Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP)

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1 Supplementary Appendix Table A DESCRIPTION OF THE DIRECTIVES OF THE FINACIAL SERVICES ACTION PLAN (FSAP) Directive Name Directive No. Deadline Implementation of the Settlement Finality Directive 1998/26/EC 01/06/2005 This Directive aims to reduce the systemic risk associated with participation in payment and securities settlement systems, and in particular the risk linked to the insolvency of a participant in such a system. It contributes to the efficient and cost-effective operation of cross-border payment and securities settlement arrangements, thereby reinforcing the freedom of movement of capital and services within the internal Directive on the taking up, pursuit and prudential supervision of the businesses of electronic money institutions 2000/46/EC 27/04/2002 This Directive applies to all electronic money institutions. It introduces a technology-neutral legal framework that harmonises the prudential supervision of electronic money institutions to the extent necessary for ensuring their sound and prudent operation and their financial Directive amending the insurance directives and the ISD to permit information exchange with third countries 2000/64/EC 17/11/2002 This Directive stipulates that Member States may conclude cooperation agreements providing for exchange of information with the competent authorities of third countries or with authorities or bodies of third countries only if the information disclosed is subject to guarantees of professional secrecy at least equivalent to those referred to in this Article. Directive on the reorganisation and windingup of insurance undertakings 2001/17/EC 20/04/2003 This Directive provides a coherent legal framework for the winding-up and liquidation of insurance companies in the single market. It works through the mutual recognition of proceedings and the principles of unity, universality, publicity, and non-discrimination. 1

2 Directive on the reorganisation and windingup of banks 2001/24/EC 05/05/2004 This Directive establishes common rules on winding-up and liquidation; it also establishes common principles for procedures to be followed in event of bank insolvency; the Directive also details rules to identify responsible authority in bankruptcy and insolvency cases. As such the Directive aims to safeguard against continued activities by insolvent institutions which could represent source of counterpart risk. Directive amending the 4th and 7th Company Law Directives to allow fair value accounting 2001/65/EC 9/10/2004 The Directive enables Member States to permit or require in respect of all companies or any classes of companies valuation at fair value of financial instruments, including derivatives (in accordance with International Accounting Standards). Such permission or requirement may be restricted to consolidated accounts as defined in Directive 83/349/EEC. The Directive aims to provide single set of financial statements for all companies. Directive supplementing the Statute for a European Company with regard to the involvement of employees 2001/86/EC 10/10/2004 This Directive is setting out special provisions establishing a Statute for a European company (SE) notably in the field of employee involvement to ensure that the establishment of an SE does not entail the disappearance or reduction of practices of employee involvement existing within the companies participating in the establishment of an SE. Directive amending the money laundering 2001/97/EC 15/06/2003 directive This Directive aims to combat fraud and money laundering in the financial system to widen definition of predicate offences and to extend reporting ( suspicious transactions ) requirements to relevant non-financial professions. The Directive mandates financial and banking institutions to require identification of their customers by means of supporting evidence when entering into business relations, particularly when opening an account or savings accounts. 2

3 1st Directive on UCITS (Undertakings for Collective Investments in Transferable Securities) 2001/107/EC 13/08/2003 This Directive aims to remove barriers to cross-border marketing of units of collective investment by widening assets in which funds can invest to get a Single Market which works for investors. The Directive establishes a level playing field among intermediaries in the financial services area when providing the same services and aims to ensure a harmonised minimum degree of investor protection. 2nd Directive on UCITS (Undertakings for Collective Investments in Transferable 2001/108/EC 13/08/2003 Securities) This Directive provides a European passport for management companies, and it widens the activities which they are allowed to undertake (also be authorised to provide individual portfolio management services). The Directive addresses the need to ensure the free cross-border marketing of the units of a wider range of collective investment undertakings, while providing a uniform minimum level of investor protection. Directive amending the solvency margin requirements in the insurance directives 2002/13/EC 20/09/2003 This Directive aims to strengthen the protection of consumers in the single market by ensuring that insurance undertakings have adequate capital requirements in relation to the nature of their risks. It addresses the need to simplify and increase the existing minimum guarantee funds, in particular as a result of inflation in claim levels and operational expenses since their original adoption. Directive on financial collateral arrangements 2002/47/EC 17/12/2003 This Directive addresses the need for the creation of a regime responsible for the provision of securities and cash as collateral under both security interest and title transfer structures including repurchase agreements. It is expected to contribute to the integration and cost-efficiency of the financial market as well as to the stability of the financial system in the Community, thereby supporting the single market in financial services. This Directive focuses on bilateral financial collateral arrangements. 3

