Brussels, 17/05/2016 (Agence Europe) - On Tuesday 17 May, the Commissioner for Financial Services, Jonathan Hill, reiterated the European Commission's three action priorities to ensure that the potential legislation on financial services is more proportionate to the risks and/or size of the players, makes funding available and eases the administrative burden as regards the publication of data.
“I want to be more proportionate in the way legislation is applied, more cautious before doing anything that might reduce liquidity and more ambitious about reducing reporting and disclosure requirements where it's appropriate”, the Commissioner told a public hearing on the cumulative impact of the European financial rules, held by the Commission in Brussels. These statements confirm the areas for work Hill outlined in late April, at a conference of the think tank Eurofi in Amsterdam (see EUROPE 11538). The result of the public consultation currently underway will be presented by the end of the summer and will steer the Commission in its revision of some hundred legislative texts and/or its work to define implementing measures for legislative packages.
Two dossiers are soon to be put to the stakeholders for consultation. In the field of banking, Hill said that the Commission was soon to launch a consultation on how to balance the net stable funding ratio, NSFR. “We have asked the European Banking Authority to advise us on how to apply the Basel rules, such as the NSFR liquidity ratios and the leverage ratios”, he said. On asset management, the Commission is working to improve the use of the European passport available to managers, as the smallest of these are still coming up against diverging national rules, extra costs and different requirements for the distribution of their funds. “This month we will be launching a consultation to identify the main barriers face is operating on a cross-border basis”, the Commissioner said. (Original version in French by Mathieu Bion)