McCreevy Outlines Legislative Plans As Internal Market Commissioner

by Ulrika Lomas, for LawAndTax-News.com, Brussels

22 September 2004

Responding recently to questions from MEPs, incoming EU Internal Markets Commissioner, Charlie McCreevy revealed that when he takes over the role, he may consider taking "targeted legislative action" with regard to asset management.

"I will not rush into new legislative initiatives beyond those already annmounced," he explained, before going on to add that:

"Nevertheless, targeted legislative action in response to specific market failures or regulatory gaps, for instance in areas like asset management, clearing and settlement and retail financial services, may be appropriate."

Speaking with regard to the EU's Financial Services Action Plan (FSAP), Mr McCreevy expressed his commitment to ensuring that it is "fully delivered and implemented effectively on time", observing that:

"We have to ensure that the developing new EU system does effectively function to the satisfaction of businesses and citizens. That is why we have to focus on implementation and enforcement, to improve supervisory cooperation, (and) have more systematic recourse to impact assessment and evidence-based policy making, with strict respect for proportionality and subsidiarity."

Recommended