-In its
fifth progress report on the Financial Service Action Plan the Commission urges the member states and EP on faster financial markets reform. Meeting the Action Plan deadlines agreed by the Council of Finance Ministers and the European Council remains a source of concern. The failure of the European Parliament to agree the takeover bids Directive was a major setback. The measure was aimed above at protecting minority shareholders in the event of a hostile takeover bid. The Commission will table a revised proposal early next year. A second concern is the absence of decisive progress in the Council on the proposed pension funds Directive. The proposal was tabled by the Commission in October last year, and is scheduled for adoption in the Action Plan by 2002. The Parliament completed its first reading in July. A third concern relates to three key financial services priorities identified by the European Council: the proposed Directives on prospectuses and financial conglomerates and the proposed Regulation on International Accounting Standards.
See press release
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