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Single Market News - Future Single Market Policy Under The Spotlight-2006
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Single Market News - Future Single Market Policy Under The Spotlight-2006
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&UTURE 3INGLE -ARKET POLICY UNDER THE SPOTLIGHT
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MENT PRODUCTS AND SERVICES -EMBER 3TATES ARE OBLIGED TO ADOPT THE
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SERVICES @SINGLE PASSPORT 3EE THE 3PECIAL &EATURE ON PAGE
&OLLOWING A WIDE RANGING CONSULTATION ON FUTURE 3INGLE -ARKET
POLICY LAUNCHED IN !PRIL A ONE DAY 0UBLIC (EARING WILL TAKE
PLACE IN "RUSSELS .OVEMBER 4HE CONSULTATION EXERCISE ENJOYED
A GOOD RESPONSE AND HAS GATHERED VALUABLE VIEWS AND INSIGHTS FROM
STAKEHOLDERS ACROSS A BROAD SPECTRUM OF 3INGLE -ARKET POLICY ISSUES
AS WELL AS STIMULATING WIDER PUBLIC DEBATE 4HE FINDINGS OF THE CONSUL
TATION AND 0UBLIC (EARING WILL FEED INTO A MAJOR 2EVIEW OF THE 3INGLE
-ARKET IN THE ST CENTURY TO BE PRESENTED BY THE #OMMISSION IN
3EE PAGE
4HE #OMMISSION HAS PUT FORWARD A PROPOSAL TO FULLY OPEN %5 POSTAL
MARKETS TO COMPETITION BY IN LINE WITH THE AGREED TARGET DATE
SET OUT IN THE CURRENT 0OSTAL $IRECTIVE /N THE BASIS OF EXTENSIVE RE
SEARCH THE #OMMISSION BELIEVES THAT THIS IS THE BEST WAY TO MAINTAIN
UNIVERSAL SERVICE WHILE FURTHER IMPROVING QUALITY AND CHOICE FOR %5
CONSUMERS AND BUSINESSES &ULL MARKET OPENING MEANS THAT NATIONAL
OPERATORS WILL NO LONGER HAVE A MONOPOLY ON MAIL BELOW A CERTAIN
WEIGHT CURRENTLY A MAXIMUM OF GRAMS KNOWN AS THE @RESERVED
AREA 3EE PAGE
7ITH THE ARRIVAL OF "ULGARIA AND 2OMANIA AT THE BEGINNING THE
NUMBER OF COUNTRIES IN THE %UROPEAN 5NION WILL RISE TO TWENTY SEVEN
!S THE %5 ATTAINS ITS TH BIRTHDAY IN ITS POPULATION WILL HAVE
RISEN TO MORE THAN MILLION CITIZENS SINCE THE 4REATY OF 2OME WAS
SIGNED IN 4HE NUMBER OF OFFICIAL LANGUAGES WILL HAVE EXPANDED
TO AND DUE TO THE ACCESSION OF "ULGARIA THE #YRILLIC ALPHABET WILL
BE USED FOR THE FIRST TIME 4HE TWO NEW 3TATES HAVE MADE CONSIDER
R
ABLE EFFORT TO COMPLETE PREPARATIONS FOR %5 MEMBERSHIP AND THOUGH
THERE REMAINS WORK TO DO IN A FEW AREAS BEFORE THE END OF THE YEAR
MOST OF THE LEGISLATION RELATING TO THE 3INGLE -ARKET IS WELL IN HAND
! #OMMISSION REPORT ON THE PREVIOUS %NLARGEMENT INDICATES
THAT THE ECONOMIC BENEFITS TO BOTH NEW AND OLD -EMBER 3TATES HAS
BEEN POSITIVE 3EE PAGE
!CTING $IRECTOR 'ENERAL
4HIERRY 3TOLL 4HIERRY 3TOLL
3POTLIGHT
&UTURE 3INGLE -ARKET
POLICY UNDER THE SPOTLIGHT
!N EXTENSIVE PUBLIC CONSULTATION ON FUTURE 3INGLE -ARKET
POLICY TOOK PLACE BETWEEN !PRIL AND *UNE )T IS BEING
FOLLOWED BY A 0UBLIC (EARING IN "RUSSELS .OVEMBER 4HE
FINDINGS WILL FEED INTO A MAJOR 2EVIEW OF THE 3INGLE -ARKET
IN THE ST CENTURY TO BE PRESENTED BY THE #OMMISSION IN
3INGLE -ARKET .EWS TALKS TO *ACQUELINE -INOR $IRECTOR
OF (ORIZONTAL 0OLICY $EVELOPMENT IN $' )NTERNAL -ARKET AND
3ERVICES ABOUT THE FINDINGS SO FAR
4 HE AIM OF THE CONSULTATION LAUNCHED
IN !PRIL WAS TO GATHER THE VIEWS AND
INSIGHTS OF THE VARIOUS STAKEHOLDERS ON
REPLIES AND THE RESPONSE WAS GE
OGRAPHICALLY WELL SPREAD 7E RECEIVED
INPUT FROM ALL -EMBER 3TATES AS WELL
FUTURE POLICY PRIORITIES AND PREPARE THE AS 2OMANIA AND .ORWAY AND THE %&4!
GROUND FOR A NEW 3INGLE -ARKET POLICY SECRETARIAT (OWEVER WE GOT ALMOST NO
WHICH IS FULLY IN TUNE WITH TODAYS PER
RREPLIES FROM REGIONAL OR LOCAL AUTHORITIES
CEIVED CHALLENGES n A REAL PITY SINCE IT IS IMPORTANT TO KNOW
ALSO WHATS IMPORTANT AT THE LOCAL LEVEL
4HE CONSULTATION WAS OPEN TO ANYONE AF
F /N THE OTHER HAND SOME NATIONAL REGU
FECTED BY THE 3INGLE -ARKET EG CITIZENS LATORY AUTHORITIES DID REPLY 4HE MAJORITY
BUSINESSES ADMINISTRATIONS .'/S AND OF THE REPLIES CAME FROM REPRESENTATIVE
THINK TANKS )TS PRIMARY FOCUS WAS THE ORGANISATIONS
CURRENT STATE OF THE 3INGLE -ARKET AND
THE POSSIBLE FUTURE POLICY 2EGARDING NATIONAL ORGANISATIONS THERE
WAS A REMARKABLE LACK OF PARTICIPANTS
! SUMMARY OF THE VIEWS PRESENTED BY FROM THE NEW -EMBER 3TATES 4HE SAME
THE RESPONDENTS TO THE PUBLIC CONSULTA
WAS TRUE FOR INDIVIDUAL BUSINESSES 4WO
TION WAS PUBLISHED IN 3EPTEMBER
0OLISH FIRMS REPLIED BUT WE GOT VERY LITTLE
FEEDBACK ABOUT WHAT OTHER FIRMS CITIZENS
4HEY COVER A BROAD SPECTRUM OF 3INGLE OR ORGANISATIONS IN NEW -EMBER 3TATES
-ARKET POLICY ISSUES AND COME FROM A THINK
WIDE RANGE OF STAKEHOLDERS
7ORK TO BE DONE
4HE WHOLE PROCESS WILL FEED INTO A 0UB
LIC (EARING IN "RUSSELS .OVEMBER /N THE POSITIVE SIDE THE CONSULTATION
AND THE SUBSEQUENT REPORT ON A 2EVIEW GENERALLY SHOWED A GREAT DEAL OF SUPPORT *ACQUELINE -INOR $IRECTOR OF
OF THE 3INGLE -ARKET IN THE ST CENTURY FOR THE 3INGLE -ARKET SHE POINTS OUT (ORIZONTAL 0OLICY $EVELOPMENT
TO BE PRESENTED BY THE #OMMISSION IN (OWEVER INDUSTRY SAYS THAT A LOT STILL HAS
TO BE DONE SINCE THE 3INGLE -ARKET IS NOT THE MAIN ISSUES THAT SHOULD
YET COMPLETE GUIDE OUR APPROACH CAN BE SUM
'OOD RESPONSE
4HERE WAS A CLEAR MESSAGE THAT IN THE MARISED IN THE FIVE #gS
7E WERE GENERALLY PLEASED WITH THE AREA OF SERVICES RETAIL FINANCIAL SERVICES COMPLETION CONSOLIDATION
RESPONSE TO THE CONSULTATION WHICH WAS IN THE BANKING AND PAYMENT AREAS AND IN
LAUNCHED IN !PRIL SAYS *ACQUELINE -INOR TELLECTUAL PROPERTY WE HAVE TO IMPROVE CO
OPERATION CHANGE AND
$IRECTOR OF (ORIZONTAL 0OLICY $EVELOP
REGULATION COMMUNICATION
MENT IN $' )NTERNAL -ARKET AND 3ERV
ICES 4HE #OMMISSION RECEIVED ABOUT )N PARTICULAR THE CURRENT )02 REGIME AS
. O / C T O B E R
3POTLIGHT
REGARDS PATENTS AND COPYRIGHT IS CONSID
THE 3INGLE -ARKET 4HOUGH AN
ERED UNSATISFACTORY "UT THE RETAIL MARKET OVERWHELMING MAJORITY CON
IN GENERAL IS NOT SEEN AS FUNCTIONING WELL SIDERS THE 3INGLE -ARKET TO BE
AT ALL )N THIS CONTEXT %5 RETAILERS RE
A GOOD THING
FERRED TO A RECENT STUDY THAT COMPARES
THE PERFORMANCE OF %UROPES RETAIL SECTOR 4HE BENEFITS IN TERMS OF DE
TO THAT OF THE 53 AND THAT CAME TO THELIVERING MORE GROWTH AND JOBS
CONCLUSION THAT AT LEAST HALF OF THE GAP IN ARE CLEARLY RECOGNISED BUT
PERFORMANCE IS THE RESULT OF INAPPROPRI
TRADE UNIONS WARNED US THAT
ATE REGULATION 3INGLE -ARKET POLICIES MAY
UNDERLINE THE WELFARE STATE
4HE CONSULTATION ALSO REVEALS THAT THE AND THUS LEAD TO LOWER PUBLIC
3INGLE -ARKET IS ALSO VIEWED AS LAGGING BE
AND PRIVATE CONSUMPTION 4HIS
HIND IN THE FIELD OF SERVICES 4HE RESPOND
WOULD IN TURN LEAD TO LOWER
ENTS THINK THAT THE FORTHCOMING 3ERVICES GROWTH
$IRECTIVE WILL BE AN IMPROVEMENT BUT
!ND WHILST ECONOMIC #O
OPERATION MEANS THAT THE 3INGLE
BENEFITS ARE CLEARLY -ARKET SIMPLY CANNOT FUNCTION WELL UN
4HERE WAS A CLEAR MESSAGE THAT IN THE AREA ACKNOWLEDGED MANY LESS -EMBER 3TATES AND THE #OMMISSION
STAKEHOLDERS SAY THAT ARE ACTING IN CONCERT AND WORK TOGETHER
OF SERVICES RETAIL FINANCIAL SERVICES IN THE THE 3INGLE -ARKET IS ES
4HIS SIGNIFIES THAT ON THE ONE HAND THE
BANKING AND PAYMENT AREAS AND INTELLECTUAL SENTIALLY A @BIG BUSINESS #OMMISSION HAS TO STAND FIRM IN ITS ROLE
AFFAIR AND CALL UPON AS 'UARDIAN OF THE 4REATIES BUT IT IS VI
PROPERTY WE HAVE TO IMPROVE REGULATION THE #OMMISSION AND TAL TO ENGAGE -EMBER 3TATES IN A DEEPER
-EMBER 3TATES TO EN
PARTNERSHIP WHICH UNDERLINES OUR SHARED
SURE THAT THE SITUATION RESPONSIBILITY FOR MAKING THE 3INGLE -AR
R
OF SMALL COMPANIES AND KET WORK BETTER
STILL INSUFFICIENT TO CREATE WELL
FUNCTIONING CONSUMERS IS TAKEN INTO ACCOUNT
SERVICES MARKETS 4HE FOURTH # IS CHANGE 4HE WORLD IN
4HE CONSULTATION ALSO SHOWED THAT IS A VERY DIFFERENT PLACE FROM
/THER AREAS CITED AS IN URGENT NEED OF IM
VARIOUS STAKEHOLDERS PERCEIVE THE 3INGLE WHEN THE 3INGLE -ARKET PROJECT WAS FIRST
PROVEMENT WERE INSURANCE TRANSPORT AND -ARKET AS LACKING A SUFFICIENT @SOCIAL BAL
LAUNCHED 7E NEED TO ADDRESS THE CHAL
ENERGY 3TAKEHOLDERS ALSO CALLED FOR MORE ANCE LENGES OF GLOBALISATION ENLARGEMENT AND
FISCAL HARMONISATION AND FOR A MORE EFFEC
