It led to new measures to make financial rules more proportionate and to reduce unnecessary regulatory constraints on market players. In this context, the Commission is also launching a public consultation on supervisory reporting requirements.
The aim is to assess the effectiveness of reporting, which supervisors in the EU need from financial market players. This consultation is a response to concerns raised in the Call for Evidence about the burden and costs that such requirements impose on market players.
Valdis Dombrovskis, Vice President in charge of Financial Stability, Financial Services and Capital Markets Union, said: "With our Call for Evidence we were the first to assess the overall impact of financial services regulation on the market. We will continue to push for more coherent supervision and regulation across the board and ensure that EU financial services rules remain fit for purpose."
Jyrki Katainen, Vice-President in charge of Jobs, Growth, Investment and Competitiveness said: "The Call for Evidence confirmed that we can create better and more growth-friendly regulation. We can do so by developing and adjusting policies based on factual evidence and by involving interested parties. This in turn fosters job creation, growth and investment, while safeguarding financial stability and protecting both consumers and investors."
Press release
Report on the follow-up to the call for evidence on EU regulatory framework for financial services
Consultation info
© European Commission
Key
Hover over the blue highlighted
text to view the acronym meaning
Hover
over these icons for more information
Comments:
No Comments for this Article