§ Mr. GryllsTo ask the Secretary of State for Trade and Industry if he will list the directives on financial services which have been issued by the European Communities in the last year and the directives that are still required to be issued during the next six months to achieve a fair competitive environment in such services in the member countries.
§ Mr. RedwoodThe second banking co-ordination directive, the solvency ratios directive, the own funds directive, the insider dealing directive, the bank branches directive and the prospectus directive have been adopted by the Council of Ministers in the last year.
The investment services directive, the life insurance services directive, the directive on the annual accounts of insurance undertakings, the motor insurance services directive, the third motor insurance directive and the mutual recognition directive (of stock exchange listing particulars) might be adopted by the end of 1990. The Commission has indicated its intention to submit to the Council of Ministers during 1990 texts of a capital adequacy directive for investment business, a non-life insurance framework directive and of a life insurance framework directive.
Adoption by Council of these further directives would represent important progress towards completion of the 504W single market through a fair competitive environment in financial services. The investment services and insurance directives are especially important to British businesses wanting to do business on the continent of Europe.