FINANCIAL SERVICES: WORK ON ACTION PLAN ON TRACK BUT TIME TIGHT FOR 2005 DEADLINE.

The report lists the work that has been completed so far, as well as setting out the outstanding points on the agenda, and saying who has to do what in the next nine months. It notes that 34 of the original 42 measures contained in the FSAP have been finalised, with five others under negotiation, and a further three still waiting to see the light of day in the Commission. Progress made since the last report on December 2, 2002 includes:

- Directive (2003/6/EC) on Insider Dealing and Market Manipulation (Market Abuse) adopted on January 28, 2003

- Directive on Pensions Funds adopted on May 13, 2003

- Fourth and Seventh Company Law Directives adopted on May 6, 2003, awaiting European Parliament's second reading report

Meanwhile, another list enumerates the points that should be completed later this year, pending a decision by the Parliament or the Council. It relates to proposals already finalised by the Commission, but awaiting legislative approval, and in some cases still far from agreement, as the last attempt to agree on the Takeover Bids Directive showed. The pending points are as follows:

- Council arrived at a Common Position on the Prospectus Directive on March 24, 2003, and Parliament will vote on the second reading of the proposal on July 3

- Political agreement on the Taxation of Savings income directive was reached in January 2003 and formal adoption is expected later this year

- Edging towards a compromise on the Take-over Bids Directive, which the Commission says must happen this year

- Transparency Directive, proposed by the Commission on March 26, 2003

- Revision of the Investment Services Directive...