The European Commission has published a summary of contributions received to the ‘Call for Evidence’ on an EU regulatory framework for financial services. The consultation closed on January 31, 2016.
The summary reports who responded and gives an overview of the responses. Overall, the Commission claims that stakeholders did not dispute the reforms of recent years and many responses expressed support of the new rules. Many replies also related to unnecessary regulatory constraints on financing, proportionality, excessive compliance costs and complexity, reporting and disclosure obligations, and overlaps, duplications, and inconsistencies.