Brussels, 31/05/2000 (Agence Europe) - One year after publication of its action plan for the financial services, the European Commission on Wednesday turned to progress accomplished in the integration of the European Union markets. In order to respect the 2005 deadline set by the Heads of government at the Lisbon Summit of March for the creation of a fully integrated European market, it refers to five key-sectors in which it will be necessary to speed up work: a) a "single passport" for equity issuers; b) enhanced comparability of companies' financial statements; c) eliminating barriers to pension fund investments and undertakings of collective investment in transferable securities (UCITS); d) a fundamental review of the Investment Services Directive; e) improved functioning of cross-border sale and repurchase markets.
"We have made substantial progress towards our common goals, but we still have some way to go. I am confident that the commitment made in Lisbon to improving the efficiency of the financial markets will help to speed-up implementation of the Action Plan", commented the European Commissioner for the Single Market, Mr. Frits Bolkestein.
In each of the aforementioned priority fields, the European Commission has announced a series of initiatives on its part. It is busy drawing up a new proposal on market information, that could introduce a simpler system of "shelf registration" for companies wanting to propose their shares to the public. By the summer, it will present a proposal concerning the application of EU-endorsed International Accounting Standards, in view of gradually introducing a single financial reporting framework (for consolidated annual accounts) and for all listed/publicly trade companies. Also for this summer, a draft directive is expected on occupational pension funds which, with the two related proposals on undertakings for collective investment in transferable securities (UCITS) presented on Wednesday (see next article), should broaden the range of investments that can be undertaken by unit trusts. Finally, a series of consultations will be launched this summer, in view of reviewing the directive on investment services, which sets the main rules applicable to investment companies in the EU, and the drawing up of a draft directive on guarantees, to facilitate the constitution of cross-border guarantees.
The Progress Report may be consulted on the Commission's website ("Europa"), at the following address: http: //europa.eu.int/comm/internal_market.