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House of Lords
Session 2002-03
Publications on the internet
European Union Committee Publications

European Union - Forty-Fifth Report

Here you can browse the report which was ordered by the House of Lords to be printed 18 November 2003.




CHAPTER 1: background

Origin of the FSAP

Political Endorsement

The FSAP is only part of the Process

Progress to date


The Lamfalussy Process

Structure of this Report


CHAPTER 2: A single market in financial services

The benefits of a single market

The Financial Services Action Plan

FSAP is only part of the process

Late Directives

Other elements needed to create a single market

Clearance and Settlement

Giovannini Committee

International Accounting Standards (See Box 2)

French concerns about aspects of IFRS

Consumer Credit


The Committee's decision to examine the FSAP

Major themes from our inquiry

Cultural Differences


After the FSAP

Speed versus Quality and the 2004 Deadline

Commission's Resources

Burden on companies


What remains to be done?

Investment Services Directive

Capital Adequacy Directive

Transparency Directive


Takeover Directive

CHAPTER 4: Implementation and enforcement


The Lamfalussy Solution

Framework Principles and Implementing Measures

Committee of European Securities Regulators (CESR)

Progress to Date

A European Regulator - EUROSEC?

Report of the Inter-institutional Monitoring Group (IIMG)

The role of the Commission in monitoring implementation and enforcement

Measuring the effectiveness of implementation and enforcement the Commission's views

Measuring the effectiveness of implementation and enforcement proposals from the London Stock Exchange

Measuring the effect of the FSAP: Retail Markets: The Gyllenhammar Report

Harmonisation versus Flexibility

Coherent Legislation

CHAPTER 5: the fsap in a global context

EU/US Dialogue

The Sarbanes-Oxley Act 2002

US Protectionism?

The Position of London

CHAPTER 6: assessment and conclusions

An internal market for financial services

Financial Services Markets are Different

The Global Context


The Commission's Financial Services Action Plan (FSAP)

Volume of Legislation

The Role of London

Lamfalussy Process

Harmonisation and Flexibility

The Ability to respond to Changes in the Markets

Parliamentary Scrutiny

Measures other than those proposed in the FSAP: Clearing and Settlement Systems

International Accountancy Standards


A Single European Regulator

CHAPTER 7: recommendations

Appendix 1: Membership of Sub-Committee B

Appendix 2: Call for Evidence

Appendix 3: List of Witnesses

Appendix 4: List of FSAP Measures

Appendix 5: Glossary of Terms

Appendix 6: Cost/benefit analysis of the European Commission's Financial Services Action Plan (FSAP)


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