Media Briefing Note: At last, the European Commission launches a comprehensive review of post-crisis legislation

30 September 2015 - The European Commission today announced a comprehensive review of post-crisis financial services legislation.

Michael Thomas, partner in Hogan Lovells financial institutions group, said:

"We have seen the launch of these flagship reform projects by the Commission - EMIR, the CRR, Solvency II, more recently MiFID II - but there is little sense that Europe has engaged fully with the interaction between them. You get the feeling that the rush to reform the financial systems post-crisis meant that the detail suffered.

"We're finding incoherencies and gaps where these big projects rub up against each other. For example, industry bodies have criticised MiFID II as potentially leading to lower liquidity in the bond markets and to the reduced take-up of small caps. But at the same time, the new Capital Markets Union is supposed to build volume in European capital markets and to encourage more SMEs to issue corporate bonds."

Today the Commission has called for evidence to look at the cumulative impact of successive EU financial reforms over the past six years. It has identified that some areas of EU legislation may have unintentionally led to:

- rules affecting the ability of the economy to finance itself and grow;
- unnecessary regulatory burdens;
- interactions, inconsistencies and gaps; and
- rules giving rise to unintended consequences

The review will be very broad, covering all of the EU's legislation during the last six years in relation to financial institutions, markets and infrastructures, as well as the relevant institutional framework (such as the European banking union and the role of European regulators).

Notes for editors:
On 30 September 2015, the European Commission issued a call for evidence on the EU regulatory framework for financial services. The purpose of this consultation is to understand the combined impact of recent EU financial services legislation and whether it has given rise to unintended consequences.

The website of the consultation here.

The consultation will close on 6 January 2016. The Commission will report on its main findings and next steps by mid-2016.


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