4 Directive on the Distance marketing of Financial Services 2002/65/EC 1/01/2004 This Directive approximates the laws, regulations and administrative provisions of the Member States concerning the distance marketing of financial services. To safeguard freedom of choice, which is an essential consumer right, a high degree of consumer protection is required to enhance consumer confidence in distance selling. Directive on the supervision of credit institutions, insurance undertakings and 2002/87/EC 08/11/2004 investment firms in a financial conglomerate This Directive is laying down rules for supplementary supervision of regulated entities which have obtained an authorisation pursuant to Article 6 of Directive 73/239/EEC, Article 6 of Directive 79/267/EEC, Article 3(1) of Directive 93/22/EEC or Article 4 of Directive 2000/12/EC, and which are part of a financial conglomerate. The Directive also amends the relevant sectoral rules applying to entities regulated by the Directives referred to above. Solvency 1 Directive for life insurance 2002/83/EC 20/09/2003 To facilitate the taking-up and pursuit of the business of life assurance, this Directive reduces certain divergences which exist between national supervisory legislation. This Directive advances the merging of national markets into an integrated market. Directive on insurance mediation 2002/92/EC 15/01/2005 This Directive is laying down rules for the taking-up and pursuit of the activities of insurance and reinsurance mediation by natural and legal persons which are established in a Member State or which wish to become established there. The Directive sets out the obligations which insurance intermediaries bear in providing information to customers. Directive on insider dealing and market 2003/6/EC 10/12/2004 manipulation It aims to avoid loopholes in European Community legislation resulting on wrongful conduct, in turn undermining public confidence on the smooth functioning of the markets. The existing Community legal framework to protect market integrity was incomplete. Legal requirements vary from one Member State to another, e.g. in some there is no legislation addressing the issues of price manipulation. 4

5 Directive on the prudential supervision of pension funds 2003/41/EC 23/09/2005 This Directive takes into account the diversity of pension funds currently operating in the EU and will cover authorisation, reporting, fit and proper criteria and rules on liabilities and investments. It represents a first step on the way to an internal market for occupational retirement provision organised on a European scale, allowing the respective institutions to benefit fully from the advantages of the internal market. Directive on the taxation of savings income in the form of interest payments 2003/48/EC 01/01/2004 The ultimate aim of this Directive is to enable savings income in the form of interest payments made in one Member State to beneficial owners who are individuals resident in another Member State to be made subject to effective taxation in accordance with the laws of the latter Member State. The aim of this Directive can best be achieved by targeting interest payments made or secured by economic operators established in the Member States to or for the benefit of beneficial owners who are individuals resident in another Member State. Directive modernising the accounting provisions of the 4th and 7th Company Law 2003/51/EC 1/01/2005 Directives The Directive brings the 4th and 7th Directives in line with the needs of the Single market and to take into account developments in international accounting standard-setting. It establishes a level playing field amongst Community companies which apply International Accounting Standards and those which are not prepared in accordance with the IAS Regulation, aiming to harmonise the annual and consolidated accounting patterns of undertakings across the EU. Directive on prospectuses 2003/71/EC 1/07/2005 This Directive aims to overcome obstacles to the effective mutual recognition of prospectuses, so that a prospectus or offer document approved in one Member state will be accepted in al member states. The aim of this Directive and its implementing measures is to ensure investor protection and market efficiency, in accordance with high regulatory standards adopted in the relevant international fora. 5

6 Directive on Take Over Bids 2004/25/EC 20/05/2006 This Directive aims to create EU-wide clarity and transparency with respect of legal issues to be settled in event of a take-over bid. It aims to prevent EU corporate restructuring from being distorted by arbitrary differences in governance and management cultures. Transparency Directive 2004/109/EC 20/01/2007 The Directive aims to harmonise the transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market. It amends Directive 2001/34/EC. Directive on Markets in Financial Instruments (update of ISD) - MiFID 2004/39/EC 20/01/2007 The objective of this Directive is to create a single market of financial instruments. It amends Council Directives 85/611/EEC and 93/6/EEC and Directive 2000/12/EC of the European Parliament and of the Council and repealing Council Directive 93/22/EEC. 10th Company law Directive on cross-border mergers 2005/56/EC 15/12/2007 The Directive makes it possible for companies to conduct cross-border mergers. It aims to a more secure and transparent environment for cross-border mergers. Therefore it is an important step for the single market for capital. Directive on the relating to the taking up and pursuit of the business of credit institutions 2006/48/EC 31/12/2006 It relates to the taking up and pursuit of the business of credit institutions across the different countries of the EU. It aims to coordinate credit institutions, both in order to protect savings and to create equal conditions of competition between these institutions, and it applies to all of them. Due regard should however be had to the objective differences in their statutes and their proper aims as laid down by national laws. 6

7 Directive on the capital adequacy of investment firms and credit institutions 2006/49/EC 31/12/2006 The Directive aims to harmonise the capital adequacy of investment firms and credit institutions in order to ensure a level playing field across the EU. It establishes the capital adequacy requirements applying to investment firms and credit institutions, the rules for their calculation and the rules for their prudential supervision. This cannot be sufficiently achieved by the Member States and, can, therefore, by reason of the scale and the effects of the proposed action, be better achieved at Community level. Notes: For the transposition timing of each Directive by each EU15 member country see Table 2. 7

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