PROJECT NUMBER: 0830001

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

3-4/Jul/2008  •  Maastricht

Introduction
Project Leader
Rita Beuter
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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.

A recent (2006) progress report from the European Commission identified the following issues for the near future:

  • To look ahead to the years 2005-2010;
  • Ensured support for the White Paper and the proposals set out therein;
  • Emphasis on better regulation: to be rigorously applied;
  • 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 also 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 seminar will cover the reactions from different sectors and actors to the 2007-2008 market turmoil that has brought great strains on the system as we have known so far.

Furthermore, the objective of this new seminar is to continue to provide an update of the outcome and effectiveness of the FSAP and to examine the need for post-FSAP legislative initiatives.

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 only.