Results of Call for Evidence on the EU Regulatory Framework
Published: 29 November 2016
Last week, the European Commission published a Commission Staff Working Document on the Call for Evidence on the EU regulatory framework for financial services.
The Commission has not identified any fundamental changes to the overall financial services framework, but has identified a number of themes to drive forward the programme of work, including: (i) reducing unnecessary regulatory constraints on financing the economy; (ii) enhancing proportionality of rules without compromising prudential objectives, including proportionality for asset managers, in particular looking at aligning remuneration regimes and reducing reporting burdens; (iii) reducing undue regulatory burden, including a comprehensive review of reporting requirements, and considering introducing a single reporting platform on short-selling, which AIMA recommended in our submission to the Call for Evidence and in a letter to the Commission in October 2016; and (iv) making the regulatory framework more consistent and forward-looking.
The Commission is expected to undertake a mid-term review of the Capital Markets Union initiative in mid-2017, providing a further opportunity to raise additional issues for consideration in the work programme.