The European Parliaments Financial Services Forum discussed on its last meeting the White Paper on Post-FSAP. The European Commission published its White Paper in December 2005, which completes a two-year process of consultation and contemplation launched by the Commission to determine the priorities for action in the post-FSAP phase. The process included a dialogue with expert forum groups and the publication of a Green Paper, the feedback from which is reflected to a large extent in the current document. Accordingly, the Commission’s actions over the next five years will be structured around five key priorities:
In deciding on the optimal policy mix for the period, the Commission has sought to identify clear parameters for objectives and options, introducing five generic policy options. In certain areas, e.g. financial analysts and rating agencies, no further action is proposed at EU level, while “dynamic consolidation” is to be applied to supervisory convergence and elimination of barriers to cross-border consolidation. New initiatives, subject to impact assessment studies, would be envisaged for retail financial services, Solvency II, clearing and settlement of securities, and asset management. Dynamic consolidation is also the leitmotiv for the overall approach for the next five years.
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© EPFSF - European Parliamentary Financial Services Forum
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