The European Commission announced last week that it has opened a publicly available internet database giving complete access to national laws implementing EU financial services Directives.
This was one of the Better Regulation tasks contained in the White Paper on Financial Services Policy.
The database of weblinks should aid the overall process of implementation and curb regulatory additions to legislation, known as "gold-plating". It will also reduce costs and barriers for business and consumers as they will be armed with the information they need to utilise EU legislation more effectively in the various Member States.
Internal Market and Services Commissioner Charlie McCreevy explained that:
"This is a big step towards improving implementation of EU financial services laws at national level. For the first time every business, consumer and citizen can see openly how Member States are enabling better and more integrated financial services and markets. Now national rules are no longer a 'black box', and any gold-plating will be visible to all."
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