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Some attendees at a meeting in May, following the EU’s Call for Evidence on EU regulatory framework for financial services, said that the review was premature because many of the reforms had not had time to take effect.
“The reforms need time to bed in before there is further legislation in this area,” ECIIA President Henrik Stein says. “Internal auditors working in the sector are still helping their organisations put in place and test the appropriate controls and it will take time to see where further action may be required.”
Commissioner Jonathan Hill told the public hearing that the Commission was committed to legislating less and legislating better. He said he wants the Commission “to be more proportionate in the way legislation’s applied, more cautious before doing anything that might reduce liquidity, and more ambitious about reducing reporting and disclosure requirements where it’s appropriate”.
Many respondents urged the Commission to refrain from embarking on a process of deregulation until the full effect of the reforms was known.