AN AGEING POPULATION
TIVE WAYS OF SECURING THE FREE MOVEMENT &UTURE POLICY DIRECTIONS
OF WORKERS INCLUDING RESEARCHERS WHICH ,AST BUT NOT LEAST THE FIFTH # IS COMMU
COULD ENCOURAGE MORE INNOVATION !LTHOUGH THERE IS STILL MUCH WORK TO DO NICATION !LL THE ABOVE WILL BE IN VAIN IF WE
ON THE DETAILS OF THE FUTURE POLICY IT IS CANNOT SUCCEED IN RE
CONNECTING CITIZENS
!T PRESENT BUSINESS COMPLAINS THAT IT IS BECOMING CLEAR -S -INOR SAYS THAT THE TO THE PROJECT 7E HAVE TO COMMUNICATE
DIFFICULT TO HIRE AND TRANSFER EMPLOYEES MAIN ISSUES THAT SHOULD GUIDE OUR AP
AND DEMONSTRATE THAT THE 3INGLE -ARKET IS
WITHIN THE %5 BECAUSE OF THE LACK OF PORT
PROACH CAN BE SUMMARISED IN THE FIVE #S DELIVERING BENEFITS TO EVERYONE
ABILITY OF PENSION RIGHTS AND DIFFERENCES IN COMPLETION CONSOLIDATION CO
OPERATION
SOCIAL SECURITY SYSTEMS )N ADDITION MANY CHANGE AND COMMUNICATION 4HE CONSULTATION UNDERTAKEN EARLIER
NEW -EMBER 3TATES AND BUSINESSES CRITI
THIS YEAR IS ITSELF ONE OF THE STEPS TO
CISE THE DELAYS IN THE FREE MOVEMENT OF #OMPLETION IS ABOUT THE SEVERAL GAPS WARDS ACHIEVING BETTER COMMUNICATION
WORKERS FROM THE NEW -EMBER 3TATES THAT STILL HAVE TO BE FILLED TO IMPROVE THE SHE POINTS OUT 3INCE COMMUNICATION
-S -INOR ADDS FUNCTIONING OF THE 3INGLE -ARKET "UT WE HAS TO BE A MUTUAL THING IT IS FUNDAMEN
SHOULD NOT UNDERESTIMATE WHAT WE HAVE TAL THAT WE LEARN ABOUT THE VIEWS OF THE
4ANGIBLE BENEFITS ALREADY GOT WHICH LEADS ME TO THE SECOND STAKEHOLDERS
# CONSOLIDATION WHICH BASICALLY MEANS
/NE MESSAGE EMERGING FROM THE CON
THAT WE WILL HAVE TO FOCUS ON PROPER
SULTATION IS THAT CONSUMERS AND 3-%S TRANSPOSITION IMPLEMENTATION AND EN
DO NOT ALWAYS FEEL TANGIBLE BENEFITS FROM FORCEMENT OF %5
LAW
. O / C T O B E R
3POTLIGHT
&IVE PRIORITY AREAS ECONOMIC ANALYSIS SHOULD BE IMPROVED AS .OTICEABLE ABSENCES
A BASE FOR POLICY MAKING
4HE CONSULTATION DOCUMENT DISCUSSED 4HE RESULTS OF THE CONSULTATION SHE CAU
FIVE POSSIBLE PRIORITY AREAS OF ATTENTION 0OLICY MAKING THEY ARE TELLING US SHOULD TIONS ARE NOT STATISTICALLY REPRESENTATIVE
FOR FUTURE 3INGLE -ARKET POLICY NOT ONLY MEAN @MORE LEGISLATION BUT IN DUE TO THE OPEN NATURE OF THE PROCEDURE
ORDER TO BE ABLE TO CONDUCT SOUND ECO 4HE REPORT IS THEREFORE BASICALLY JUST A
4HESE WERE NAMELY NOMIC ANALYSIS WE SHOULD TO INCREASE OUR SUMMARY ACCOUNT OF THE RESPONSES WHICH
EVIDENCE BASE 4O THIS END IMPACT ASSESS THE #OMMISSION HAS RECEIVED 4O THIS EX
s &OSTERING MARKET DYNAMISM AND
MENTS SHOULD BE BETTER COORDINATED AND TENT ANY UNDERLYING MISUNDERSTANDINGS
INNOVATION
MORE OBJECTIVE 4HE EFFECT OF THE POLICIES HAVE NOT BEEN CORRECTED AND THE VIEWS
s BETTER REGULATION HAS TO BE ASSESSED BY MEANS OF EVALUA OF THE #OMMISSION SERVICES ARE NOT EX
s BETTER IMPLEMENTATION AND TION ON A REGULAR BASIS PRESSED WITHIN THE DOCUMENT
ENFORCEMENT
-ANY RESPONDENTS ALSO THINK THAT -EM "UT IF ) HAD TO PICK OUT ONE CONCERN
s TAKING BETTER ACCOUNT OF THE GLOBAL
BER 3TATES OUGHT TO BE ENCOURAGED TO IT IS THE LACK OF PARTICIPATION OF CIVIL
CONTEXT AND
ENGAGE IN SCREENING OF NATIONAL RULES AND SOCIETYFROM THE NEW -EMBER 3TATES
s INVESTING MORE IN INFORMATION AND REGULATIONS "UT WE MAY ALSO HAVE TO RE )T WOULD HAVE BEEN A WONDERFUL OPPOR R
COMMUNICATION ABOUT CITIZENS AND THINK THE CHOICE OF INSTRUMENTS DEPEND TUNITY TO LEARN ABOUT THEIR VIEWS ON THE
BUSINESSES RIGHTS AND BENEFITS IN THE ING ON THE NEEDS OF THE MARKET )N SOME 3INGLE -ARKET )N THIS CONTEXT ) CAN ONLY
3INGLE -ARKET
CASES TRADITIONAL 3INGLE -ARKET LEGISLATION REPEAT THAT VARIOUS NEW -EMBER 3TATES
4HE RESPONDENTS OVERWHELMINGLY AGREED MAY NOT BE THE BEST TOOL TO OPEN MAR R INDICATE IN THEIR REPLIES THAT 3INGLE -AR R
WITH THIS CHOICE OF PRIORITIES SHE AFFIRMS KETS AND TO ENSURE THAT ALL BENEFIT 7E KET POLICY SHOULD TAKE BET
4HERE WERE STRONG HAVE TO LOOK FOR BETTER SYNERGIES WITH TER ACCOUNT OF THE SPECIFIC
INFO
CALLS FOR BETTER COM COMPETITION POLICY AND CONSIDER MORE SITUATION OF NEW -EMBER
4OM $IDERICH
MUNICATION -EANING FLEXIBLE FORMS OF LEGISLATION 3TATES 0ROBABLY THIS IS AN 4%,
THAT THE #OMMISSION ISSUE THAT REQUIRES A CLOSER &!8
HAS TO DEVELOP A @CUL !NOTHER POINT WE NEED TO CONSIDER IS LOOK INTO -ARKT " ECEUROPAEU
TURE OF COMMUNICA THAT WITHIN THE CONSULTATION CONSUMERS
TION AND TO EFFECTIVELY AND TRADE UNIONS ASKED TO BE MORE IN
REACH OUT TO CITIZENS IT VOLVED SO THIS IS ALSO AN ISSUE TO BE PUR R
4HE REPORT ON THE CONSULTATION AND INDIVIDUAL
SHOULD COMMUNICATE SUED WHEN THINKING ABOUT THE FUTURE REPLIES ARE AVAILABLE AT
ON BENEFITS AND POTEN
TIAL AND COME UP WITH HTTPECEUROPAEUINTERNAL?MARKETSTRATEGYINDEX?ENHTM
INFO
WAYS TO REACH INDIVID
UAL CITIZENS AND SMALL
BUSINESSES BETTER
0UBLIC (EARING ON
"UT A FAIR NUMBER OF
THOSE STAKEHOLDERS WHO REPLIED DO NOT
&UTURE 3INGLE -ARKET 0OLICY
CONSIDER THESE PRIORITIES SUFFICIENT AND !UDITORIUM .ATIONAL "ANK OF "ELGIUM
CALL UPON THE #OMMISSION TO ASSUME A .OVEMBER
LEAD ROLE AND PROVIDE A CLEAR COHERENT
OVERALL VISION !CTION AND GUIDANCE FROM 1BSU$BOZPVIFBSNF#SVTTFMT
THE #OMMISSION WAS ESPECIALLY DEEMED #ONSULTATION (OW CAN WE REACH OUT TO ALL STAKEHOLDERS IN THE
3INGLE -ARKET
NECESSARY AS REGARDS IMPLEMENTATION AND
ENFORCEMENT )T WAS ALSO ARGUED THAT THE 0ART $O WE HAVE THE RIGHT TOOLKIT
COOPERATION BETWEEN NATIONAL AUTHORI "EYOND LEGISLATION 3HAPING A SUCCESSFUL MODERN 3INGLE -ARKET
TIES HAS TO BE IMPROVED AND INDUSTRY 0OLICY THAT TACKLES MARKET BARRIERS AND INEFFICIENCIES
COMPLAINED THAT NATIONAL JUDGES ARE NOT
ALWAYS WELL EQUIPPED TO HANDLE 3INGLE 0ART -AKING WHAT WE HAVE WORK BETTER
%NFORCEMENT AND PROBLEM SOLVING (OW TO GRANT CITIZENS AND
-ARKET DISPUTES )NFRINGEMENT PROCEED FIRMS EFFECTIVE 3INGLE -ARKET RIGHTS
INGS SHOULD BE SPEEDED UP MORE EFFECTIVE
AND FOCUS ON TRANSPOSITION PROBLEMS 0ART 7HO KNOWS THE 3INGLE -ARKET n WHO LIKES THE 3INGLE
-ARKET
)MPLICATIONS FOR FUTURE POLICY #OMMUNICATION 7HAT IS NEEDED TO COMMUNICATE EFFECTIVELY ON
THE 3INGLE -ARKET
/NE MESSAGE TO EMERGE FROM THE CON
2EGISTRATION DETAILS AT
G
SULTATION IS THAT STAKEHOLDERS BELIEVE THAT HTTPECEUROPAEUINTERNAL?MARKETSTRATEGYINDEX?ENHTMHEARING
. O / C T O B E R
&INANCIAL MARKETS
&INANCIAL INTEGRATION IN
WORLD MARKETS INTENSIFIES
4HE LATEST MONITORING REPORT FOR THE FINANCIAL SERVICES SECTOR SHOWS THE IN
CREASINGLY PIVOTAL ROLE THAT INSTITUTIONAL INVESTORS PLAY NOT ONLY ON %5 FINANCIAL
MARKETS BUT ALSO IN BUILDING THE SAVINGS AND RETIREMENT PROVISIONS OF %5 CITIZENS
4HE REPORT ALSO DEMONSTRATES THE IMPORTANCE OF THE GLOBAL DIMENSION FOR %5
FINANCIAL MARKETS
4 HE %UROPEAN 5NION IS AN IMPORTANT $IFFERENCES BETWEEN -EMBER 3TATES RE
GLOBAL FINANCIAL PLAYER IT REPRESENTS
TO OF WORLDWIDE FINANCIAL ACTIV
MAIN NOTICEABLE 4HE SECTOR IS INCREASINGLY TION ARE LOW MOST OF THE NEW FUNDS ARE OF
ORGANISED ON A CROSS BORDER AS WELL AS A A CROSS BORDER NATURE
ITY DEPENDING ON THE MARKET SEGMENT CROSS SECTOR BASIS BUT FROM A CUSTOMER
POINT OF VIEW INSURANCE LARGELY REMAINS $ATA ON FUND SALES IN THE %5 SUGGEST A
4HE &INANCIAL )NTEGRATION -ONITOR A gDOMESTICg SERVICE AS RETAIL INSURANCE HIGH SCALE OF CROSS BORDER DISTRIBUTION
PUBLISHED BY THE #OMMISSION HAS PUT MARKETS ARE MAINLY ALTHOUGH NOT EXCLU (OWEVER THIS AREA IS WHERE THE LACK OF
THE SPOTLIGHT ON THE %5 FINANCIAL SECTOR IN SIVELY ACCESSED THROUGH ESTABLISHMENT COMPETITION IS MOST FELT .EW TRENDS IN
THE GLOBAL CONTEXT AND ON TWO SIGNIFICANT DISTRIBUTION IN %5 MARKETS MIGHT CONTRIB
MARKET SEGMENT THE %5 INSURANCE AND 4HE POTENTIAL FOR FURTHER DEVELOPMENT OF UTE TO INTRODUCING MORE COMPETITION TO
PENSION FUNDS SECTOR AND %5 INVESTMENT THE SECTOR EXISTS BUT MUCH DEPENDS ON THE DISTRIBUTION SEGMENT
FUNDS SECTOR ECONOMIC GROWTH AND CHANGES IN LEGISLA
TION #ONSIDERING THE AGEING OF THE %5 &INANCIAL )NTEGRATION -ONITOR
4HE EXTERNAL DIMENSION POPULATION AND THE PENSION CHALLENGE A
FURTHER EXPANSION CAN REASONABLY BE EX 4HE &)- REPORT IS THE THIRD ANNUAL
