Commission Consultation
FESE response to the Commission consultation on assessing the adequacy of macroprudential policies for non-bank financial intermediation (NBFI)
Market structure
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22 Nov 24
- FESE highlights that granting ESAs greater intervention powers, such as EU-wide trade halts or direct data collection, may not always be efficient due to various market structures in different Member States.
- FESE acknowledges the potential benefits of integrated supervision but urges caution. The recent amendments to MiFID II through the “quick fix” have improved market efficiency, and changing the regime could stifle innovation.
- FESE believes that the recent energy crisis was driven by supply issues, not by the separation of financial and physical market supervision. We recommend policymakers consult on evidence-based proposals before amending the current supervisory regime to avoid overregulation that might negatively impact market development.