The Financial Services Action Plan (FSAP) is a key component of the
European Union
The European Union (EU) is a supranational political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been de ...
's attempt to create a single market for financial services. Created in 1999 and to last for a period of six years, it contained 42 articles related to the harmonisation of the financial services markets within the European Union. It was scheduled to be completed by the end of 2004.
Description
The
European Council held in
Cardiff
Cardiff (; cy, Caerdydd ) is the capital and largest city of Wales. It forms a principal area, officially known as the City and County of Cardiff ( cy, Dinas a Sir Caerdydd, links=no), and the city is the eleventh-largest in the United Kingd ...
in June 1998 requested the
European Commission
The European Commission (EC) is the executive of the European Union (EU). It operates as a cabinet government, with 27 members of the Commission (informally known as "Commissioners") headed by a President. It includes an administrative body ...
"''to table a framework for action....to improve the single market in financial services, in particular examining the effectiveness of implementation of current legislation and identifying weaknesses which may require amending legislation''".
The European Commission responded with five imperatives for action that were agreed at the
Vienna
en, Viennese
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, timezone = CET
, utc_offset = +1
, timezone_DST ...
European Council in December 1998, and the Financial Services Action Plan was issued by the European Commission on 11 May 1999.
The cornerstone of the action plan's achievement is the
Markets in Financial Instruments Directive
Markets in Financial Instruments Directive 20142014/65/EU commonly known as MiFID 2 (Markets in financial instruments directive 2), is a legal act of the European Union. Together with Regulation (EU) No 600/2014 it provides a legal framework fo ...
(MIFID).
References
{{reflist
External links
European Commission, Financial Services Action PlanBank of England, FSAP Overview
Finance in the European Union
Action plans