4HE &)- REPORT INDICATES THAT THE %5gS PECTED REPORT COMPILED AS A FOLLOW UP TO THE *ULY
FINANCIAL INTEGRATION IN WORLD MARKETS HAS REQUEST FROM THE %5S #OUNCIL OF
BEEN INTENSIFYING OVER THE PERIOD )NVESTMENT FUND SECTOR -INISTERS TO DEVELOP INDICATORS TO ASSESS
THE STATE OF FINANCIAL INTEGRATION
)NVESTMENT FUNDS IN THE %UROPEAN 5NION
4HIS MAY PROMOTE A BETTER RISK DISTRIBU PLAY AN IMPORTANT ROLE IN HOUSEHOLDS )N LINE WITH ITS COMMITMENT TO BETTER
TION BUT ALSO CREATES POTENTIAL CHANNELS SAVINGS AND IN CAPITAL MARKETS 4HEY HAVE REGULATION AND EVIDENCE BASED POLICY
FOR FINANCIAL gCONTAGIONg /NE EXAMPLE IN BEEN DEVELOPING FAST FOR THE LAST TEN YEARS MAKING THE MONITORING REPORT SETS OUT
THIS CONTEXT IS THE %5 REINSURANCE SEC n ON AVERAGE FASTER THAN THE BANKING SEC TO BRING ECONOMIC DATA AND EVIDENCE INTO
TOR WHERE %UROPE IS A NET RECEIVER OF 53 TOR AND THE CAPITAL MARKET THE POLICY DEBATE
RISKS
/VERALL FUNDS HAVE MORE THAN QUADRU
INFO
)NSURANCE AND PENSION FUND SECTOR PLED THEIR ASSETS UNDER MANAGEMENT TO
+RISTIN 6ANDENBERGEN
COME CLOSE TO TRILLION EURO AT THE END 4%,
4HE %5 INSURANCE AND PENSION FUND SEC OF &!8
TOR HAS BEEN AND IS STILL GROWING IN IMPOR R -ARKT ' ECEUROPAEU
TANCE )NVESTMENTS OF PRIMARY INSURERS (ARMONISED FUNDS DOMINATE THE MARKET
REACHED TRILLION EURO AT THE END OF $ATA ON CROSS BORDER ACTIVITY ARE MIXED
AND THE ASSETS UNDER MANAGEMENT OF %5 WHILE FIGURES FOR CROSS BORDER CONSOLIDA
PRIVATE PENSION FUNDS STOOD AT TRILLION
AT THE END OF INFO HTTPECEUROPAEUINTERNAL?MARKETFINANCESFIMINDEX?ENHTM
. O / C T O B E R
0OSTAL SERVICES
#OMMISSION PROPOSES
FULL MARKET OPENING OF
POSTAL MARKETS BY
4HE #OMMISSION HAS PUT FORWARD A PROPOSAL TO OPEN %5 POST
AL MARKETS FULLY TO COMPETITION BY IN LINE WITH THE AGREED
TARGET DATE SET OUT IN THE CURRENT 0OSTAL $IRECTIVE /N THE
BASIS OF EXTENSIVE RESEARCH AND CONSULTATION THE #OMMISSION
BELIEVES THAT THIS IS THE BEST WAY TO MAINTAIN UNIVERSAL SERVICE
WHILE FURTHER IMPROVING QUALITY AND CHOICE FOR %5 CONSUMERS
AND BUSINESSES
4 HE #OMMISSION PROPOSAL TO INTRO
DUCE FULL MARKET OPENING IN
WILL MEAN THAT NATIONAL OPERATORS WILL NO
-AINTAINING UNIVERSAL SERVICE
4HE PROPOSAL MAINTAINS THE CURRENT OB
DEVELOP AND FURTHER IMPROVE
5NIVERSAL SERVICE PROVIDERS WILL BE MO
LONGER HAVE A MONOPOLY ON MAIL BELOW A LIGATIONS ON -EMBER 3TATES TO ENSURE A TIVATED TO BECOME MORE RELIABLE AND
CERTAIN WEIGHT CURRENTLY A MAXIMUM OF HIGH QUALITY UNIVERSAL SERVICE COMPRISING EFFICIENT AND TO FURTHER INCREASE THEIR
GRAMS KNOWN AS THE @RESERVED AREA AT LEAST ONE DELIVERY AND COLLECTION FIVE
DAYS A WEEK FOR EVERY %5 CITIZEN
-EMBER 3TATES WILL BE ALLOWED A FLEX
IBLE CHOICE OF MEANS OTHER THAN THROUGH )T WILL ALSO FURTHER REINFORCE CONSUMER &ULL MARKET OPENING IN WILL
A MONOPOLY TO FINANCE UNIVERSAL SERVICE PROTECTION AND INCREASE THE ROLE OF NA
MEAN THAT NATIONAL
PROVISION OR THE POSSIBILITY TO SHARE OUT TIONAL REGULATORY AUTHORITIES 4HE OBLI
THE UNIVERSAL SERVICE OBLIGATION BETWEEN GATION TO ENSURE AFFORDABILITY OF POSTAL OPERATORS WILL NO LONGER HAVE
OPERATORS SERVICES IS MAINTAINED IN THE PROPOSAL AS
A MONOPOLY ON MAIL BELOW A
IS THE POSSIBILITY FOR -EMBER 3TATES TO
4HE PROPOSAL PROVIDES FURTHER CLARIFICA IMPOSE A UNIFORM TARIFF FOR SINGLE PIECE CERTAIN WEIGHT KNOWN AS THE
TION ON HOW THIS CAN BE ACHIEVED 4HE TARIFF ITEMS SUCH AS CONSUMER MAIL
RESERVED AREA
PROPOSED NEW $IRECTIVE IS THE FINAL STEP
IN A LONG REFORM PROCESS THAT HAS ALREADY )N THE EVENT THAT REMAINING NET COSTS OF
SEEN LARGE AREAS OF %5 POSTAL MARKETS PROVIDING UNIVERSAL SERVICE NEED TO BE
OPENED TO COMPETITION WITH VERY POSI COVERED -EMBER 3TATES WILL BE ABLE TO
TIVE RESULTS CHOOSE FROM A RANGE OF OPTIONS INCLUD CUSTOMER FOCUS IN THE LIGHT OF POTENTIAL
ING FOR EXAMPLE STATE COMPETITION FROM NEW MARKET ENTRANTS
AIDS PUBLIC PROCURE
MENT COMPENSATION &ULL MARKET OPENING WILL ALSO DIRECTLY
FUNDS AND COST SHARING FOSTER THE CREATION OF NEW JOBS IN NEW
)T WILL BE FOR -EMBER POSTAL COMPANIES AND INDIRECTLY IN THE
3TATES TO DECIDE WHICH INDUSTRIES DEPENDENT ON THE POSTAL SEC
MODEL BEST SUITS THEIR TOR
NEEDS
2EGULATORY FRAMEWORK
"ENEFITS
0OSTAL 3ERVICES IN THE %5 ARE COVERED
7ITH THE REMOVAL OF BY THE 0OSTAL $IRECTIVE
RESERVED AREAS USERS %# AS AMENDED BY THE $IRECTIVE
OF POSTAL SERVICES CAN %# 4HIS CREATED A REGULATORY
EXPECT THE SERVICES FRAMEWORK WHICH GUARANTEES CITIZENS A
AVAILABLE TO THEM TO UNIVERSAL SERVICE WHILE GRADUALLY LIMITING
. O / C T O B E R
0OSTAL SERVICES
MINIMUM STANDARDS REQUIRED
+EY ISSUES
4HE PROPOSED NEW $IRECTIVE
s REMOVES THE CONCEPT OF @RESERVABLE
AREAS AND CONlRMS THAT THE MARKET
SHOULD BE FULLY OPEN TO COMPETITION
BY
s MAINTAINS THE MAIN PROVISIONS OF THE
EXISTING 0OSTAL $IRECTIVE INCLUDING
THE UNIVERSAL SERVICE OBLIGATION
REGARDING SERVICES THAT MUST BE
THE SCOPE OF THE RESERVED AREA INITIALLY PROVIDED LETTERS AND PARCELS AND
MAIL UNDER GRAMS AMENDED IN STANDARDS WHICH MUST BE MET
TO GRAMS AND REDUCED ON
TO GRAMS
4HE $IRECTIVE AIMED AT ENSURING THE 4HE PROPOSAL MAINTAINS THE
BEST POSSIBLE SERVICE THROUGH A GRADUAL
s REMOVES UNJUSTIlED BARRIERS TO THE
OPENING OF THE MARKET WITH A FINAL TARGET CURRENT OBLIGATIONS ON -EMBER ENTRANCE OF NEW OPERATORS
SET IN FOR FULL OPENING IN 3TATES TO ENSURE A HIGH
QUALITY
s STRENGTHENS CONSUMER PROTECTION
)T INCLUDES A REQUIREMENT THAT THE #OM
UNIVERSAL SERVICE COMPRISING AT INCLUDING BY EXTENDING MANDATORY
MISSION SHOULD PROVIDE PERIODIC REPORTS LEAST ONE DELIVERY AND COLLECTION COMPLAINTS PROCEDURES TO ALL
ON ITS IMPLEMENTATION AND BEFORE THE OPERATORS AND THE ROLE OF NATIONAL
END OF CONFIRM WHETHER THE FIVE DAYS A WEEK FOR EVERY %5 POSTAL REGULATORS
DATE REMAINED APPROPRIATE 4HE #OM
CITIZEN
MISSION IS NOW PROPOSING BY MEANS OF A
FURTHER AMENDING $IRECTIVE THAT THE DATE )NTERNAL -ARKET AND 3ERVICES #OMMIS
SHOULD BE CONFIRMED SIONER #HARLIE -C#REEVY SAID ) FIRMLY
s OFFERS -EMBER 3TATES A MENU BELIEVE THAT COMPLETING THE )NTERNAL -AR
R
%NCOURAGING PROGRESS OF ALTERNATIVE MEANS OTHER THAN KET FOR POSTAL SERVICES IS VITAL FOR SECUR
R
THROUGH A MONOPOLY TO lNANCE
ING FURTHER IMPROVEMENTS AND FOR SUSTAIN
UNIVERSAL SERVICE PROVISION IN THIS
! NUMBER OF -EMBER 3TATES HAVE ALREADY NEW CONTEXT AND OFFERS GREATER ING THE PROGRESS AND RESULTS ACHIEVED TO
OPENED UP THEIR MARKET TO FULL COMPETI
mEXIBILITYCLARITY ON HOW IT CAN BE DATE
TION OR HAVE FIRM PLANS TO DO SO BEFORE ACHIEVED )T IS FOR -EMBER 3TATES TO
THE TARGET DATE DECIDE WHICH MODEL BEST SUITS THEIR )N PREPARING THE PROPOSAL WE HAVE PUT
NEEDS THE OPTIONS PROVIDED FOR CONSUMER AND USER NEEDS FIRST 7ITH FULL
4HE #OMMISSIONgS LATEST APPLICATION INCLUDE FOR EXAMPLE STATE AIDS PUBLIC MARKET OPENING IN WE CAN LOOK FOR
R
REPORT POINTS TO A POSITIVE RECORD OF PROCUREMENT COMPENSATION FUNDS WARD TO MORE INNOVATION BETTER SERVICES
ACHIEVEMENT AS WAS ALSO CONFIRMED RE
COST SHARING ETC AND IMPROVED COST
EFFICIENCY 7ITHOUT IT
CENTLY BY THE %UROPEAN 0ARLIAMENT %5 POSTAL MARKETS WILL BE
s PROVIDES FOR RETENTION OF UNIFORM INCREASINGLY UNABLE TO MEET
TARIFFS IE TARIFFS WHICH ARE EQUAL INFO
)T FINDS THAT THERE HAS BEEN A SUBSTANTIAL THE CHALLENGES OF THE COM
IRRESPECTIVE OF THE LOCATION OF THE 0ETER #URRAN
AND MEASURABLE IMPROVEMENT IN THE QUAL
ADDRESSEE FOR CONSUMERSINGLE
PIECE MUNICATIONS REVOLUTION 4%,
ITY OF POSTAL SERVICES INCLUDING IN SPEED MAIL OR FOR PUBLIC POLICY REASONS &!8
AND RELIABILITY BUT RESTRICTS THEIR USE IN OTHER -ARKT
% ECEUROPAEU
CIRCUMSTANCES
)T FINDS THAT ALL -EMBER 3TATES 5NIVERSAL
3ERVICE 0ROVIDERS PROVIDE A SERVICE THAT
IS CONSISTENT WITH OR THAT EXCEEDS THE INFO HTTPECEUROPAEUINTERNAL?MARKETPOSTINDEX?ENHTM
. O / C T O B E R
-ERGERS AND ACQUISITION
#OMMISSION ACTS TO
IMPROVE -! SUPERVISORY
APPROVAL PROCESS
4HE #OMMISSION HAS PUT FORWARD A PROPOSAL THAT WILL TIGHTEN THE
PROCEDURES THAT -EMBER 3TATES SUPERVISORY AUTHORITIES HAVE TO
FOLLOW WHEN ASSESSING PROPOSED MERGERS AND ACQUISITIONS -!
