16 March 2004

Bolkestein speech before EMAC – FSAP review and outlook

In a presentation before the EMAC Committee, Commissioner Bolkestein reviewed the last four years of the FSAP and also gave a statement on the forthcoming issues. The Commissioner reported that nearly 90% of its original measures have been finalised and apart from the Takeover Directive, the Action Plan is largely a success story.

The recently established four expert groups of market practitioners in the banking, insurance, securities and asset management sectors will present their reports at the end of April. This will serve as the basis for an open, strategic debate on the EU framework for financial regulation and supervision in mid-2004.

Mr Bolkestein pointed out that the Commission will not come forward with an FSAP II in the short term. The focus will be set on correct and timely transposition, implementation and enforcement of agreed-upon rules in an enlarged Europe. However, the Commissioner also identified six remaining topics of the Commission work programme, which are:

Basel II;

Solvency II;

Reinsurance;

Clearing and Settlement;

Legal Framework for Payments;

Corporate Governance, Statutory Audit, and Company Law.

Press release

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