European Union:
European Commission Reports Progress In Reforming Regulatory Framework
07 December 2017
Cadwalader, Wickersham & Taft LLP
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The European Commission ("EC")
published a follow-up report on a 2015 "
Call for Evidence" regarding the European Union financial
services regulatory framework. The first set of requests was
intended to assess the effectiveness of European Union
("EU") regulatory legislation adopted since the financial
crisis. A subsequent related communication in 2016 identified
four areas for follow-up measures: (i) reducing unnecessary
regulatory constraints, (ii) enhancing the proportionality of
rules, (iii) reducing undue regulatory burdens, and (iv) making the
regulatory framework more consistent.
The current progress report concludes that the EU framework
is working as intended, and that the implemented reforms were
necessary. The EC reported improvements in (i) conduciveness to
lending and investment, (ii) acknowledgment of the unique
characteristics of smaller and less risky firms, and (iii) the
minimization of compliance burdens. Going forward, the EC
recommended that the regulatory compliance framework should be fit
for the digital age, where possible, through automation and
standardization. The EC also committed to a more comprehensive
approach to the EU supervisory reporting framework, with the aim of
improving the quality and accessibility of data.
The content of this article is intended to provide a general
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about your specific circumstances.
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