IN THE BANKING INSURANCE AND SECURITIES SECTORS
URRENT %5 RULES ALLOW SUPERVISORY )T AMENDS THE FOLLOWING EXISTING $IREC
CLUDE THESE SECTORS AS WELL TO MAINTAIN
AUTHORITIES TO BLOCK PROPOSED -! TIVES THE "ANKING $IRECTIVE %# AND ENHANCE FURTHER CROSS
SECTORAL CON
IF THEY CONSIDER THAT THE @SOUND AND PRU
THE 4HIRD .ON
LIFE )NSURANCE $IRECTIVE SISTENCY
DENT MANAGEMENT OF THE TARGET COMPANY %%# THE 2ECAST ,IFE !SSURANCE
COULD BE PUT AT RISK 4HE PROPOSED NEW $IRECTIVE %# THE 2EINSURANCE 4O GATHER STAKEHOLDERS VIEW ON THE SUB
$IRECTIVE WHICH AMENDS VARIOUS EXISTING $IRECTIVE %# AND $IRECTIVE JECT THE #OMMISSION CARRIED OUT AN ON
$IRECTIVES IN THESE SECTORS WILL IN PAR
R %# ON MARKETS IN FINANCIAL IN
LINE CONSULTATION IN SPRING 4HE RE
TICULAR CLARIFY THE CRITERIA AGAINST WHICH STRUMENTS SULTS INDICATED THAT %5 COMPANIES WERE
SUPERVISORS SHOULD ASSESS POSSIBLE -! AWARE OF THE PROBLEMS WITH THE SUPER
R
OPERATIONS 4HIS WILL IMPROVE CLARITY AND 0ROBLEMS WITH APPROVAL PROCESS VISORY APPROVAL PROCESS AND WERE SUP
TRANSPARENCY IN SUPERVISORY ASSESSMENT PORTIVE OF THE NEED TO INTRODUCE CLEARER
AND HELP TO ENSURE A CONSISTENT HANDLING 4HE ISSUE OF LOW CROSS
BORDER CONSOLIDA
PROCEDURES AND CRITERIA AND TO IMPROVE
OF -! REQUESTS ACROSS THE %5 TION IN THE FINANCIAL SECTOR WAS DISCUSSED CONSISTENCY
AT THE INFORMAL MEETING OF %CONOMIC AND
#LEAR AND TRANSPARENT PROCESS &INANCE -INISTERS %#/&). IN 3EPTEM
)NTERNAL -ARKET AND 3ERVICES #OMMIS
BER -INISTERS ASKED THE #OMMIS
SIONER #HARLIE -C#REEVY SAID 4HESE
4HE PROPOSED $IRECTIVE PROVIDES SUPER
R SION TO STUDY POSSIBLE OBSTACLES TO CROSS
NEW RULES MEAN THAT SUPERVISORY AUTHOR
R
VISORY AUTHORITIES WITH A CLEAR AND TRANS
BORDER MERGERS AND ACQUISITIONS IN THE ITIES WILL HAVE TO BE CLEAR TRANSPARENT AND
PARENT PROCESS FOR DECISION
MAKING AND FINANCIAL SECTOR ARISING BOTH FROM DIFFER
R CONSISTENT WHEN ASSESSING CROSS
BORDER
NOTIFICATION ING SUPERVISORY PRACTICES AND FROM OTHER MERGERS AND ACQUISITIONS 4HEY LEAVE NO
BROADER FACTORS ROOM FOR POLITICAL INTERFERENCE OR PRO
)N PARTICULAR THERE IS NOW A CLOSED LIST OF TECTIONISM
CRITERIA ON WHICH THE ACQUIRING COMPANY #ONSEQUENTLY THE #OMMISSION BEGAN A
SHOULD BE ASSESSED SUCH AS REPUTATION REVIEW OF THE EXISTING RULES IN THE BANKING 4HIS HAS TO BE THE WAY FORWARD IF WERE
OF THE PROPOSED ACQUIRER REPUTATION AND SECTOR ON THE SUPERVISORY ASSESSMENTS OF SERIOUS ABOUT HAVING A FULLY FUNCTIONING
EXPERIENCE OF ANY PERSON THAT MAY RUN SHAREHOLDINGS THAT ALLOW -EMBER 3TATES )NTERNAL -ARKET AND ENABLING %UROPES FI
THE RESULTING INSTITUTION OR FIRM FINAN
TO BLOCK ON PRUDENTIAL GROUNDS THE AC
NANCIAL COMPANIES TO COMPETE GLOBALLY
CIAL SOUNDNESS OF THE PROPOSED ACQUIRER QUISITION OF SHAREHOLDINGS ABOVE CERTAIN
COMPLIANCE WITH RELEVANT %5 $IRECTIVES THRESHOLDS
AND RISK OF MONEY LAUNDERING AND TERROR
R
ISM FINANCING !S THIS LEGISLATION IS VERY SIMILAR TO COR
R
RESPONDING LEGISLATION IN THE SECURITIES
4HE $IRECTIVE ALSO REDUCES THE ASSESS
AND INSURANCE SECTORS IT WAS CONSIDERED
MENT PERIOD FROM THREE MONTHS TO APPROPRIATE TO EXTEND THE REVIEW TO IN
DAYS AND ALLOWS THE SUPERVISORY AUTHOR
R
ITY TO @STOP THE CLOCK ONLY ONCE UNDER
CLEAR CONDITIONS
INFO HTTPECEUROPAEUINTERNAL?MARKETlNANCESCROSS
SECTORINDEX?ENHTMOBSTACLES
. O / C T O B E R
3 P E C I A L
& E A T U R E
)N .OVEMBER A MAJOR PIECE OF FINANCIAL SERVICES LEG "UILDING ON THE )3$
ISLATION WILL COME INTO FORCE FURTHER DEVELOPING THE FRAME
WORK OF A SINGLE MARKET IN THE %5 FOR TRADING IN SHARES -I&)$ IS THE MOST SIGNIFICANT %5 LEGISLATION FOR A DECADE DEAL
BONDS DERIVATIVES AND OTHER INVESTMENT PRODUCTS -EM ING WITH INVESTMENT INTERMEDIARIES AND FINANCIAL MARKETS AND
BER 3TATES ARE OBLIGED TO ADOPT THE NECESSARY LEGISLATION WILL REPLACE THE EXISTING )NVESTMENT 3ERVICES $IRECTIVE )3$
TRANSPOSING THIS NEW FRAMEWORK ALREADY BY *ANUARY ADOPTED IN "UILDING ON THE )3$gS BASIC HIGH LEVEL PRO
+NOWN AS THE @-I&)$ THE -ARKETS IN &INANCIAL )NSTRU VISIONS GOVERNING THE ORGANISATION AND CONDUCT OF BUSI
MENTS $IRECTIVE IT CONTAINS MEASURES WHICH WILL INCREASE NESS -I&)$ MAKES SIGNIFICANT CHANGES TO THE REGULATORY
INVESTOR PROTECTION CHANGE FRAMEWORK TO REFLECT DEVELOPMENTS IN FINANCIAL SERVICES
AND IMPROVE THE ORGANISA AND MARKETS SINCE THE )3$ WAS IMPLEMENTED
4HE -I&)$ WILL CHANGE TION AND FUNCTIONING OF IN
VESTMENT FIRMS FACILITATE )T WIDENS THE RANGE OF @CORE INVESTMENT SERVICES AND AC
AND IMPROVE THE ORGANI CROSS BORDER TRADING IN SE TIVITIES THAT CAN BE TRADED PROVIDED USING THE %5 INVEST
SATION AND FUNCTIONING OF CURITIES AND STIMULATE THE MENT SERVICES @PASSPORT )T INTRODUCES THE OPERATION OF A
FURTHER INTEGRATION OF %5 MULTILATERAL TRADING FACILITY -4& AS A NEW CORE INVESTMENT
INVESTMENT FIRMS FACILITATE CAPITAL MARKETS SERVICE COVERED BY THE PASSPORT UPGRADES INVESTMENT AD
CROSS BORDER TRADING IN VICE TO A CORE SERVICE THIS WAS ONLY AN ANCILLARY SERVICE
#REATING A SINGLE %5 WIDE UNDER THE )3$ AND EXTENDS THE SCOPE OF THE PASSPORT TO
SECURITIES AND STIMULATE MARKET FOR FINANCIAL SERVIC COVER COMMODITY DERIVATIVES CREDIT DERIVATIVES AND FINAN
THE FURTHER INTEGRATION OF ES IS THE OVERRIDING OBJEC CIAL #ONTRACTS FOR $IFFERENCES #&$S FOR THE FIRST TIME
TIVE OF THE #OMMISSIONS
%5 CAPITAL MARKETS &INANCIAL 3ERVICES !CTION &IRMS COVERED BY -I&)$ WILL
0LAN &3!0 AND THE -I&)$ BE AUTHORISED AND REGULATED
EGISLATION IS A KEY ELEMENT IN THEIR HOME STATE BROADLY
TS OBJECTIVE IS TO ENABLE THE COUNTRY IN WHICH ARE
NVESTORS TO OPERATE MORE REGISTERED /NCE A FIRM HAS
EASILY AND WITH FULL CONFIDENCE ACROSS %5 BORDERS AND TO BEEN AUTHORISED IT WILL BE
REMOVE OBSTACLES TO THE USE OF THE %5 INVESTMENT SERV ABLE TO USE THE -I&)$ PASS
ICES gPASSPORTg PORT TO PROVIDE SERVICES TO
CUSTOMERS IN OTHER %5 -EM
4HE NEW MEASURES SET OUT TO STIMULATE GREATER COMPETI BER 3TATES )T IMPROVES THE
TION AND ESTABLISH A LEVEL PLAYING FIELD BETWEEN %UROPES OPERATION OF THE PASSPORT -I&)$ WILL END THE MONOPOLY
SECURITIES TRADING VENUES AND CREATE A ROBUST COMMON FOR INVESTMENT FIRMS 4HE WHICH CERTAIN STOCK EXCHANGES
REGULATORY FRAMEWORK FOR TRADING IN THE FINANCIAL PRODUCTS SCOPE FOR SHARED SUPERVI HAVE HAD ON THE TRADING OF
OFFERED BY %UROPES SECURITIES MARKETS !T THE SAME TIME SION BETWEEN HOME AND HOST SECURITIES
THE -I&)$ PROVISIONS WILL ENSURE STRONG INVESTOR PROTECTION -EMBER 3TATE HAS BEEN DRASTICALLY REDUCED THOUGH THE HOST
WITH INTER ALIA A COMPREHENSIVE SET OF RULES GOVERNING THE -EMBER 3TATE MAINTAINS SOME LIMITED COMPETENCES MAINLY
RELATIONSHIP WHICH INVESTMENT FIRMS HAVE WITH THEIR CLIENTS WITH RESPECT TO THE SUPERVISION OF PASSPORTED BRANCHES
)T ALSO CLARIFIES SOME OF THE JURISDICTIONAL UNCERTAINTIES THAT
AROSE UNDER THE )3$
/CTOBER
-I&)$ SETS MORE COMPREHENSIVE REQUIREMENTS GOVERNING !NTICIPATED IMPACT
THE ORGANISATION AND CONDUCT OF BUSINESS OF INVESTMENT
FIRMS AND HOW REGULATED MARKETS AND -4&S OPERATE #HARLIE -C#REEVY #OMMISSIONER FOR )NTERNAL -ARKET AND
3ERVICES HAS CALLED -I&)$ A GROUND
BREAKING PIECE OF LEG
-OST FIRMS THAT FALL WITHIN THE SCOPE OF -I&)$ WILL ALSO HAVE ISLATION WHICH WILL TRANSFORM THE LANDSCAPE FOR THE TRADING
TO COMPLY WITH THE NEW #APITAL 2EQUIREMENTS $IRECTIVE OF SECURITIES AND INTRODUCE MUCH NEEDED COMPETITION AND
#2$ WHICH WILL SET REQUIREMENTS FOR THE REGULATORY CAPITAL EFFICIENCY
WHICH A FIRM MUST HOLD 4HOSE FIRMS NEWLY COVERED BY -I&)$
WILL BE SUBJECT TO $IRECTIVE
BASED CAPITAL REQUIREMENTS FOR )N PRACTICAL TERMS THE -I&)$ WILL ALLOW INVESTMENT FIRMS TO
