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Brussels, 1st March 2007

Progress Report on the Single Market in Financial Services

The European Commission has published its regular Progress Report on the Single Market in Financial Services, highlighting achievements made in the course of 2006. This year the promises set out in the White Paper on Financial Services (2005-2010) were delivered. Considerable achievements were also made in fighting financial crime and in improving the EU framework in company law, accounting and auditing.

Internal Market and Services Commissioner Charlie McCreevy said: “The last year has seen a step-change in our work in financial services, company law and financial reporting, and we have firmly embedded better regulation in our policy making. Alongside the delivery of key legislative initiatives, we have seen the adoption of an industry-led Code of Conduct, devoted considerable resources to evidence-gathering, consultation and evaluation, and worked to ensure a strong role for the European Union on the world stage".

Some of the key achievements included in the Progress Report are the publication of the White Paper on Investment Funds, the adoption of the industry-led Code of Conduct on Clearing and Settlement, the completion of the inquiry into competition in the retail financial services sector, and the extension of the period for acceptance of third-country Generally Accepted Accounting Principles (GAAPs) in the EU until 2009.

The report also makes reference to other significant developments such as the achievement of an improved inter-institutional balance in EU policy making and the progress being made in enhancing co-operation between financial supervisory authorities in Europe.

The full text of the Progress Report is available at:

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