The EU's finance ministers yesterday met in Brussels and reaffirmed their committment to several pla...
The EU's finance ministers yesterday met in Brussels and reaffirmed their committment to several planned directives that will profoundly influence the UK's financial services sector.
The Market Abuse and Financial Conglomerates directives receives specific mention, as did the EU Economic and Finance Committee (EFC).
The European Commissioner responsible for internal market issues Fritz Bolkestein said the EC hoped the Market Abuse directive would be finalised by June so that common standards on insider trading and market manipulation could be adopted as soon as possible.
Although implementation of the Financial Conglomerates directive is further away, the finance ministers managed to come to some form of "political agreement" on what controls should be put on companies operating across different financial services sectors - although the long term deadline for harmonisation on this issue remains 2005.
The council of ministers agreement on a mandate for the EFC means that EU-wide "financial stability, supervision and integration" has moved a step closer too.
Today, meanwhile, the EC launched another round of consultations on the sort of additional information that publicly traded companies must reveal to their investors and the exchanges on which their shares are traded.
The EC says that the collapse of US energy trading giant Enron has highlighted the need to improve the quality and quantity of information being provided by listed companies.p>
The deadline for comments to this second round of consultations is 15 July.
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