INVESTMENT SERVICES: COMMISSION SERVICES SEE NO NEED TO CHANGE 1993 DIRECTIVE.

Summary: When the Investment Services Directive was negotiated in 1993, the European Commission was instructed to report on the Directive's subsequent application across certain specific questions, and to propose amendments, if necessary, within five years. It has now completed a survey of the Directive's operation, and the Commission services responsible are recommending that no change is needed. The Commission as a whole will take a formal decision shortly.

The Investment Services Directive (93/22/EEC), which came into force in January 1996 (although practically all countries were given at least one derogation), was designed to harmonise Member States'...