THE FIRST TIME OPERATE ACROSS THE %5 ON THE BASIS OF JUST ONE AUTHORISATION
FROM THEIR HOME STATE AND SHOULD OFFER NEW COMPETITION
7HO IS AFFECTED AND DYNAMISM AND NOT STIFLE IT &OR COMPLIANCE QUESTIONS
INVESTMENT FIRMS WILL JUST HAVE ONE REGULATOR TO ANSWER TO
)N GENERAL -I&)$ WILL COVER ALL THE FIRMS CURRENTLY SUBJECT TO MAKING IT MUCH EASIER TO WORK ON A PAN %5 BASIS
THE )3$ PLUS SOME THAT CURRENTLY ARE NOT 4HIS WILL INCLUDE
INVESTMENT BANKS PORTFOLIO MANAGERS STOCKBROKERS AND
BROKER DEALERS CORPORATE FINANCE FIRMS MANY FUTURES AND
OPTIONS FIRMS AND SOME COMMODITIES FIRMS
)N SOME AREAS THE POSITION FOR FIRMS WILL BE LESS CLEAR CUT
&OR INSTANCE RETAIL BANKS AND BUILDING SOCIETIES WILL BE SUB
JECT TO -I&)$ FOR SOME PARTS OF THEIR BUSINESS EG SELLING
TO CUSTOMERS SECURITIES OR INVESTMENT PRODUCTS WHICH CON
TAIN SECURITIES BUT NOT OTHERS NOT LINKED TO THE PROVISION
OF INVESTMENT SERVICES COVERED BY THE -I&)$ .EVERTHELESS
THESE ASYMMETRIES IN THE TREATMENT OF DIFFERENT ACTIVITIES
EXERCISED BY THE SAME FIRM WILL BE SUBJECT AMONG OTHER IS
SUES TO A BROAD REVIEW BY THE #OMMISSION WHICH WILL END
IN LATE n BEGINNING
"ENEFITS FOR CONSUMERS
5NDER THE -I&)$ REGIME CONSUMERS WILL HAVE A BIGGER CHOICE
OF INVESTMENT SERVICE PROVIDERS n WHO WILL BE REQUIRED ALL %UROPEAN 0ARLIAMENT RAPPORTEUR
OF THEM TO CONFORM TO HIGH STANDARDS OF BEHAVIOUR TO THEIR 0IIA
.OORA +AUPPI
CLIENTS 4HIS WILL INCREASE THE -I&)$ LEGISLATION IS AN ACHIEVE
COMPETITION AMONG FIRMS MENT IN ITSELF IN TERMS OF COOPERATION
A GROUND
BREAKING PIECE OF AND CONSULTATION
LEGISLATION WHICH WILL TRANS
#ONSUMERS WILL ENJOY THE
SAME LEVEL OF PROTECTION
FORM THE LANDSCAPE FOR THE
WHETHER THEY CHOOSE A /UR APPROACH WORKS WITH THE GRAIN OF THE MARKET AND NOT
TRADING OF SECURITIES DOMESTIC SERVICE PROVIDER AGAINST IT HE EMPHASISES 4HESE MEASURES WILL PROTECT IN
OR A FOREIGN ONE !ND THE VESTORS WITHOUT PUTTING AN EXCESSIVE BURDENS ON BUSINESS
LEVEL OF PROTECTION THEY
WILL HAVE WILL BE HIGH 'REATER COMPETITION FOR STOCK EXCHANGES
&IRMS ARE ALSO REQUIRED WHEN PROVIDING INVESTMENT SERVICES 4HE NEW MEASURES ARE EXPECTED TO SIGNIFICANTLY REDUCE THE
TO COLLECT SUFFICIENT INFORMATION TO ENSURE THAT THE PRODUCTS BARRIERS TO CROSS BORDER TRADING OF SHARES AND CROSS BORDER
AND SERVICES WHICH THEY PROVIDE ARE SUITABLE OR APPROPRI PROVISION OF INVESTMENT SERVICES THE #OMMISSIONER SAYS AND
ATE FOR THEIR CLIENTS THEY WILL END THE MONOPOLY WHICH CERTAIN STOCK EXCHANGES
HAVE HAD ON THE TRADING OF SECURITIES !S A RESULT MANY NEW
!S A RESULT SMALL SCALE AND RETAIL INVESTORS WILL HAVE A BIGGER OPPORTUNITIES FOR FIRMS MARKETS AND INDEED CONSUMERS WILL
CHOICE OF PRODUCTS AND SERVICES TO CHOOSE FROM AND EQUI BE CREATED 4HE NET EFFECT WILL BE TO PUT PRESSURE ON TRADING
TIES BONDS ETC TO INVEST IN THUS ALLOWING THEM TO MAXIMISE PLATFORMS TO REDUCE COSTS AND RAISE THEIR GAME
THE RETURNS ON THEIR SAVINGS
4HE $IRECTIVE ABOLISHES THE SO CALLED @CONCENTRATION RULE
AND -EMBER 3TATES CAN NO LONGER REQUIRE INVESTMENT FIRMS
TO ROUTE ORDERS ONLY TO STOCK EXCHANGES !S A RESULT EX
. O /C T/O CBTEORBER
7IDE AND EXTENSIVE CONSULTATION
TITION FROM MULTILATERAL TRADING FACILITIES -4&S IE BROADLY
NON
EXCHANGE TRADING PLATFORMS AND @SYSTEMATIC INTERNALIS
4HE -I&)$ LEGISLATION HAS BEEN DEVELOPED AND ADOPTED
ERS IE BANKS OR INVESTMENT FIRMS WHO SYSTEMATICALLY EX
IN A SERIES OF STAGES KNOWN
ECUTE CLIENT ORDERS INTERNALLY ON OWN ACCOUNT AS THE ,AMFALUSSY PROCESS
4HE LEVEL $IRECTIVE ESTAB
-4&S AND @SYSTEMATIC INTERNALISERS WILL BE SUBJECT TO SIMI
LISHES THE GUIDING PRINCIPLES OF
LAR PRE
AND POST
TRADE TRANSPARENCY REQUIREMENTS AS THE THE LEGISLATION 4HIS WAS ADOPT
EXCHANGES 4HIS WILL ENSURE A LEVEL PLAYING FIELD BETWEEN THE ED BY THE %UROPEAN 0ARLIAMENT
EXCHANGES AND THEIR NEW COMPETITORS n AND FULL INFORMATION AND THE %UROPEAN #OUNCIL UN
ON TRADING ACTIVITY TO THE MARKET DER THE CO
DECISION PROCESS IN
#ATALYST FOR CHANGE
4HIS HAS BEEN FOLLOWED BY THE
-I&)$ IS ALREADY ACTING AS A CATALYST FOR SIGNIFICANT MARKET LEVEL IMPLEMENTING MEAS
THE OUTCOME IS BALANCED
CHANGES -ANY EXCHANGES MULTILATERAL TRADING FACILITIES AND URES WHICH ARE THE TECHNICAL PROPORTIONATE AND SENSIBLE
INVESTMENT FIRMS ARE POSI
OPERATIONAL MEASURES ADOPTED
#OMMISSIONER #HARLIE
TIONING THEMSELVES IN AN
BY THE %UROPEAN #OMMISSION -C#REAVY
-ANY EXCHANGES MULTI
TICIPATION OF THE MUCH MORE SEPARATELY THROUGH THE COMI
LATERAL TRADING FACILITIES COMPETITIVE CONDITIONS TOLOGY PROCEDURE IE AFTER
WHICH THE -I&)$ WILL CREATE POSITIVE OPINION ISSUED BY A COMMITTEE OF REPRESENTATIVES OF
-4&S AND INVESTMENT THE -EMBER 3TATES AND ULTRA VIRES CONTROL BY THE %UROPEAN
FIRMS ARE POSITIONING .EW SERVICES ARE ALREADY 0ARLIAMENT
IN DEVELOPMENT 4HE TRADING
THEMSELVES IN ANTICIPATION PLATFORM ORIGINALLY BUILT FOR 4HE #OMMISSIONS ,EVEL MEASURES WERE ADOPTED IN !U
OF THE MUCH MORE COM
THE %!3$!1 AND .!3$!1 GUST AND PUBLISHED IN 3EPTEMBER
%UROPE PAN
%UROPEAN EX
PETITIVE CONDITIONS WHICH CHANGES FOR EXAMPLE IS CUR
R 4HE LEVEL MEASURES ARE THE RESULT OF AN UNPRECEDENTED
THE -I&)$ WILL CREATE RENTLY BEING DEVELOPED INTO A AND INTENSE ROUND OF CONSULTATIONS WITH ALL STAKEHOLDERS
FULLY -I&)$ COMPLIANT TRADING n INCLUDING -EMBER 3TATES REGULATORS FIRMS AND CONSUMERS
PLATFORM 4HEY ARE BASED LARGELY ON THE ADVICE PROVIDED BY THE #OM
MITTEE OF %UROPEAN 3ECURITIES 2EGULATORS #%32 WHICH
4HROUGH THE PLATFORM WE HAVE DEVELOPED ORGANISATIONS ITSELF HAS CONDUCTED EXTENSIVE IN
DEPTH TECHNICAL DISCUSSIONS
WILL BE ABLE TO USE A SINGLE PAN
%UROPEAN EXCHANGE
RATHER WITH THE SECURITIES REGULATORS AS WELL AS EXTENSIVE CONSULTA
THAN HAVING TO TRADE IN ALL NATIONAL EXCHANGES
EFFECTIVELY TION WITH THE PUBLIC
DELIVERING ON -I&)$S KEY GOAL OF MAKING %UROPES TRADING
VENUES MORE LIQUID AND TRANSPARENT EXPLAINS THE PRESIDENT 3UCCESS FOR @,AMFALUSSY PROCESS
OF %QUIDUCT $R *OS 0EETERS
4HE &INNISH -%0 0IIA
.OORA +AUPPI WHO IS THE %UROPEAN
%QUIDUCTS GOAL IS TO OFFER LOW
COST AND VERY LOW
LATENCY 0ARLIAMENTS RAPPORTEUR R FOR THE -I&)$ $IRECTIVE HIGHLIGHTS
CAPABILITIES FOR FIRMS TO ACCESS ALL OF %UROPES POOLS OF LI
THE FACT THAT THIS LEGISLATION HAS BEEN THE FIRST MAJOR TEST
QUIDITY &OR EXAMPLE A &RANKFURT
BASED BROKER MIGHT HAVE FOR THE ,AMFALUSSY PROCESS AND THE USE OF THIS APPROACH TO
A DIRECT CONNECTION TO THE $EUTSCHE "OURSE AND THEN USE DEVELOPING HIGHLY COMPLEX LEGISLATION
OUR %QUIDUCT PLATFORM TO ACCESS THE OTHER %UROPEAN EX
CHANGES n AVOIDING THE COST OF COMPLEX INFRASTRUCTURES TO 7E FEEL THAT THE PROCESS HAS WORKED WELL 4HERE HAS BEEN
CONNECT TO ALL NATIONAL EXCHANGES ADDS "OB &ULLER #%/ A HIGH LEVEL OF CONSULTATION WITH ALL PARTIES WHETHER THROUGH
OF %QUIDUCT THE FORMAL CHANNELS OR THROUGH REPRESENTATIONS FROM SPE
CIFIC INTEREST GROUPS !LL VOICES HAVE BEEN HEARD INCLUDING
-I&)$ IS INTENDED TO PROMOTE COST EFFECTIVE PAN
%UROPEAN THE #%32 -EMBER 3TATES AND THE INDUSTRY !LL HAVE CON
TRADING NOT TRADING IN ISOLATED NATIONAL EXCHANGES )T IS ONE OF TRIBUTED THEIR POINTS OF VIEW ALLOWING US POLICY
MAKERS TO
OUR GOALS TO FACILITATE THIS AND PROVIDE A SOLUTION THAT DELIV
MAKE OUR DECISIONS BASED ON THE MOST COMPLETE AND UP TO
ERS BEST EXECUTION WHILE REDUCING THE OVERALL RISK AND COSTS DATE INFORMATION
ASSOCIATED WITH -I&)$ IMPLEMENTATION
)N MANY RESPECTS THIS CONSULTATION PROCESS IS AN
EXPRESSION OF THE DEMOCRATIC PROCESS AND THE
/CTOBER
. O / C T O B E R
%UROPEAN 0ARLIAMENT HAS MADE FULL INVOLVEMENT AND CONSULTATION OF ALL THE RELEVANT INTEREST
A MAJOR CONTRIBUTION TO THE DE
GROUPS
