It stresses the importance of adoption by the EU of high quality international accounting standards, as well as their recognition by other jurisdictions; emphasises that clearing and settlement, improving the legal framework for retail payments, reducing obstacles to electronic financial services, the UCITS directive and the integration of upstream market functions in general are areas of particular importance for financial market integration; notes that general consumer protection, private law, competition policy and taxation are key areas for the competent Community and national bodies to co ...[+++]nsider in relation to financial services aspects; invites the Commission to take full account of the FSC report and where appropriate specify timelines for the initiatives proposed in the report in its further work to develop the EU financial services market after the Financial Services Action Plan; and considers that it is important to continue to improve corporate governance, audit and accounting standards, and the reform of European company law.

This framework does not therefore cover the content of services delivered over electronic communications networks using electronic communications services, such as broadcasting content, financial services and certain information society services, and is therefore without prejudice to measures taken at Community or national level in respect of such services, in compliance with Community law, in order to promote cultural and linguist ...[+++]ic diversity and to ensure the defence of media pluralism.

This Communication meets the immediate concerns expressed by a number of Member States by providing clarification of the e-commerce Directive's impact, its interaction with other financial services legislation and contains steps to ensure that it its implementation in the financial services area is fully compatible with the need to protect consumers and retail investors operating on-line within the European Union.

The Communication sets out a new policy framework for financial services, building on the e-commerce Directive as a foundation, that aims to pave the country of origin philosophy to operate, in practice, across all financial services and distance trading modes.

Commission Communication on e-commerce and financial services Frequently Asked Questions

The aim of the proposal is to ensure a high level of protection for consumers of retail financial services (e.g. insurance, banking and investment services) marketed by telephone, by electronic means such as the Internet or by mail, so as to encourage consumer confidence in such services and provide financial service suppliers with a clearly defined legal framework valid for distance selling throughout the Single Market without hindrance.