Industry Responses to EC Consultation Point to Regulatory Collective Impact Concerns

Themes are beginning to emerge from the responses to a European Commission (“EC”) consultation seeking to identify the collective impact of more than 40 regulations that the European Union has adopted during the financial crisis, according to a recent Bloomberg article.

Jonathan Hill, Commissioner of the EC, stated in a recent speech, “Respondents argue that in places our legislation is not sufficiently proportionate; that it could be weighing negatively on the amount of financing available to the wider economy; and that the compliance burden is too high.”

Hill has indicated that 40 percent of the filings focus on the interaction and unintended consequences of the mixture of regulations pushed through by the previous Commissioner.

The EC is expected to publish a summary of the responses in April and will hold a public hearing in May. The overall assessment will conclude by summer with results feeding into reviews of individual pieces of legislation and new legislation.

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