10 January 2006

Commission report views 2005 a year of achievement

The Commission published its regular Progress Report on the Single Market in Financial Services, looking back on achievements since mid-2004. The report concludes that significant strides have been made in terms of building European financial integration. Not only were 98% of the actions under the Financial Services Action Plan completed by the deadline, but work also started on the crucial implementation of these measures. In addition, considerable progress has been made in the areas of corporate governance and company law, combating financial crime, accounting and auditing.

Some of the key achievements included in the Progress Report are the approval of the Capital Requirements Directive; the adoption of the Reinsurance and 5 Motor Insurance Directives; the adoption of the Cross-Border Mergers Directive, the 8 Company Law Directive on Statutory Audit and the third Anti-Money Laundering Directive; and the decision to extend the Lamfalussy approach to banking, insurance and investment funds.

Although the Progress Report is primarily a look back at progress made since 2004, it also makes reference to ongoing programmes such as the Commission's proposal for a Directive on a New Legal Framework for Payments, and the Green Papers on investment funds and mortgages published in 2005.

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