Paper presented at The Annual Conference of the European Association of University Teachers in Banking and Finance – Wolpertinger, Krakow, Poland, 1 - 4 September 2004AbstractThe Financial Service Action Plan (FSAP) adopted by the EU Commission in 1999 represents a catalyst towards the implementation of the European Single Market in Financial Services. The FSAP consists of a set of measures intended by to fill gaps and remove the remaining barriers to the completion of the EU Single Financial Market, by 2005. To this end, the FSAP has three main objectives: Wholesale Financial Markets, Retail Financial Services, and Prudential Rules and Supervision. Moreover in 2000, Ecofin appointed the so-called Lamfalussy Committee in order to improve the quality and effectiveness of EU Financial Services Regulation and Legislation. The objective of this paper is to analyse the state of the art of the regulatory framework defined by the FSAP in relation to the regulation of asset management. Our analysis will develop along three main lines: the regulation of products, of asset managers and of delivery channels. The aim is to verify the coherency between the current and prospective legislative framework and the increasing role of the asset management sector within the European Financial System. To this end, the question addressed by the research is whether the EU Directives defined in the FSAP framework are able to overcome the existing barriers in the field of asset management with regard to consumer protection, transparency and product interchangeability.
|Titolo:||Financial Services Action Plan and Comitology Approach: Implications for the Regulationin the Asset Management Industry|
|Autori:||A. G. GRASSO; E. GUALANDRI; V. VENTURELLI|
|Data di pubblicazione:||2004|
|Mese di pubblicazione:||06|
|Appare nelle tipologie:||Working paper|
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