VELOPMENT AND FINE
TUNING OF THIS
$IRECTIVE 0IIA
.OORA +AUPPI SAYS THAT !T THE END OF THE DAY THE -I&)$
LEGISLATION IS AN ACHIEVEMENT IN ITSELF IN TERMS OF COOPERATION
0ARTICULARLY PLEASING FOR THE &INN
AND CONSULTATION
ISH -%0 HAS BEEN THE WORKING
RELATIONSHIP DEVELOPED WITH THE )T HAS DEMONSTRATED A WILLINGNESS ON THE PART OF ALL PLAYERS
#OMMISSIONgS SPECIALISTS -EMBER 3TATES THE %UROPEAN 0ARLIAMENT REGULATORS MARKETS
AND CONSUMERS
TO WORK TOGETHER CONSTRUCTIVELY TO ACHIEVE
4HERE HAS BEEN A TRANSPARENT THE RIGHT RESULT FOR %UROPES FINANCIAL MARKETS %UROPEAN INVES
PROCESS BETWEEN THE 0ARLIAMENT TORS AND THE ECONOMY AS A WHOLE
AND THE #OMMISSION AND A CON
STANT DIALOGUE THROUGHOUT THE )MPLEMENTATION AND FOLLOW
UP
-%0 +AUPPI VARIOUS STAGES )T HAS BEEN VERY
!LL HAVE CONTRIBUTED FLEXIBLE AND VERY PRODUCTIVE !T 4HE TARGET DATE FOR IMPLEMENTATION IS .OVEMBER .A
THEIR POINTS OF VIEW ALLOW
ONE STAGE ) WAS WORKING WITH TOP TIONAL AUTHORITIES IN -EMBER 3TATES MUST TRANSPOSE -I&)$S RE
ING US POLICY
MAKERS TO #OMMISSION OFFICIALS VIA A TEL
QUIREMENTS INTO DOMESTIC LAW BY THE END OF *ANUARY
MAKE OUR DECISIONS BASED ECONFERENCING LINK FROM &INLAND
TO DISCUSS AND RESOLVE MANY FINER 4HE #OMMISSION WILL CON
ON THE MOST COMPLETE AND
POINTS OF DETAIL )T RESULTED IN VALU
TINUALLY EVALUATE THE -I&)$
UP TO DATE INFORMATION ABLE IMPROVEMENTS BEING MADE AT TO ENSURE IT IS WORKING IN
AN EARLY STAGE TO THE #OMMIS
PRACTICE AND IS DELIVERING
SIONS WORKING PAPERS THE INTENDED RESULTS
-S +AUPPI POINTS OUT THAT THE HIGH LEVEL OF CONSULTATION IN
! 0RACTITIONERS %XPERTS
VOLVED IN DEVELOPING THE -I&)$ HAS LED TO A CERTAIN SLIPPAGE IN 'ROUP WAS SET UP IN 3EP
THE TIME SCHEDULE /NE THING WE HAVE LEARNED IS THAT PROPER TEMBER WHICH OVER THE NEXT
CONSULTATION TAKES TIME !ND THE LAST THING ANYBODY WISHES TO THREE YEARS WILL HELP WITH THE
SEE IN THIS COMPLEX AND IMPORTANT AREA IS BAD LEGISLATION DONE WORK OF EVALUATION ! 1!
IN HASTE DATABASE IS BEING DEVELOPED
TO AID THE TRANSPOSITION
)NDEED TO FIND THE MOST EFFECTIVE ROUTE TO HARMONISE LEGISLA
TION THE BEST ROUTE HAS NOT ALWAYS BEEN TO TAKE THE SIMPLEST )N ADDITION THE -I&)$ SPECIFICALLY REQUIRES THE #OMMISSION TO
SOLUTION AND SELL IT TO THE OTHERS 7E HAVE TRIED TO FIND SOLUTIONS DRAW UP REPORTS ON THE IMPLEMENTATION OF PARTICULAR PROVISIONS
WHICH BEST SUIT THE MARKET TRADITIONS AND SPECIFICITIES OF THE EG PROFESSIONAL INDEMNITY INSURANCE PRE
TRADE TRANSPARENCY
PARTIES CONCERNED OF SYSTEMATIC INTERNALISERS PRE
AND POST
TRADE TRANSPARENCY OF
FINANCIAL INSTRUMENTS OTHER THAN SHARES
!ND AT EVERY STAGE WE HAVE ASKED THE QUESTION WHETHER THE
BENEFIT WILL BE GREATER THAN THE COST OF IMPLEMENTATION 4HESE 4HE MAJORITY OF THESE REPORTS ARE DUE TO APPEAR DURING
ARE ESPECIALLY IMPORTANT ISSUES FOR THE SMALLER -EMBER 3TATES AND )F ANY CHANGES TO THE -)&)$ IMPLEMENTING RULES ARE
AND SMALLER INVESTMENT COMPANIES NECESSARY THEN THE MECHANISMS IN PLACE CAN ALLOW FOR RELATIVELY
SPEEDY ADJUSTMENT
#OMMISSIONER -C#REAVY STRESSES THE OUTCOME IS BALANCED
PROPORTIONATE AND SENSIBLE )T HAS BEEN CRAFTED AFTER THE
INFO
-ARIA 6ELENZTA
4%,
&!8
-ARKT
' ECEUROPAEU
INFO HTTPECEUROPAEUINTERNAL?MARKETSECURITIESISDINDEX?ENHTM
/CTOBER
&INANCIAL REPORTING
!UDITORSg LIABILITY
STUDY
SHOWS THREAT OF CURRENT RULES
TO FINANCIAL STABILITY
4HE RISK OF RUINOUS LAW SUITS DIRECTED TOWARDS AUDITING FIRMS WAS
CLEARLY DEMONSTRATED WITH THE COLLAPSE OF !RTHUR !NDERSEN IN
IN THE AFTERMATH OF THE %NRON SCANDAL ! STUDY BY ,ONDON %CONOMICS
ARGUES THAT A SIMILAR BLOW TO ONE OF THE FOUR DOMINANT ACCOUNTING
FIRMS +0-' %RNST 9OUNG 0W# AND $ELOITTE COULD POSE A THREAT
TO FINANCIAL STABILITY OF THE WIDER ECONOMY CREATING SERIOUS PROBLEMS
FOR COMPANIES WHOSE FINANCIAL STATEMENTS NEED TO BE AUDITED
4 HE #OMMISSION HAS PUBLISHED AN IN
DEPENDENT STUDY ON THE ECONOMIC
IMPACT OF CURRENT %5 RULES ON AUDITORS
!DDITIONALLY UNDER THE CURRENT
CIRCUMSTANCES MIDDLE
TIER lRMS
ARE UNLIKELY TO BECOME A MAJOR
4HE STUDY DOES NOT NECESSARILY EXPRESS
THE #OMMISSIONS OFFICIAL VIEW 4HE EX
TERNAL CONSULTANT ,ONDON %CONOMICS
LIABILITY REGIMES AND ON INSURANCE CONDI
ALTERNATIVE IF A "IG
NETWORK FAILS REMAINS RESPONSIBLE FOR THE FACTS AND THE
TIONS IN -EMBER 3TATES 4HE STUDY EMPHASISES THE NEED VIEWS SET OUT IN THE REPORT
TO ADDRESS NOT ONLY THE LIABILITY OF
4HE NEW STUDY STATES THAT ONE OF THE INDIVIDUAL AUDITORS BUT ALSO THE .EXT STEPS
POTENTIAL LIABILITY OF AUDIT NETWORKS
MAJOR "IG &OUR NETWORKS COULD POSSIBLY
AS SUCH WHICH REPRESENTS A NEW RISK
FAIL AND THAT A LIMITATION ON AUDITOR LI
FOR AUDITORS 4HE #OMMISSION WILL ISSUE A REPORT
ABILITY WOULD REDUCE RISK CAUSED BY PO
BASED ON THIS STUDY BEFORE THE END OF
TENTIAL CATASTROPHIC CLAIMS s 4HE LEVEL OF AUDITOR LIABILITY INSURANCE 3TAKEHOLDERS WILL BE INVITED TO GIVE
AVAILABLE FOR HIGHER LIMITS HAS THEIR VIEWS
4HE STUDY ANALYSES THE STRUCTURE OF THE FALLEN SHARPLY IN RECENT YEARS 4HE
REMAINING SOURCE OF FUNDS TO FACE
AUDITING MARKET AND ITS POSSIBLE DEVELOP
)NTERNAL -ARKET AND 3ERVICES #OMMIS
CLAIMS MAY ESSENTIALLY BE THE INCOME
MENT IN THE FUTURE DESCRIBES THE EXISTING OF PARTNERS BELONGING TO THE SAME SIONER #HARLIE -C#REEVY SAID 4HIS STUDY
LIMITATIONS IN THE INSURANCE MARKET FOR INTERNATIONAL NETWORK #ONSTANTLY PROVIDES VALUABLE INPUT INTO OUR EXAMI
INTERNATIONAL AUDITS EXAMINES THE ECO
LARGE CLAIMS MIGHT THEREFORE PUT AT NATION OF AUDITORS LIABILITY )T HIGHLIGHTS
NOMIC NEEDS FOR LIMITING AUDITORS LIABILITY RISK AN ENTIRE NETWORK THAT LARGE CLAIMS MAY PUT AT RISK AN ENTIRE
AND COMPARES SEVERAL POSSIBLE METHODS AUDITING NETWORK 4HERE ARE IMPORTANT
s 4HE FAILURE OF A NETWORK COULD LEAD
FOR LIMITING LIABILITY ISSUES AT STAKE ) RECOGNISE OPINIONS ARE
TO DIFlCULT CONSEQUENCES FOR THE
WIDER ECONOMY LIKE A SIGNIlCANT DIVIDED ABOUT HOW WE SHOULD ADDRESS
)T REPRESENTS THE FIRST %5
WIDE SCALE ECO
REDUCTION IN LARGE COMPANY STATUTORY THESE ) HOPE THE DISCUSSION THAT THIS RE
NOMIC STUDY ON THIS SUBJECT 4HE PREPARA
AUDIT CAPACITY POSSIBLY CREATING PORT WILL ENGENDER WILL ALLOW US TO REACH
TION OF THE STUDY HAS BEEN ACCOMPANIED SERIOUS PROBLEMS FOR COMPANIES A CLEARER UNDERSTANDING OF HOW BEST TO
BY THE CREATION OF AN !UDITORS ,IABILITY WHOSE lNANCIAL STATEMENTS NEED TO ADDRESS THE REAL PROBLEMS THAT ARE THERE
&ORUM COMPOSED OF MARKET EXPERTS BE AUDITED AND WILL NOT GO AWAY 'IVEN THE IMPOR
R
s ! LIMITATION ON AUDITOR LIABILITY WOULD TANT ROLE AUDITING COMPANIES PLAY IN OUR
+EY CONCLUSIONS REDUCE THIS RISK 7HILE THERE EXIST CAPITAL MARKETS WE WILL SOON PRESENT OUR
A NUMBER OF VARIANTS OF STATUTORY VIEWS ON POSSIBLE WAYS FORWARD FOR FUR
R
4HE FOUR KEY ISSUES IDENTIFIED IN THE STUDY AUDIT LIABILITY LIMITATION THE DIVERSITY THER DISCUSSION
ARE OF CIRCUMSTANCES IN TERMS OF BOTH
AUDITS AND COMPANY SIZE IS SUCH THAT INFO
s 4HE INTERNATIONAL MARKET FOR IT IS UNLIKELY THAT A ONE
SIZE
lTS
ALL
!NNE
&RAN OISE -ÏLOT
STATUTORY AUDITS OF LARGE AND 4%,
%5
WIDE APPROACH IS THE MOST USEFUL &!8
VERY LARGE COMPANIES IS HIGHLY
-ARKT
& ECEUROPAEU
CONCENTRATED AND DOMINATED BY
THE "IG
NETWORKS 4HE LIKELIHOOD
OF NEW ENTRANTS INTO THIS MARKET IS
VERY LIMITED IN THE COMING YEARS INFO HTTPECEUROPAEUINTERNAL?MARKETAUDITINGINDEX?ENHTM
. O / C T O B E R
Business consultation
European Business Test Panel
in new push to hear
the voice of EU business
Since the launch of the online European Business Test Panel in 2003,
more than 3,000 companies have joined as members to give their
feedback on Commission proposals likely to impact their business.
