On 31 May 2016, we blogged that the European Parliament’s Committee on Economic and Monetary Affairs (ECON) published a draft report on the European Commission’s (Commission) Green Paper on retail financial Services (the Green Paper).
The ECON has now published a report on the Green Paper, stating that the Commission has “done the right thing” by presenting this initiative. The report also notes that there are some major challenges that have to be dealt with in bringing the retail financial services agenda forward. This includes building a stronger EU level capacity for data collection and analysis. Another challenge is making identification work in practice. The report also states that any new legislative initiative based on the Green Paper has to be as technology and business model neutral as feasible.
The report contains a motion for a European Parliament resolution on the Green Paper, an explanatory statement prepared by rapporteur Ollie Ludvigsson and an opinion of the Committee on the Internal Market and Consumer Protection. The report has been tabled for the European Parliament’s forthcoming plenary session on 23 and 24 November 2016.
View ECON report on European Commission Green Paper on retail financial services, 17 October 2016