Key deals secured on action plan

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Series Details Vol.7, No.41, 8.11.01, p25
Publication Date 08/11/2001
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Date: 08/11/01

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.

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