On Friday 12 December, the Member States of the European Union asked the European Commission to quickly present packages of measures to simplify EU financial services regulation. To this end, the EU Council is calling for a “comprehensive and ambitious plan” to review, simplify and, where necessary, repeal existing legislation in this area.
“The plan should include clear priorities and timelines, as well as planned initiatives, which should be focused on key areas where simplification would have the greatest impact”, stresses the EU Council in conclusions adopted at the end of the finance ministers’ meeting (see EUROPE 13772/2).
Member States also stress the need to improve impact assessments, in particular by evaluating the real costs of implementing financial legislation and its cross-border effects.
They also call for reporting requirements to be streamlined and invite considering adjusting the mandates of the European Supervisory Authorities to enhance transparency, accountability to EU co-legislators and adherence to the principles of simplification.
See the conclusions: https://aeur.eu/f/jzd (Original version in French by Bernard Denuit)