01 January 2002

Spanish Presidency gives priority to Financial Services Action Plan

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In its program of the Presidency of the EU Spain gives priority to the Financial Services Action Plan focusing on the two Directives on Market Abuse and Prospectuses and on finding a solution for the application of the legislative procedure for the Lamfalussy process.

Concerning the Financial Services Action Plan the program of the Spanisch Presidency states:

After the euro has been introduced the Spanish Presidency will give priority to developing the single financial market. (...)
The Spanish Presidency will also regard the establishment of an integrated risk-capital market in Europe as continuing to be a key commitment which needs to be furthered in the Action Plan in order to facilitate investment and boost risk-capital activities.
To this end, the Spanish Presidency will encourage compliance with the deadlines set for 2005, with special emphasis, following Stockholm, on the integration of securities markets by 2003.
The Barcelona European Council will have to approve a definitive solution for the application, with the full support of the three Institutions, of the legislative procedure arising from the recommendations of the Lamfalussy report. Such a solution should be based on the determination of the Parliament, Council and Commission with regard to compliance with the deadlines set for the integration of financial markets.
The Spanish Presidency will give special importance to the need to make progress in the harmonisation of rules of conduct, paying particular attention to the Directive on insider dealing and market manipulation and the Directive on the single company prospectus.
It will be equally vital to achieve rapid agreement on the new proposal for a Directive on takeover bids which the Commission is to present shortly, in order to encourage competition and business restructuring in Europe and stimulate investment flows into the European Union.

See full program

Go to the website of the Spanisch Presidency

© Graham Bishop