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The Financial
Services Action Plan (FSAP)
from the International Association of Risk
and Compliance Professionals (IARCP)
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
Directive
DIRECTIVE 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Investment Services Directive has been replaced by MiFID that reflects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?
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