Implementing the European Agenda

March 2004
Management Services;Mar2004, Vol. 48 Issue 3, p8
Academic Journal
This article presents the text of a speech given by European Financial Services Authority Chairman Callum McCarthy in Oxfordshire, England in October 2003, which deals with the Financial Services Action Plan. McCarthy wants to address principally questions of application, implementation and enforcement of the plan. There are several reasons for this. In part, it reflects a strong belief that it is important to concentrate on the effectiveness and not the existence of legislation. McCarthy is much taken by the fact that Commission reports on European energy markets state that both the German and the British markets are 100 percent open to competition at the retail level. A second reason is the importance of implementation for the plan. The financial services industry faces the task of implementing more than 14 major legislative measures. At least eight of the measures have completed the primary legislative process. These include the International Accounting Standards Regulations, and directives such as Distance Marketing, Insurance Mediation, Financial Conglomerates and Prospectuses. Each of these will require institutions to make substantial efforts to prepare for implementation over the next 12 months.


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