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In particular, the Report calls for more clarity on when activities carried out through digital means fall under passporting rules, and for considering the identified high-level principles on cooperation as the basis for any new legislation or possible amendment to current legislation.
In their Report, the ESAs recognise that the deepening of the EU Single Market in financial services and the digitalisation of financial services have intensified the demands placed on NCAs when supervising financial institutions that provide retail banking, investment, and/or insurance services across EU borders. The Report provides an overview of the main rules that apply in the EU in respect of consumer protection, conduct of business, and the cooperation between NCAs and assesses the extent to which these rules address the supervisory issues faced by NCAs.
The Report concludes with recommendations addressed to the European Commission, Council and Parliament, proposing to amend existing, or develop new, legislation to facilitate the deepening of the single market.
The Report also lists recommendations addressed to NCAs aimed at enhancing cooperation amongst them, such as following the high-level principles on cooperation laid down in the report in the absence of any detailed requirements on cooperation in the applicable legislation or liaising with the ESAs so that registers of contact points for notifications and exchange of information are kept up to date.