Financial services: Commission follows up on the Call for Evidence and consults on supervisory reporting

The Commission is today following up on its stock-taking exercise of financial regulation with a new report on Call for Evidence on EU financial services. The Call for Evidence was launched in 2015 to assess whether rules adopted since the financial crisis were working as intended. It led to new measures to make financial rules more proportionate and to reduce unnecessary regulatory constraints on market players. In this context, the Commission is today also launching a public consultation on supervisory reporting requirements. The aim is to assess the effectiveness of reporting, which supervisors in the EU need from financial market players. This consultation is a response to concerns raised in the Call for Evidence about the burden and costs that such requirements impose on market players. Valdis Dombrovskis, Vice President in charge of Financial Stability, Financial Services and Capital Markets Union, said: “With our Call for Evidence we were the first to assess the overall impact of financial services regulation on the market. We will continue to push for more coherent supervision and regulation across the board and ensure that EU financial services rules remain fit for purpose.” Jyrki Katainen, Vice-President in charge of Jobs, Growth, Investment and Competitiveness said: “The Call for Evidence confirmed that we can create better and more growth-friendly regulation. We can do so by developing and adjusting policies based on factual evidence and by involving interested parties. This in turn fosters job creation, growth and investment, while safeguarding financial stability and protecting both consumers and investors.” More information on the consultation and the report can be found online.