EU update: FSAP ends, enforcement is the new priority

With the passing of the completion deadline for the Financial Services Action Plan (FSAP) on 1 July 2005, the European Commission has now turned its attention to member states’ implementation of the constituent Directives. The new focus follows from its green paper on the future of EU financial markets integration for the next five years, published in May, which set out a three-phase approach: effective transposition of EU rules into national law; more rigorous enforcement by member states’ supervisory authorities; and continuous ex-post evaluation.