In particular, Member States shall require a regulated market to impose market making obligations in individual shares or a suitable basket of shares in exchange for any rebates that are granted.

To ensure that permit granting procedures do not act as barriers to investment, and that they do not have an adverse effect on the internal market, Member States should ensure that a decision on whether or not to grant permit requests concerning the deployment of electronic communications networks or new network elements should in any case be made available at the latest within four months, without prejudice to other specific deadlines or obligations laid down for the proper conduct of the procedure which are applicable to the permit granting procedure in accordance with national or Union law.

Any time you have long-term government borrowing costs of about 2% in both Canada and the U.S., as well as in Germany and the U.K., in an environment where inflation is close to 2%, that suggests that the bond market will see very little growth in years ahead.

Concerning capital markets, it is necessary: to facilitate participation of all investors in an integrated market; to promote further integration of government bond markets; to improve the efficiency and integration of securities clearing and settlement systems; to enhance the comparability of financial statements of companies, to speed up fiscal actions to promote the development of new firms and investment in venture capital; to change bankruptcy legislation; to promote employee ownership schemes; and to ensure more intensive co-operation between EU financial market regulators and supervisors.

to set a tight timetable so that the Financial Services Action Plan is implemented by 2005, taking into account priority action areas such as: facilitating the widest possible access to investment capital on an EU-wide basis, including for SMEs, by means of a "single passport" for issuers; facilitating the successful participation of all investors in an integrated market eliminating barriers to investment in pension funds; promoting further integration and better functioning of government bond markets through greater consultation and transparency on debt issuing calendars, techniques and instruments, and improved functioning of cross-b ...[+++]order sale and repurchase ("repo") markets; enhancing the comparability of companies' financial statements; and more intensive cooperation by EU financial market regulators;

These represent: . in the banking area, 93.3% of world assets held by credit institutions (both domestic and foreign assets), and 95.1% of assets held by banks in GATS member countries (a total of 22 trillion US $); 93.7% of world bank deposits, and 95.4% of deposits with banks in GATS member countries (a total of more than 20 trillion US $); in addition, 97% of the world international lending; . in the insurance area, 91.8% of world insurance premiums and 95.6% of total premiums perceived in GATS member countries, representing a business of over 1.3 trillion US $ a year; . in the securities area, 89.1% of world equity trading (4.5 t ...[+++]rillion US $), 94.7% of world stock market capitalisation (10.5 trillion US $), 89.9% of new equity raised, 97.7% of market value of bonds listed in stock exchanges (7.9 trillion US $), and 93.8% of world bond turnover in stock exchanges.