THE EUROPEAN PARLIAMENT AND THE COUNCIL OF THE EUROPEAN UNION,
Having regard to the Treaty establishing the European Community, and in particular Article 95(1) thereof,
Having regard to the proposal from the Commission [Note: OJ C 154 E, 29.5.2001, p. 285.],
Having regard to the opinion of the Economic and Social Committee [Note: OJ C 260, 17.9.2001, p. 86.],
Acting in accordance with the procedure laid down in Article 251 of the Treaty [Note: Opinion of the European Parliament of 12 March 2002 (not yet published in the Official Journal) and Decision of the Council of 7 June 2002.],
Whereas:
(1) The Lisbon European Council of 23 and 24 March 2000 emphasised the need to accelerate completion of the internal market for financial services, set the deadline of 2005 to implement the Commission's Financial Services Action Plan and urged that steps be taken to enhance the comparability of financial statements prepared by publicly traded companies.
(2) In order to contribute to a better functi
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