Revision of EU financial rules [EU Legislation in Progress]

Written by Rafał Mańko (1st  edition),

Financial Regulation Government Control Oversight Stock Market 3d Illustration

© iQoncept / Fotolia

In September 2016, the Commission tabled a proposal for a new Financial Regulation which would replace the current one (together with its Rules of Application), as well as amend 14 other sectoral regulations and a decision each also containing financial rules. The Commission justifies its proposal by the need to simplify EU financial rules and make them more flexible. The proposal was submitted within the framework of the Multiannual Financial Framework (MFF) mid-term revision package. However, the Court of Auditors, in its Opinion No 1/2017, identified a number of shortcomings in the Commission proposal, especially with regard to its own financial governance standards.


Stage: Committee vote

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