Brussels, 25th March 2002
Financial Services: further open consultation on revision of the Investment Services Directive
The European Commission's Internal Market Directorate-General has launched a second and final round of open consultation on possible amendments to the Investment Services Directive (ISD - 93/22/EEC), aimed at facilitating the emergence of efficient, integrated and orderly EU financial markets. The Commission services have made substantial changes to their initial suggestions as a result of the 77 responses received to the first round of consultation launched in July 2001 (see IP/01/1055). Those who so wish now have a further chance to comment before the Commission presents a formal proposal to the European Parliament and Council of Ministers in late 2002. This extensive dialogue with interested parties is in line with the approach to financial services legislation agreed with the Parliament and Council and based on the recommendations of the Lamfalussy Committee on the Regulation of European Securities Markets (see IP 02/195). The latest consultation document is available on the Commission's Europa website at: http://ec.europa.eu/internal_market/en/finances/mobil/isd/index.htm The deadline for comments is 31 May 2002.
Internal Market Commissioner Frits Bolkestein said: "Updating the Investment Services Directive is a crucial part of the Financial Services Action Plan and part of the EU's drive towards dynamic financial markets that will stand the test of time. We are launching this final round of consultation because we are determined to get financial services legislation right. That means close and continuous consultation with everyone who will be affected by it, in line with our agreement with the European Parliament and the Council on implementing the Lamfalussy proposals."
The 77 responses that the Commission received during the first round of consultation came from a broad range of sources including supervisory authorities, regulators, exchanges, financial institutions and others. A summary of these responses is also available on the Europa website at the above address.
This feedback confirmed that the main regulatory issues that ISD revision needs to address are:
However, in order to serve these objectives better and in the light of detailed comments made by some respondents, the Commission services have made a number of changes to the earlier suggestions. These include:
The Commission will also host a hearing in Brussels on 22 April 2002 concerning the new consultation. This will be open to interested parties and journalists, and take place in the Borschette Conference Centre, Brussels. Details of this hearing (preliminary agenda, registration form) are available from the above website or from fax + 32-2-299-30-56, tel. + 32-2-298-49-77.