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07 February 2014

ECON report on enhancing the coherence of EU financial services legislation


Following an earlier consultation and responses to the consultation, the ECON Committee has published an information report on enhancing the coherence of EU financial services legislation.

The report sets out ECON’s conclusions drawn from the consultation and the steps it intends to take as a result.

Existing areas where coherence could be improved

Respondents identified a range of specific areas where they believe there are overlaps in existing legislation, potential overlaps they are concerned about in legislation now being negotiated and areas where potential distortions are introduced by different or missing regulation of like activities. An analysis of the issues raised is beyond the scope of this report. Instead, we intend to commission briefing on some of these specific points for use by our successors in the next Parliament.

ECON also asked about issues arising from how legislation had been implemented. There were issues raised about the preparation of level 2 measures, which are dealt with in a separate section below, about the interpretation of specific issues by specific Member States, and more generally about the difficulties faced when Member States do not implement properly or on time. ECON recommends that its successor committee seeks regular reports from DG MARKT on the state of transposition of the legislation agreed during this mandate and, where applicable, infringement proceedings brought so as to bring more transparency to this issue.

ECON-Report



© European Parliament


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