Memo: Financial Services Policy Group considers political obstacles to Action Plan and takeover bids

The Financial Services Policy Group, comprising personal representatives of EU Finance Ministers, met on 26 February 2002 in Brussels under the chairmanship of Internal Market Commissioner Frits Bolkestein and Director General John Mogg. The Group concentrated on removing political obstacles to the adoption of the proposed Directives on prospectuses, pension funds and financial conglomerates. Jaap Winter, Chairman of the High Level Group of Company Law Experts, presented the main conclusions of the group's report on takeover bids. The Spanish Council Presidency reported on its intentions for the remainder of its term.