- Banking — Capital markets — Financial regulation
Recent years have witnessed a tidal wave of new EU financial regulation in general and investor protection legislation in particular. The Capital Markets Union project has added a number of further initiatives. This chapter attempts to bring some order in the multitude of rules, by sorting them into three main building blocks: information, service quality requirements (conduct of business rules), and product regulation. A general trend among the three building blocks is a more cross-sectoral approach to investor protection, levelling the playing field between banking, investment, insurance, and personal pension products and services. This trend towards a more horizontal approach, although not perfect, is laudable. A challenge for EU financial regulation is to decide how far this trend should go.