Commission Communication on the call for evidence: EU regulatory framework for financial services

25/11/2016 | Commission Européenne

In the 2016 State of the Union address, President Juncker emphasised the commitment of the Commission to a thorough review of all existing European legislation to ensure it delivers real value and results. The call for evidence on the EU regulatory framework for financial services is an important example of such an exercise. It is a key contribution to the Commission’s Better Regulation agenda and the Regulatory Fitness and Performance (REFIT) programme, which ensures that EU legislation delivers results for citizens and businesses effectively, efficiently and at minimum cost.

The call for evidence is also the first example of such an exercise internationally. Rules on financial services should help to create an environment that protects consumers, promotes market integrity and supports investment, growth and jobs. The financial crisis triggered the adoption of more than 40 new pieces of EU legislation to restore financial stability and market confidence. These include:


  • increased protections for consumers and increased transparency;
  • an improved regulatory framework for banks, insurance, securities markets and asset managers;
  • a single supervisory mechanism for large and systemic banks; and
  • new tools for bank resolution and more effective deposit protection.

Overall, these reforms have made the financial system more stable and resilient. At the same time, it is important to monitor the continuing development, early implementation and functioning of the new rules to check that they are delivering as intended, and consider appropriate changes if they are not. This is an important part of democratic accountability and will ensure that those affected by the rules, including end users, have confidence in them. The call for evidence includes assessing the interaction between the individual rules, and their combined economic impact. It should ensure that unintended consequences, inconsistencies and gaps in the current regulatory framework are addressed. Developments in the financial sector and the economy more broadly, including rapid technological change, also need to be taken into account when checking that the rules remain suited to the changing realities.

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