Philip Woolfson June 20 2003 Commission Reports on Financial Services Action Plan Steptoe & Johnson LLP | Banking & Financial Services - European Union Philip Woolfson Banking & Financial Services On June 2 2003 the European Commission published its eighth progress report on the Financial Services Action Plan. It highlights a number of recent steps towards the completion of the plan, with 34 of the 42 proposed measures now adopted. The latest include: adoption of the Market Abuse Directive; adoption of the Pension Funds Directive; amendments to the Accounting Directives; political agreement on a directive on the taxation of savings income; political agreement followed by a common position on the Prospectus Directive; and proposal for a directive on transparency for listed companies.The deadline for the completion of the Financial Services Action Plan is December 31 2005. In order to achieve this target, the final cut-off date for the definitive adoption of legislative measures is April 2004, in view of European Parliament elections and the 18-month time period needed for implementation by EU member states. For further information on this topic please contact Philip Woolfson at Oppenheimer Wolff & Donnelly by telephone (+32 2 626 0500) or by fax (+32 2 626 0510) or by email ([email protected]).