Since the culmination of the financial crisis, more than 400 laws and implementing rules have been adopted or fundamentally revised. In particular smaller institutions and providers suffer from the quick introduction of so many new rules. During the legislative procedure we have achieved to take many special needs of smaller institutions into account. Ahead of the upcoming evaluation of crucial EU financial markets regulation, we would like to find out more where exactly the shoe pinches.
We have already been informed about numerous unnecessary, repetitive and contradicting rules. Therefore, we would be very happy if you could share with us the issues which demonstrate a significant and avoidable administrative burden to your institution and which have their basis in EU law. We would be grateful if you could formulate your examples as specific as possible.
If you have issues resulting from EU law, you can send your input by Friday, 7 October, 2016 to my office sven.giegold@europarl.europa.eu .
We will analyse all submissions and bring them forward to the appropriate contacts in the European institutions if we can agree with them.
Our political objective remains: We are calling for a single consolidated EU financial market code of law which integrates all European rules. The reporting requirements of the European Central Bank (ECB), European Banking Authority (EBA), national supervisors as well as European and national statistics bodies urgently have to be merged into one single reporting procedure. A common market should overcome the proliferation of overlapping reporting requirements and national interpretations of European laws. Europe could benefit from an initiative for a common supervisory reporting procedure: less bureaucracy and improved data quality.
With regard to the central credit register AnaCredit, the ECB has given in and limited its data collection hunger at some crucial points. I would love to repeat this success for other reporting obligations. Therefore, I will continue to promote a restriction of the administrative burden in particular for savings banks, cooperatives and small private banks. Our objective must be a truly level playing field.
Thank you very much and kind regards,
Sven Giegold