On 19 January 2016, the European Parliament adopted a resolution, which aims to take stock in the context of EU financial services regulation and capital markets union. This resolution looks at the current complexity and challenges currently and considers the way forward towards a more efficient and effective EU framework for financial regulation and a capital markets union. It calls on the EU Commission to:
- Pursue an integrated approach to the capital markets union.
- Pay attention to other policy agendas relating to matters including the development of a digital single market, ongoing reforms, and the threat to cyber security from the latest technological developments and so on.
- Produce a thorough analysis and report of all gold-plating measures taken by member states within financial legislation and submit them to the European Parliament by the end of 2016.
- Conduct, with the European supervisory authorities, at least annual coherence and consistency checks, including on a cross-sectoral basis and on every draft legislative act, as well as on the implementation of adopted legislation (including regulatory technical standards and implementing technical standards).
- Publish a green paper exploring new approaches to promoting proportionality in financial regulation.
- Conduct, with other parties, a comprehensive quantitative and qualitative assessment, every five years, of the cumulative impact of EU financial services regulation on financial markets and its participants at EU and member state level. This assessment should identify shortcomings and loopholes, assess the performance, effectiveness and efficiency of financial services regulation, and ensure that it is not impeding fair competition and the development of the economy. The first assessment is requested by the end of 2016.