EU Commission publishes results of call for evidence on financial services

EU Commission publishes results of call for evidence on financial services

The EU Commission has published a communication and staff working document setting out the results of its September 2015 call for evidence on the benefits and unintended effects of the financial legislation adopted in response to the financial crisis.

The Commission has concluded that overall the financial services framework does not need to be changed, but does propose to take on work in the following areas:

• removing unnecessary regulatory constraints on financing the economy;
• enhancing proportionality in the regulatory framework as part of a wider plan to better balance financial stability and growth objectives;
• reducing undue regulatory burdens and designing rules that achieve their objectives at minimum cost for firms and their clients; and
• making rules more consistent and forward-looking.

The Commission undertakes to monitor progress in the implementation of the respective policy commitments and intends to publish its findings and next steps before the end of 2017