Scotland Europa - Financial Services

Financial Services

Financial services have taken on a major importance in EU policy-making. Far-reaching reforms in the sector continue to be proposed with the aim of rebuilding public confidence and regaining stability in the wake of the financial crisis.

The Commission will respond to the recommendations of the de Larosière Group on the supervision of EU Financial Markets and will develop the Financial Markets for the Future package.

Reforms at EU level will also include:

• The implementation of recently revised bank capital rules;
• New requirements on hedge fund management;
• Strengthened protection for investors buying financial products;
• New rules to stamp out market abuses;
• Guidelines on toxic assets as well as on remuneration in the sector;
• Implementation of new Solvency II rules on insurance; and
• Tightened control over Credit Rating Agencies.

As financial services is a key industry for Scotland, Scotland Europa will monitor and work closely with Members on the overhaul of legislation pertaining to this sector.

For more information contact Sarah English

Useful links:

European Commission – DG Internal Market pages on financial services
European Commission – Report of the High Level Group on Financial Supervision in the EU