Regulatory change is an unavoidable feature of business life, particularly in the financial services sector. European harmonisation efforts, trying to deliver a level playing field across the EU, are ever more frequently revising existing, or proposing new regulations.
As part of any consultation phase, the European regulatory bodies will canvas business input and reaction to their proposals. The objective of this phase is to minimise the practical costs and / or resources required to make the necessary changes.
The actual implications for proposed changes will vary for each company, reflecting their different business models, existing infrastructure and processes, and other strategic priorities.