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The Financial
Services Action Plan (FSAP)
A single market. A harmonised market in
banking, investment, insurance, derivatives, commodities.
This is a top priority for the European Union.
The Financial Services Action Plan (FSAP), launched in 1999 and
almost completed by 2004, is a huge and ambitious project.
There are 42 original measures in the FSAP. Some are
non-legislative, a few are regulations, and
there are almost 30 directives.
Over
20 of the original measures are likely to affect the financial
sector.
The most important measures are:
1. The Capital Requirements Directive
DIRECTIVE 2006/48/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 June 2006 relating to the taking up and pursuit of the business of credit institutions (recast) DIRECTIVE 2006/49/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 14 June 2006 on the capital adequacy of investment firms and credit institutions (recast) The Capital Requirements Directive (CRD) is the common framework for the implementation of Basel ii in EU. This directive is making significant changes to two existing directives that were implementing Basel I: 1. The Banking Consolidation Directive 2. The Capital Adequacy Directive Capital Requirements Directive Training Courses designed to provide with the knowledge and skills for the implementation of Basel ii in the European Union www.capital-requirements-directive-training.com 2. The 8th Company Law DirectiveDIRECTIVE 2006/43/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 17 May 2006 on statutory audits of annual accounts and consolidated accounts The 8th Company Law Directive is similar to the US Sarbanes Oxley Act. This directive is called the European Sarbanes Oxley. In fact, there are similarities and differences. 8th Company Law Training Even when the 8th Company Law Directive of the European Union and the Sarbanes-Oxley Act of the USA look similar, they are different. www.8th-company-law-training.com 3. The Markets in Financial Instruments Directive (MiFID) DIRECTIVE 2004/39/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 21 April 2004 on markets in financial instruments The Investment Services Directive has been replaced by MiFID that reflects developments in financial services and markets and extends the scope of the passport to cover commodity derivatives, credit derivatives and financial contracts for differences for the first time. MiFID Training MiFID Training and Presentations. From the four-level approach (the Lamfalussy process) to the MiFID implementation, the differences and the opportunities for competitive advantage in EU and offshore. www.mifid-training.net 4. Financial Conglomerates Directive DIRECTIVE 2002/87/EC OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 16 December 2002 on the supplementary supervision of credit institutions, insurance undertakings and investment firms in a financial conglomerate The Financial Conglomerates Directive tries to introduce supplementary supervision of financial conglomerates on a group-wide basis, in addition to both the prudential supervision of regulated entities on a standalone basis and consolidated supervision on a sectoral basis. Financial Conglomerates Directive training and Presentations We can help your organization understand better the Financial Conglomerates Directive in the context of the Financial Services Action Plan of the European Union. Common elements and compliance with the Capital Requirements Directive (Basel ii in the EU) and the Financial Conglomerates Directive. 5. Savings Tax Directive COUNCIL DIRECTIVE 2003/48/EC of 3 June 2003 on taxation of savings income in the form of interest payments The Savings Tax Directive is the effort of the European Union to stop taxpayers from fleeing to lower tax environments. The new environment is becoming very interesting, as, although not in the EU, many offshore financial centers have voluntarily agreed to apply the same or equivalent measures. Savings Tax Directive training and Presentations We can help your organization understand better the Savings Tax Directive in the context of the Financial Services Action Plan of the European Union. Tax competition, higher-tax nations and the so-called "tax havens" or offshore financial centers (OFCs). From the "automatic exchange of information" option to the"withholding tax" option. Are there opportunities for a competitive advantage? Note This web site has been prepared as a general guide and does not constitute or offer legal, financial or other advice upon which you may act or rely. Specific professional advice should be taken in respect of any individual matter. George Lekatis General Manager and Chief Compliance Consultant Compliance LLC 
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