the UK’s financial institutions. The purpose of this website is to provide Securities & Investment Institute members with
How European Law is made Financial Services Action Plan (FSAP) & Lamfalussy Report The objective of the Financial Services Action Plan is to secure an integrated market in the supply of financial services by the end of 2005. The Lamfalussy Committee reported critically in 2001 on the progress being achieved under the FSAP and made proposals for improving the implementation procedure. The Committee of European Securities Regulators The Committee of European Securities Regulators (CESR) is an independent Committee of senior representatives from national financial regulatory authorities. It was established in June 2001 and carries on the work previously undertaken within the Forum of European Securities Commission (FESCO). Progress of legislation under the FSAP: Legislation relating specifically to Company Law, Accounting and Auditing and Corporate Governance, while included in the FSAP, are not dealt with on this website. Capital adequacy requirements, while being implemented by the EU, are also excluded from the scope of this site, as they will reflect the progress of the Basel II proposals. Further information about the progress of these proposals from the EU position can be found at: http://europa.eu.int/comm/internal_market/en/finances/capitaladequacy/index.htm: and : http://www.bis.org/index.htm.
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