Now that most of the regulatory measures have been taken to implement the Financial Services Action Plan, attention is drawn to the implementation of the numerous directives and regulations that have been enacted. New techniques leading to more regulatory convergence are being developed. The Committee of European Securities Regulators has recently published an outline for more convergence, both for rule making, but also for supervisory convergence. Home and host issues are of central importance here. As integration moves forward, there is an increasing need for rebalancing the distribution of competences between national cooperating supervisors.