International Regulatory Strategy Group
Published 15 Jun 2016
The IRSG has welcomed the Commission’s review into the cumulative impact of previous regulatory reform and believes that it is essential for the lessons from this review to be learnt and applied to ongoing and future initiatives, such as the Green Paper on retail financial services as well as global initiatives, such as Basel IV. Accordingly, this report explores how some of the issues identified in our response to the Commission’s Call for evidence – EU regulatory framework for financial services could be avoided or minimised going forward by adherence to the recommendations made in this paper. It is hoped that the recommendations put forward in this report will contribute to the debate on better law-making. The IRSG stands ready to work with the Commission and other stakeholders to develop these proposals further.
The cumulative impact of EU financial services regulation: better regulation for jobs and growth sets out a number of recommendations which the IRSG believes should be adhered to in future legislative processes. These recommendations are addressed to the European Commission but should also be considered by the Parliament, the Council of the EU and the European Supervisory Authorities (ESAs), as all bodies play important roles in the EU’s legislative process.
Reforming the legislative process could bring significant benefits to the European consumer and Europe’s broader economy. By putting consumers at the heart of the wider Better Regulation Agenda and the Regulatory Fitness and Performance Programme, markets will work better and deliver more for the real economy, as well as for the consumers themselves.