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Published online by Cambridge University Press: 17 January 2008
The internal financial market is still far from its completion. Parts of the financial market and certain financial institutions are not yet covered by implementing directives. In areas that are covered by directives, transposition by member States has not removed important practical barriers to cross-border establishment and provision of services. An interesting feature of the current developments in the EC regulation of financial markets is the Commission's use of “Communications” to implement Treaty freedoms and so to remedy the situation where the member States have blocked proposals for a directive or where unacceptable barriers remain after their transposition.
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