There is broad agreement on some of the priorities for action in the field of financial services regulation: an initial emphasis on enforcement and implementation of FSAP measures; anchoring future regulation on cost-benefit analysis; streamlining and reduction of existing rules. Beyond the aforementioned issues, there is comparatively less agreement on the need and desirability of further legislative action. There are, in fact, a number of important and complex issues on the table already – most importantly: the transposition of Basel II into EU law; clearing and settlement; the Consumer Credit Directive; the New Legal Framework and payment services in general, and the Company Law Action Plan. In addition to these, no time should be lost thinking about some complex areas: integration of retail markets, structure of financial supervision, consolidation of rules, and co-ordination with foreign regulators.