During this development phase, business feedback has already had an
impact on legislative proposals. The Commission is now pushing to
develop a large membership base of EBTP across the EU to make it
as representative as possible.
I mproving consultation is an important
part of the Commission’s "Better Regu-
lation" Action Plan of June 2002, and a key
different sizes and sectors lo-
cated in all EU countries have
become members and have al-
element of the European Union’s drive to ready provided valuable input.
make Europe the best place to do busi-
ness in the world. The Commission is seeking to
further expand the member-
An online consultation tool the European ship base. To ensure effective
Business Test Panel (EBTP) was launched representation, the Commis-
in 2003 as a joint initiative between EU sion is working with the EU's
Member Sates and DG Internal Market statistics office, Eurostat, to
and Services. Its aim is to help improve ensure that the business panel European Commission President José Manuel
and expand consultation links with busi- is representative in terms of Barroso (right) with UNICE Secretary General
nesses community throughout the EU. size of companies and sectors Philippe de Buck. EBTP is building closer contacts
in which they work.
with industry groups to involve a wider cross-sec-
EBTP is a unique tool which sets out to
obtain direct feedback from businesses of Early achievements tion of business in the consultation process.
all type and size on Commission legisla-
tive proposals or initiatives likely to have The EBTP has already made its as the most costly to comply with.This in-
an impact on the business community. voice felt through the first consultations. formation has been fed through to policy
On the topic of VAT procedures, 54% of makers to help them set the appropriate
Working through national coordinators, the EBTP members responding to the priorities as they work to reduce burdens
the members of EBTP who are independ- questionnaire said that they had never related to EU legislation.
ent companies, are invited to give their requested a VAT refund in another EU
viewpoint on the potential impact. country because the procedure was too Totally Internet-based
difficult. As a result of this, the Commis-
The consultation takes the form of an sion developed a new proposal in Octo- The EBTP consultations are entirely In-
online questionnaire which should take ber 2004 for a simplified electronic pro- ternet based, using the on-line consulta-
no more than 20 minutes to fill in. The cedure for claiming refunds of VAT paid in tion tools developed under the Interac-
number of consultations per year is not other Member States. tive Policy Making (IPM) initiative. This
expected to exceed eight. survey mechanism allows the consulta-
Through other consultations, EBTP mem- tion process to be fast and efficient, and
Expanding the membership base bers informed the Commission that the the results of consultations can be made
costs of complying with legislation are available to both participants and policy-
The programme is open to all businesses. too high and rising. Indeed, they cite em- makers directly after their closure.
So far more than 3,000 companies of ployment, taxation and accounting rules
No 43 October 2006
16
SMN43-inside.indd 16 28/11/2006 10:55:14
Business Consultation
The EBTP is jointly managed by the
Commission and Member States. In each
Member State there is a national co-or-
dinator, in some cases working closely
Jacqueline Minor (right)
with business organisations, responsible and Werner Stengg of the
for the setting up and maintenance of the DG Internal Market and
Panel at national level. Services' EBTP delegation
which recently participated
Panellists are given a suitable time period at a conference of UNICE,
(at least two weeks) within which to sub-
mit their replies.
the umbrella group for
European industry.
Members are supplied with a short ex-
planatory note setting out the objectives
of the new policy initiative and are asked
to complete a short questionnaire (10- replies are aggregated and no reference ess and policy-makers are committed to
15 questions), designed for easy use and to individual businesses is given. taking them into account when finalising
members can work in their own language their proposals. As these procedures can
(most documents, notices, questionnaires A few weeks later panel members receive be lengthy, there is some-
and results will be available in the 20 a report on the views expressed during times a considerable time info
Gudrun Waldenstrom
Community languages). each consultation. Explanations as to what gap before a proposal is TEL: +32 (0)2.296 30 07
follow-up action will ensue, is given later. finally adopted. FAX: +32 (0)2.299 86 30
Feedback The views gathered through the consulta- Markt-G4@ec.europa.eu
tion are fed into the policy-making proc-
After the consultation period, panellists
can see how their counterparts have re-
sponded. For the sake of confidentiality, info http://ec.europa.eu/yourvoice/ebtp
info http://ec.europa.eu/internal_market/publicprocurement/key-docs_en.htm
No 43 October 2006
17
SMN43-inside.indd 17 28/11/2006 10:55:15
%NLARGEMENT
4HE %5 PREPARES FOR THE
ACCESSION OF
"ULGARIA AND 2OMANIA
!T THE BEGINNING THE NUMBER OF STATES IN THE %UROPEAN
5NION WILL RISE TO TWENTY SEVEN WITH THE ARRIVAL OF "ULGARIA
AND 2OMANIA WILL ALSO MARK THE TH BIRTHDAY OF THE
%5 3INCE ITS POPULATION WILL HAVE RISEN TO MORE THAN
MILLION CITIZENS AND THE NUMBER OF OFlCIAL LANGUAGES WILL
HAVE EXPANDED TO 7ITH THE ACCESSION OF "ULGARIA THE
#YRILLIC ALPHABET WILL BE USED BY THE %5 INSTITUTIONS FOR THE
lRST TIME 4HE ACCESSION OF "ULGARIA AND 2OMANIA WILL PROVIDE
'REECE WITH A DIRECT LAND CONNECTION TO THE REST OF THE %5
* OINING THE %5 IS NO SMALL TASK FOR ANY
COUNTRY 3INCE "ULGARIA AND 2OMANIA AP
PLIED FOR %5 MEMBERSHIP IN THEY
AND ADMINISTRATION TO THE REQUIREMENTS MONEY LAUNDERING COMPANY LAW AND THE
OF THE %5 PROTECTION OF INTELLECTUAL AND INDUSTRIAL
PROPERTY RIGHTS
HAVE COMPLETED ACCESSION NEGOTIATIONS #ONSIDERABLE EFFORTS
ACTED UPON THE CONSTRUCTIVE CRITICISM )N GENERAL TERMS GOOD PROGRESS HAS BEEN
EXPRESSED IN SUCCESSIVE #OMMISSION 4HE LAST #OMMISSION MONITORING REPORT MADE IN MOST OF THESE AREAS ALTHOUGH IN
MONITORING REPORTS AND ACCOMMODATED PUBLISHED ON 3EPTEMBER CON
SOME CASES LEGISLATION HAS BEEN ADOPTED
TEAMS OF -EMBER 3TATES AND #OMMIS
CLUDED THAT "ULGARIA AND 2OMANIA WERE ONLY VERY RECENTLY WHICH MEANS THAT IT
SION EXPERTS WHO HAVE VISITED THEM TO hSUFFICIENTLY PREPARED TO MEET THE PO
HAS BEEN IMPOSSIBLE TO ASSESS THEIR IM
GET A MORE COMPLETE VIEW OF THE ADMINIS
LITICAL ECONOMIC AND ACQUIS CRITERIA BY PLEMENTATION
TRATIVE CAPACITY IN CERTAIN SPECIlC AREAS *ANUARY v
3HOULD ANY OF THE TWO COUNTRIES CAUSE OR
3INCE THE SIGNATURE OF THE !CCESSION 4REA
4HE REPORT ACKNOWLEDGED THAT THE TWO RISK CAUSING A SERIOUS BREACH OF THE FUNC
TY IN !PRIL THE TWO COUNTRIES HAVE COUNTRIES HAVE MADE CONSIDERABLE EFFORTS TIONING OF THE INTERNAL MARKET UNDER THE
ALSO BEEN INVITED TO SEND OBSERVERS TO TO COMPLETE THEIR PREPARATIONS FOR %5 !CCESSION 4REATY THE #OMMISSION CAN
#OUNCIL 7ORKING 'ROUPS #OMMISSION MEMBERSHIP .ONETHELESS PREPARATIONS TAKE APPROPRIATE SAFEGUARD MEASURES UP
#OMMITTEES AS WELL AS TO THE %UROPEAN IN A FEW AREAS HAVE YET TO BE COMPLETED TO THREE YEARS AFTER THEIR ACCESSION
0ARLIAMENT WHICH HAS INCREASED THEIR IN
4HE #OMMISSION HAS FORESEEN THE POS
VOLVEMENT IN %5 AFFAIRS 4HE POPULATIONS SIBLE INTRODUCTION OF TARGETED MEASURES )T SEEMS RATHER LIKELY THAT "ULGARIA AND
OF "ULGARIA AND 2OMANIA HAVE HAD TO DEAL FOLLOWING THE DATE OF ACCESSION IN THE 2OMANIA WILL NOT BE READY TO PARTICIPATE
WITH THE CHANGES RESULTING FROM THE AD
AREAS OF JUDICIAL REFORM THE FIGHT AGAINST FULLY IN THE MOTOR INSURANCE SYSTEM OF THE
JUSTMENT OF THEIR COUNTRIES LEGISLATION CORRUPTION AND ORGANISED CRIME THE %5 ON THE DATE OF ACCESSION 4HIS IS DUE
MANAGEMENT OF %5 AGRICULTURAL FUNDS AND TO THE FACT THAT FOLLOWING THE PROVISIONS OF
FOOD SAFETY AS WELL AS AVIATION SAFETY FOR THE -OTOR )NSURANCE $IRECTIVES CERTAIN
"ULGARIAN AIRCRAFT AGREEMENTS WHICH UNDERPIN THE SMOOTH
FUNCTIONING OF THE MOTOR INSURANCE SYS
'OOD PROGRESS WITH 3INGLE -ARKET POLICIES TEM IN THE %UROPEAN 5NION SUCH AS THE
-ULTILATERAL 'UARANTEE !GREEMENT UNDER
.O SECTORAL SAFEGUARDS HAVE BEEN ENVIS
THE AEGIS OF THE #OUNCIL OF "UREAUX HAVE
AGED FOR THE AREAS WITHIN THE REMIT OF $' YET TO BE SIGNED WITH THE TWO COUNTRIES
)NTERNAL -ARKET AND 3ERVICES WHICH IN
CLUDE PUBLIC PROCUREMENT MUTUAL RECOG
