The European Union (EU) set out to create a single European market in financial services through its Financial Services Action Plan (FSAP). Now the 2005 deadline set by the European Commission (EC) for completion of the legislative phase of the FSAP has been largely met. This marks a significant step towards the single market in financial services as envisaged by the Maastricht Treaty.
Thirty-nine of the 42 original FSAP measures (a further six supplementary measures have been added to the plan since 1999) have now been adopted by the EC and some of its key legislative measures are just months away from national implementation, including the Prospectus and Market Abuse Directives.
