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Finance Finland FFI > Current Topics > Better regulation

EU regulation in the financial services sector has multiplied

Over the last years, regulation within the European financial sector has multiplied as a result of the financial crisis. Regulation has an important role in upholding the stability of the European financial markets, developing the internal market and protecting the investors and consumers.

However, the process has sometimes resulted in regulation which is partly overlapping, contradictory or overly detailed and redundant. National and European financial supervisors issue a massive amount of detailed lower level regulation. Additional, unnecessary national regulation has also been issued. 

FFI's opinion is that the multi-level regulatory framework that has been prepared must first be finalised and implemented, before any new extensive legislative reforms are undertaken. Instead of new regulation, it is important to focus on efficient implementation and uniform supervision of current regulation.

Overlapping and redundant regulation must be revoked. The quality of new regulation should also be better than before.

Better regulation supports the goals of growth and employment, which are essential for Europe and which are the principal aims of the Commission. If the European financial market is to achieve the urgently sought growth in investment and capital markets, all regulation should consistently support this goal.

FFI therefore strongly supports the Regulatory Fitness and Performance programme initiated by the European Commission and the European Parliament. 

 

FFI Statement: Ensuring coherence of financial services legislation

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