Press releases
Omnibus Directive – French Banks’ Proposals for an Ambitious and Effective Europe
The French Banking Federation (FBF) supports ambitious environmental transition goals, in which society and businesses are committed. “Non-financial reporting” is useful for creating a “common language” among stakeholders. In a context of simplification, our sector proposes that this reporting focus on what is, in light of experience, truly essential to accelerate the environmental transition. In other areas as well, simplification is possible, and the FBF calls for other “Omnibus” texts. Our proposals are presented in a note titled “Cutting the red tape,” and we also endorse those of the “Less is more” report. We hope that the European Commission will take ambitious and effective measures to strengthen our Union and increase the cohesion of economic actors around its objectives.
- Regarding the Omnibus Directive to be presented this week, the FBF recalls that:
- The lessons learned from recent years, with the considerable work accomplished to implement the CSRD directive and its numerous implementing texts, must be used: it allows for better targeting of the scope of demands made to businesses, to identify what, in their value chain, is measurable and relevant to accelerate this transition.
- Indeed, the amount of information requested is excessive for businesses of all sizes, which must collect it and pay various service providers, to the detriment of their efforts devoted directly to transition projects; moreover, too much information dilutes the data that are truly important for decision-making.
- “Due diligence” obligations must not lead to obligations of result, but of means, and proportionate to the objectives.
- “Cutting the red tape”
- The FBF also proposes several measures that align with the conclusions of the Letta and Draghi reports and would contribute to establishing a regulatory framework that reconciles financial stability, consumer protection, and the competitiveness of our industry.
- The simplification movement should be ambitious and consistent across sectors of activity, meaning that future omnibus texts should align the specific obligations of the banking sector with those of the rest of the economy. Any divergence in this sense would have the impact of erasing simplification efforts, with regulatory demands made by institutions to their clients replacing those imposed directly by European regulations.
- The FBF publishes its concrete proposals in the “Cutting the red tape” note, already transmitted to European and French authorities.
- “Less is more”
- The FBF welcomes the publication of the “Less Is More” report, produced by academics and experts in banking law. This report proposes an in-depth analysis as well as pragmatic solutions to the regulatory accumulation that affects the competitiveness of the European financial sector. While affirming the necessity of solid regulation, it advocates for a more balanced and efficient approach, through four axes of recommendations that align with the priorities of European authorities:
- Stabilize and simplify a regulatory framework that has become too complex;
- Strengthen consultation and transparency mechanisms;
- Revise the governance of the European Supervisory Authorities;
- Improve the democratic control of regulatory acts.
- The FBF welcomes the publication of the “Less Is More” report, produced by academics and experts in banking law. This report proposes an in-depth analysis as well as pragmatic solutions to the regulatory accumulation that affects the competitiveness of the European financial sector. While affirming the necessity of solid regulation, it advocates for a more balanced and efficient approach, through four axes of recommendations that align with the priorities of European authorities:
Simplification – Cutting the red tape: FBF’s views and proposals
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