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41 of the 42 measures contemplated by the Financial Services Action Plan (FSAP) were finalised by the end of 2005. Although the adoption of such a substantial body of legislation is undoubtedly a success in legislative procedural terms, the real test of the FSAP will be the extent to which it achieves the creation of a single European market in financial services. This remains to be seen.
Notwithstanding the completion of the FSAP, increases in regulation of the banking and financial services sector looks set to continue. The Commission's recent White Paper on Financial Services Policy (2005-2010) lays out the proposed agenda for the next 5 years. Although the emphasis is on the operation of existing legislation and structures, the Commission has indicated that a further review of FSAP measures will be completed by 2009 and those aspects of the legislative framework that are not working properly will either be modified or replaced. This reflects the fact that the European financial services sector continues to operate in a rapidly changing regulatory environment.
The 2nd Edition of this best selling title, A Practitioner's Guide to EU Financial Services Directives, offers a comprehensive review and update on the most important developments affecting financial services in the EU.
In all some 17 directives, impacting on financial services, are covered in the book. Among the measures covered, the Markets in Financial Instruments Directive (MiFID) is potentially the biggest and most far-reaching EU directive to affect the financial services environment for the foreseeable future.
For many in the financial services sector, the range and volume of EU directives means that they are struggling to understand and apply a vast amount of new legislation. This book provides a single volume resource that will enable anyone involved in financial services in the EU to prepare for and comply with EU legislation.