PROJECT NUMBER: 0730001

Seminar: EU Banking and Financial Law: The State of Integration in the EU Financial Sector

21-22/Jun/2007  •  Maastricht

Introduction
Project Leader
Rita Beuter
For more information about the activity, please contact:
In May 1999, the European Commission presented the Financial Services Action Plan (FSAP) and identified a wide range of issues that called for (urgent) legislative action from the EU if the full benefits of the euro and an optimally functioning financial market were to be ensured. The FSAP was largely completed by its 2004 deadline, with 39 of the 42 measures adopted. This is "considered a success in legislative procedural terms" for a programme of this scale, which included landmark legislative initiatives, introduced a new regulatory process and had to respond to unprecedented market events in the financial services area.

The most recent (2006) progress report from the European Commission identified the following issues for the near future:
  • To look ahead to the years 2005-2010;
  • Broad support for the White Paper and the proposals set out therein; • Emphasis on better regulation: it must be applied rigorously;
  • Ideas about an EU financial services rulebook are unclear and – if leading to a single rulebook – there appears to be little support from the market;
  • Large support for EU supervisory convergence; some call for a more ambitious approach;
  • Full support is expressed for the future initiatives.
These and other ideas were presented in the December 2005 White Paper as Final Policy Conclusions, setting out the future strategy for the completion of the single market in financial services.

The objective of this new seminar is to again update participants on the outcome of the FSAP and to examine the need for post-FSAP legislative initiatives. Moreover, some crucial areas such as clearing and settlement, asset management and retail banking services have been singled out as areas where there is still work to be done. Recent events in the completion of the Single European Payments Area (SEPA) and the sector inquiries into financial services also merit full attention.

Expert speakers from the Commission, academia and the financial services sector will comment on the progress made and will provide documentation of interest to policy makers, lawyers and the private sector (financial services institutions in general).

The seminar will be held in English.

Registration deadline extended to 8 June 2007