The London Stock Exchange has responded to a Commission paper for comment on the evaluation of the Financial Services Action Plan. In our response, we agree that in many respects the FSAP has worked extremely well. We state that the completion of the FSAP within the deadline is a major achievement and that we are particularly supportive of the Lamfalussy process which should help to ensure that European financial services regulation keeps pace with product and technological innovation. However, we raise some concerns about the treatment of third country issuers, for example, in the case of the implementation of the Transparency Directive. We also highlight the need to maintain political momentum as regards the implementation and enforcement of the FSAP.
The original consultation paper can be found at: http://europa.eu.int/comm/internal_market/finances/actionplan/index_en.htm