/NCE THESE AGREEMENTS ARE CONCLUDED
NITION OF PROFESSIONAL QUALIFICATIONS RIGHT THE PROPER PROCEDURES WILL HAVE TO BE
OF ESTABLISHMENT FINANCIAL SERVICES POSTAL FOLLOWED FOR THE RELEVANT ACQUIS PROVI
SERVICES CERTAIN INFORMATION SOCIETY SIONS TO TAKE EFFECT )F FOR INSTANCE THE
SERVICES THE FREE MOVEMENT OF CAPITAL -ULTILATERAL 'UARANTEE !GREEMENT IS NOT
4HE "ULGARIAN 0ARLIAMENT IN 3OFIA
. O / C T O B E R
%NLARGEMENT
CONCLUDED BY THE DATE OF ACCESSION OR IF 4HE #OMMISSION HAD BEEN UNABLE TO AS 0REVIOUS ENLARGEMENT ALL GET RICHER
IT IS CONCLUDED TOO LATE TO FULFIL ALL FORMALI SESS WHETHER 2OMANIA WOULD CORRECTLY
TIES IN TIME THE CURRENT -EMBER 3TATES TRANSPOSE THE NEW RULES ON CAPITAL RE ! RECENT STUDY ASSESSING THE FIRST TWO
WILL BE ALLOWED TO MAINTAIN BORDER CHECKS QUIREMENTS FOR CREDIT INSTITUTIONS AND YEARS AFTER THE INCORPORATION OF TEN NEW
ON MOTOR THIRD PARTY LIABILITY INSURANCE INVESTMENT FIRMS BY THE TIME OF THE MOST -EMBER 3TATES HAS BEEN PUBLISHED WHICH
POLICIES IN RESPECT OF "ULGARIAN AND 2O RECENT MONITORING REPORT DUE TO INSUF
F INDICATES THAT THE ENLARGEMENT HAS BEEN
MANIAN VEHICLES AS WELL AS IN RESPECT OF FICIENT INFORMATION RECEIVED AN ECONOMIC SUCCESS
THIRD COUNTRY VEHICLES ENTERING THEIR TER R
RITORY FROM "ULGARIA AND 2OMANIA 4HE 2OMANIAN AUTHORITIES HAVE PROVID 4HE #OMMUNICATION h%NLARGEMENT 4WO
ED FURTHER INFORMATION IN THE MEANTIME 9EARS !FTER n !N %CONOMIC 3UCCESSv HAS
"OTH COUNTRIES HAVE BEEN WARNED THAT WHICH IS CURRENTLY BEING ANALYSED BY $' SHOWN THAT THE NEWLY ADMITTED ECONO
FURTHER PROGRESS WOULD BE NECESSARY CON )NTERNAL -ARKET AND 3ERVICES MIES ARE GROWING AT A RAPID PACE ENABLING
CERNING THE IMPLEMENTATION AND ENFORCE THEM TO PROGRESSIVELY BRIDGE THE GAP WITH
MENT OF THE LEGAL FRAMEWORK CONCERNING 4HE TWO COUNTRIES TOGETHER WITH THE %5 THEIR RICHER NEIGHBOURS
MONEY LAUNDERING AND THAT SUPERVISORY HAVE UNTIL THE END OF TO TRANS
CAPACITY WOULD NEED TO BE INCREASED POSE THE NEW $IRECTIVES 4HE REPORT INDICATES THAT THE %5 HAS
ALSO BENEFITED AS THE INCREASE OF THE %5S
0ROGRESS IN )02 FIELD SINGLE MARKET BY MILLION TO MILLION
INHABITANTS HAS BROUGHT A WEALTH OF TRADE
"ULGARIA AND 2OMANIA HAVE COME A AND INVESTMENT OPPORTUNITIES
LONG WAY IN THE FIELD OF INTELLECTUAL
AND INDUSTRIAL PROPERTY RIGHTS PRO 4HE ADOPTION OF THE %5 BODY OF LEGISLATION
TECTION )MPROVING THE SITUATION IN AND RULES n THE SO CALLED ACQUIS HELPED
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HAS BEEN HIGHLIGHTED IN SUCCESSIVE ABOUT MACROECONOMIC STABILITY AND STABLE
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4HE ANCIENT AND MODERN SKYLINE OF PORTUNITIES FOR BUSINESSES
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R
ALL STOCK OF ¬ BILLION IN OR
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CESSION DATE ON TH /CTOBER )N ITS NON EXISTENT SOME TEN YEARS EARLIER
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IMPORTANCE OF CONTINUED POLITICAL COM
MITMENT OF BOTH COUNTRIES TO ADDRESS
OUTSTANDING ISSUESv
$ENMARK AND 'ERMANY MUST COMPLETE
MONITORING REPORTS AND HAS ALSO BEEN THE THE RATIFICATION PROCESS OF THE !CCESSION
SUBJECT OF SO CALLED PEER REVIEWS ASSESS 4REATY WHICH WAS STILL IN PROGRESS AT THE
MENTS DONE BY EXPERTS FROM THE -EMBER END OF /CTOBER BEFORE "ULGARIA
INFO
3TATES IN BOTH COUNTRIES .ONETHELESS AND 2OMANIA CAN BECOME -EMBER 3TATES $ORA -AJOROS
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NOT BEEN FULLY MET TO DATE &!8
-ARKT " ECEUROPAEU
4HE SPECIALISED UNITS IN $' )NTERNAL -AR R
4HE MOST RECENT MONITORING REPORT KET AND 3ERVICES CONTINUE TO BE IN REGULAR
CALLED ON "ULGARIA TO ENSURE THAT USERS CONTACT WITH THE AUTHORITIES OF "ULGARIA
OF PROTECTED SUBJECT MATTER INCLUDING AND 2OMANIA TO ENABLE THEM TO COMPLETE
CABLE OPERATORS COMPLY WITH THEIR OB THEIR FINAL PREPARATIONS BY THE END OF THE
LIGATIONS TO PAY ROYALTIES )T POINTED OUT YEAR
THAT AS A RESULT OF RECENT AMENDMENTS TO
THE "ULGARIAN PATENT LAW ACQUIRED RIGHTS
HAVE BEEN CURTAILED IN SOME CASES 2OMA 4HE &ULL #OMMUNICATION THE STUDY ON ENLARGEMENT
NIA WAS CAUTIONED THAT ITS #OPYRIGHT !CT AND THE MONITORING REPORT ARE AVAILABLE ON
WAS NOT FULLY IN LINE YET WITH %5 REQUIRE
MENTS
INFO HTTPEUROPAEUINTCOMMECONOMY?lNANCEPUBLICATIONSOCCASIONALPAPERS?ENHTM
HTTPECEUROPAEUENLARGEMENTKEY?DOCUMENTSREPORTS?SEPT??ENHTM
. O / C T O B E R
#LEARING AND SETTLEMENT
)NDUSTRY #ODE OF #ONDUCT
FOR CLEARING AND SETTLEMENT BE GRADUALLY EXTENDED TO INCLUDE OTHER
GETS #OMMISSION BACKING FINANCIAL INSTRUMENTS SUCH AS BONDS AND
DERIVATIVES
4HE SIGNATORIES MAY HOWEVER n AND THE
#OMMISSION ENCOURAGES THEM TO DO SO
! #ODE OF #ONDUCT INTRODUCED BY THE CLEARING AND SETTLEMENT n APPLY ALL OR SOME OF THE PROVISIONS OF
INDUSTRY HAS BEEN WELCOMED BY THE #OMMISSION AS AN IMPORTANT THE #ODE TO MOST OR ALL FINANCIAL INSTRU
FIRST STEP TOWARDS AN INTEGRATED AND EFFICIENT POST
TRADING MARKET MENTS FROM EARLY ON IF THEY SO WISH
IN THE %5
h4HIS NEW #ODE OF #ONDUCT SHOWS THE
CLEARING AND SETTLEMENT INDUSTRYS FIRM
COMMITMENT TO TRANSPARENCY INTEROPER
R
ABILITY AND COMPETITION -R -C#REEVY
COMMENTED
s UNBUNDLING OF SERVICES AND
) N *ULY #OMMISSIONER FOR )NTERNAL
-ARKET AND 3ERVICES #HARLIE -C#REEVY
ANNOUNCED THAT HE FAVOURS AN INDUSTRY
ACCOUNTING SEPARATION 4HIS IS A
&OR EACH GROUP OF MEASURES THE #ODE CREATION
LED APPROACH TO A MORE EFFICIENT AND IN
SETS A SPECIFIC DEADLINE FOR IMPLEMENTA
KET
TEGRATED POST
TRADING MARKET IN THE %5 TION SOME OF THE MEASURES WILL HAVE TO
AS OPPOSED TO PROPOSING A $IRECTIVE AND BE IMPLEMENTED
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SUITABLE SOLUTION SIGNING OF THE 4HE INDUSTRY IS TO BE
#ODE WHILE FOR CONGRATULATED FOR ITS EFFORTS
)N RESPONSE TO THE #OMMISSIONERS CALL THE MORE COM
THE THREE MAIN INDUSTRY ASSOCIATIONS PLEX MEASURES TOWARDS ACHIEVING THIS GOAL
n THE &EDERATION OF %UROPEAN 3ECURITIES MORE TIME WILL BE
#HARLIE -C#REEVY
%XCHANGES &%3% %UROPEAN !SSOCIATION GRANTED
OF #ENTRAL #OUNTERPARTY #LEARING (OUS
ES %!#( AND %UROPEAN #ENTRAL 3ECU
4HUS PRICE TRANS
RITIES $EPOSITORIES !SSOCIATION %#3$! PARENCY WILL NEED TO BE IMPLEMENTED AND HENC
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HAS BEEN SIGNED BY ALL THEIR MEMBERS ACCESS BY THE END OF *UNE AND UN
4HE COD
BUNDLING AND ACCOUNTING SEPARATION BY TIES 4HIS
%NHANCED TRANSPARENCY AND COMPETITION *ANUARY THE LONGE
TIOUS ) W
4HE MEASURES DETAILED IN THE #ODE AIM 3TRICT MONITORING TENDING T
AT ENHANCING TRANSPARENCY AND INCREASING ASSET CLAS
COMPETITION IN THE POST
TRADING SECTOR ! STRICT MONITORING MECHANISM WILL BE DERIVATIVE
SET UP TO ENSURE THAT ALL THE MEASURES ARE
4HE SIGNATORIES OF THE #ODE WILL HAVE TO IMPLEMENTED PROPERLY AND ON TIME 4HE 4HE INDUSTRY IS TO BE CONGRATULATED FOR
GRADUALLY IMPLEMENT THESE MEASURES ALL MECHANISM WILL RELY ON EXTERNAL AUDITORS ITS EFFORTS TOWARDS ACHIEVING THIS GOAL
OF WHICH WILL NEED TO BE IN PLACE BY WHO WILL REPORT ON THE IMPLEMENTATION 4HEY HAVE SET ASIDE THEIR DIFFERENT AP
*ANUARY ! STRICT MONITORING PROC
OF THE SIGNATORIES COMMITMENTS TO AN PROACHES AND THEY HAVE DRAWN UP A BASIS
ESS WILL ENSURE THAT THE MEASURES ARE IM
AD
HOC MONITORING COMMITTEE CHAIRED BY FOR A COHERENT WAY TO BRING ABOUT THE
PLEMENTED PROPERLY AND ON TIME THE #OMMISSION NECESSARY CHANGES &ROM MY PART ) HAVE
INVITED AND ENCOURAGED THEM TO FOLLOW
4HE MEASURES DETAILED IN THE #ODE AD
)NITIALLY THE #ODE WILL APPLY EXCLUSIVELY TO THIS PATH AS AN EFFICIENT WAY TO ACHIEVE
DRESS THREE MAIN ISSUES CASH EQUITIES 7HILE THE IMPLEMENTATION QUICK LASTING AND SUBSTANTIVE RESULTS
s TRANSPARENCY OF PRICES AND SERVICES OF THE #ODE IS UNDER WAY THE #OMMIS
SION EXPECTS THE SCOPE OF THE #ODE TO
s ACCESS AND INTEROPERABILITY
INFO HTTPECEUROPAEUINTERNAL?MARKETlNANCIAL
MARKETSCLEARINGINDEX?ENHTM
. O / C T O B E R
#LEARING AND SETTLEMENT
0RESIDENCY PUSHES FOR SIGN
UP TO
(AGUE 3ECURITIES #ONVENTION
4HE &INNISH 0RESIDENCY IS PUSHING FOR THE %5 TO SIGN UP TO A MAJOR CON
$IRECTIVES !RTICLE 3ETTLEMENT &INALITY
VENTION AFFECTING THE BILLIONS OF EUROS OF SECURITIES THAT ARE TRANSFERRED $IRECTIVE !RTICLE 7INDING
UP
OR PLEDGED DAILY IN CROSS
BORDER TRANSACTIONS 4HE (AGUE 3ECURITY OF #REDIT )NSTITUTIONS $IRECTIVE
#ONVENTION IS A MULTILATERAL TREATY WHICH SETS OUT TO REMOVE AT A GLOBAL AND !RTICLE &INANCIAL #OLLATERAL $IREC
SCALE ANY LEGAL UNCERTAINTIES ABOUT WHICH LAW GOVERNS THE CROSS
BORDER TIVE
TRANSACTIONS
4HE NEGOTIATORS HOWEVER REJECTED THIS
FORMULA BECAUSE THEY CONSIDERED THAT
THERE IS NO GLOBALLY ACCEPTABLE CRITERION
4 HE (AGUE 3ECURITIES #ONVENTION ARE HELD WITH AN INTERMEDIARY SUCH AS A TO PRECISELY DETERMINE THE LOCATION OF
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