01 September 2003

CURRENT PROGRESS on FSAP - update 16 January

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The Commission provides a regularly updated overview of progress on the individual actions in the Financial Services Action Plan. It shows the current situation and provides the Commission’s assessment of the degree to which Community institutions and Member States are achieving the objectives set out in the Action Plan.
See Commission overview

Graham Bishop offers consolidated tables on the current and forthcoming proposals . These tables give an overview about the different measures including the main points of concern.

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ADOPTED MEASURES
The following measures have been adopted under the Financial Service Action Plan:

DIRECTIVES

Financial Reporting
Council Directive 2003/38/EC of 13 May 2003 amending Directive 78/660/EEC on the annual accounts of certain types of companies as regards amounts expressed in euro
Official Journal L 120 , 15/05/2003 P. 0022 - 0023

Market Abuse Directive
Directive 2003/6/EC of the European Parliament and of the Council of 28 January 2003 on insider dealing and market manipulation
Official Journal L 096, 12/04/2003 P. 0016 – 0025

Financial Conglomerates
Directive of the European Parliament and of the Council of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate and amending Council Directives 73/239/EEC, 79/267/EEC, 92/49/EEC, 92/96/EEC, 93/6/EEC and 93/22/EEC, and Directives 98/78/EC and 2000/12/EC of the European Parliament and of the Council
Official Journal L 35, 11/02/2003 P. 0001 - 0027

Insurance Mediation
Directive of the European Parliament and of the Council of 9 December 2002 on Insurance Mediation
Official Journal L 9, 15/01/2003 P. 0003 - 0010

Distance Marketing
Directive of the European Parliament and of the Council of 23 September 2002 concerning the distance marketing of consumer financial services and amending Council Directive 90/619/EEC and Directives 97/7/EC and 98/27/EC
Official Journal L 271, 09/10/2002 P. 0016 - 0024

Collaterals
Directive 2002/47/EC of the European Parliament and of the Council of 6 June 2002 on financial collateral arrangements.
Official Journal L 168 , 27/06/2002 P. 0043 - 0050

Life Assurance
Directive 2002/12/EC of the European Parliament and of the Council of 5 March 2002 amending Council Directive 79/267/EEC as regards the solvency margin requirements for life assurance undertakings
Official Journal L 077 , 20/03/2002 P. 0011 – 0016

Non-Life Insurance
Directive 2002/13/EC of the European Parliament and of the Council of 5 March 2002 amending Council Directive 73/239/EEC as regards the solvency margin requirements for non-life insurance undertakings
Official Journal L 077 , 20/03/2002 P. 0017 - 0022

Ucits I
Directive 2001/107/EC of the European Parliament and of the Council of 21 January 2002 amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS) with a view to regulating management companies and simplified prospectuses
Official Journal L 041, 13/02/2002 P. 0020 – 0034

Ucits II
Directive 2001/108/EC of the European Parliament and of the Council of 21 January 2002 amending Council Directive 85/611/EEC on the coordination of laws, regulations and administrative provisions relating to undertakings for collective investment in transferable securities (UCITS), with regard to investments of UCITS
Official Journal L 041, 13/02/2002 P. 0035 - 0042

Money Laundering
Directive 2001/97/EC of the European Parliament and of the Council of 4 December 2001 amending Council Directive 91/308/EEC on prevention of the use of the financial system for the purpose of money laundering (including Commission Declaration)
Official Journal L 344 , 28/12/2001 P. 0076 - 0082

European Company Statute
Directive 2001/86/EC of the European Parliament and of the Council of 8 October 2001 supplementing the Statute for a European company with regard to the involvement of employees
Official Journal L 294, 10/11/2001 P. 0022 - 0032

Fair Value Accounting
Directive 2001/65/EC of the European Parliament and of the Council of 27 September 2001 amending Directives 78/660/EEC, 83/349/EEC and 86/635/EEC as regards the valuation rules for the annual and consolidated accounts of certain types of companies as well as of banks and other financial institutions
Official Journal L 283, 27/10/2001 P. 0028 - 0032

Winding up Credit Institutions
Directive 2001/24/EC of the European Parliament and of the Council of 4 April 2001 on the reorganisation and winding up of credit institutions
Official Journal L 125, 05/05/2001 P. 0015 – 0023

Winding up Insurance Undertakings
Directive 2001/17/EC of the European Parliament and of the Council of 19 March 2001 on the reorganisation and winding-up of insurance undertakings
Official Journal L 110, 20/04/2001 P. 0028 - 0039

Information Exchange
Directive 2000/64/EC of the European Parliament and of the Council of 7 November 2000 amending Council Directives 85/611/EEC, 92/49/EEC, 92/96/EEC and 93/22/EEC as regards exchange of information with third countries
Official Journal L 290 , 17/11/2000 P. 0027 – 0028

E-Money
Directive 2000/46/EC of the European Parliament and of the Council of 18 September 2000 on the taking up, pursuit of and prudential supervision of the business of electronic money institutions
Official Journal L 275, 27/10/2000 P. 0039 – 0043

REGULATIONS, COMMUNICATIONS and RECOMMENDATIONS

International Accounting Standards
Regulation of the European Parliament and of the Council on the application of International Accounting Standards
Official Journal L 243, 11/09/2002, P. 0001-0004

European Company Statute
Council Regulation (EC) No 2157/2001 of 8 October 2001 on the Statute for a European Company (SE)
Official Journal L 294, 10/11/2001, P. 0001-0021

Statutory Audit
Commission Recommendation concerning quality assurance for the statutory audit in the European Union: minimum requirements (2001/256/EC)
C(2000) 3304, 15/11/2000

Disclosure Information
Commission Recommendation concerning disclosure of information on financial instruments and other items complementing the disclosure required according to Council Directive 86/635/EEC on the annual accounts and consolidated accounts of banks and other financial institutions
C(2000)1372 final, 23/06/2000

Home Loans
Commission Recommendation on pre-contractual information to be given to consumers by lenders offering home loans (2001/193/EC)
C(2001) 477, 01/03/2001

Services and General Good in Insurance
Interpretative Commission Communication on the freedom to provide services and the general good in the insurance sector
C(1999)5046, 02/02/2000

Tax obstacles Occupational Pensions
Communication from the Commission to the Council and the European Parliament
The elimination of tax obstacles to the cross-border provision of occupational pensions
COM(2001) 214 final, 19/04/2001

Fraud and Counterfeiting
Communication from the Commission to the Council, the European Parliament, the European Central Bank, the Economic and Social Committee and Europol on
Preventing fraud and counterfeiting of non-cash means of payment
COM(2001) 11 final, 09/02/2001

E-Commerce
Communication from the Commission to the Council and the European Parliament
E-Commerce and Financial Services
COM/2001/0066 final, 07/02/2001

Conduct of Business Rules
Communication from the Commission to the Council and the European Parliament
The application of conduct of business rules under Article 11 of the investment services Directive (93/22/EEC)
COM/2000/0722 final, 14/11/2000

Investment Services
Communication from the Commission to the Council and the European Parliament
Upgrading the investment services directive (93/22/EEC)
COM/2000/0729 final, 14/11/11.2000

Financial Reporting
Communication from the Commission to the Council and the European Parliament
EU - Financial Reporting Strategy: the way forward
COM/2000/0359 final, 13/06/2000

Retail Payments
Communication from the Commission to the Council and the European Parliament
Retail Payments in the Internal Market
COM(2000) 36 final, 31/01/2000

Supplementary Pensions
Communication from the Commission to the Council and the European Parliament
Towards a single market for supplementary pensions
COM/1999/0134 final, 11/05/1999

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