The raft of measures in the financial services action plan are split into four strategic objectives: a single EU wholesale market, open and secure retail markets, state-of-the-art prudential rules and wider conditions for an optimal single financial market.
Recent developments include:
- Distance selling of financial services. The Belgian presidency brokered a surprise September deal with member states, paving the way for new rules governing the sale of financial services by phone, e-mail and fax.
- European company statute. The European Parliament rubber-stamped a deal last month ending 14 years of political wrangling.
- Mutual funds. Agreement last month between MEPs and governments on two directives setting pan-EU rules for mutual funds - known in the jargon as 'Undertakings for Collective Investment in Transferable Securities' or UCITS.
- Money-laundering directive. Deal last month following conciliation between MEPs and member states to settle the dispute over information lawyers must disclose where they suspect a client is involved in laundering. But on the debit side...
- Company takeovers. In July MEPs blocked a draft directive amid fears that the rules would prevent companies from blocking hostile take-over bids, wasting work stretching back a decade.
Recent developments relating to the EU's Financial Services Action Plan.