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Financial Services Policy

An overarching policy and strategy is needed in financial services and financial markets, to ensure coherence and consistency between the various policy areas.

Commission Communication - A reformed financial sector for Europe (May 2014)

In response to the financial crisis, the EU Commission committed itself to a fundamental overhaul of the regulatory and supervisory framework of the financial sector. With most financial reform measures now adopted, the European Commission has published a first comprehensive review of the financial regulation agenda as a whole. This Communication and the accompanying staff working document present the individual and overall impact of these measures, including interactions between different reforms.

Commission Communication – Regulating financial services for economic growth (June 2010)

This Communication contains a detailed package of legislative measures for the financial services sector which will be brought forward by the Commission over the 2010-2011 period, and which should be adopted by Council and Parliament before the end of 2012, to allow for entry into force by the end of 2013 at the latest.

The aim is to forestall future crises by improving market transparency, strengthening financial institutions, improving corporate governance, and better protecting consumers.

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Roadmap – improving financial regulation (March 2009)

The earlier EU Communication “Driving European recovery” of March 2009 contains a detailed roadmap for improving the regulation and supervision of EU financial markets and institutions.

It calls for:

  • measures to promote good practice, integrity and transparency
  • measures to safeguard against system-wide threats and excessive risk-taking
  • a structure for the supervision of financial firms active in several EU countries
  • a body to oversee the stability of the financial system as a whole.

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EU policy paper – Financial Services Policy 2005–2010 (December 2005)

On December 2005 the Commission presented a policy paper on financial services. The paper explored the best ways to consolidate progress and deliver further benefits of financial integration to industry and consumers alike.

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Financial Services Action Plan (FSAP)

Originally adopted in 1999, the Financial Services Action Plan (FSAP) was designed to open up a single market for financial services in the EU. It comprised 42 measures designed to harmonise the Member States’ rules on securities, banking, insurance, mortgages, pensions and other forms of financial transactions.

The EU continues to regularly monitor progress made in implementing its Financial Services Action Plan, making twice-monthly updates to its FSAP transposition tables.

The tables and charts now also monitor the implementation of the money laundering directive and financial services directives adopted subsequent to the Financial Services Action Plan (post-FSAP directives).

Transposition tables

Access to national legislation

An EU internet database gives complete public access to national laws implementing EU financial services directives.