The Commission has published a summary of the 288 responses received to its consultation on an EU regulatory framework for financial services. It looks at:
- rules affecting the ability of the economy to finance itself;
- unnecessary regulatory burden;
- interactions of individual rules, inconsistencies and gaps; and
- rules giving rise to possible unintended consequences.
The Commission notes that the summary does not reflect the position of the Commission, but observes that the issues which most concerned respondents related to unnecessary regulatory constraints on financing, proportionality, excessive compliance costs and complexity, reporting and disclosure obligations and overlaps, duplications and inconsistencies. (Source: Commission summarises financial services framework responses)