Brussels insiders said policymakers are discussing the possibility of introducing a so-called “omnibus” Directive during the fourth quarter that would eliminate conflicting rules and reduce opportunities for regulatory arbitrage.
Rulemakers are currently grappling with a glut of financial services regulation. Due to the scale and complexity of the reform agenda, several dossiers overlap, cross-refer and, in some areas, conflict.
The proposal under discussion would attempt to rationalise a number of Directives – including the Markets in Financial Instruments Directive II, Europe’s securities reform, the European Market Infrastructure Regulation, new derivatives trading rules, and the Alternative Investment Fund Managers' Directive – through the creation of standard legal definitions. It would also establish which text has the final say on certain issues.
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