| The UK is facing close scrutiny after scoring poorly in a new league table issued by the European Commission outlining the shortfall by Member States on implementing its range of Securities Directives.
The "Lamfalussy League Table", so-called after the process recommended by Alexandre Lamfalussy on ways to improve EU financial lawmaking shows an average deficit of 59% by Member States on meeting deadlines for writing the directives into national law. 80% of Member States did not fully meet the 1 July 2005 deadline for the Prospectus Directive, whilst nearly two-thirds failed to fully implement the components of the Market Abuse Directive (October 2004).
Speaking about the deficits, Internal Market and Services Commissioner Charlie McCreevy said: "Over the last six years we have made great strides towards a more open, integrated and competitive European financial market. However, some Member States are still lagging behind on the Securities Directives. This is frankly very disappointing, bordering on the lamentable. This is going to hamper the efficiency of Europe's capital markets and the vital 'single passport for issuers'. I hope this league table will encourage these Member States to act quickly and I strongly urge them to do so. We will continue to monitor the situation like hawks."