BERLIN, Feb 17 — France and Germany have urged the European Commission to bring forward an ambitious “financial services simplification package” to make EU rules easier to navigate and less burdensome for firms, according to a letter seen by Reuters today.

In the letter to Financial Services Commissioner Maria Luis Albuquerque dated Friday, German Finance Minister Lars Klingbeil and his French counterpart Roland Lescure identify several areas in which a simplification of EU Financial Services legislation is possible, while ensuring financial ⁠stability.

They argue that ⁠selective tweaks in future ⁠legislation are not enough and ⁠that the ⁠EU should also simplify rules already in force, with a view to strengthening ⁠the single market for financial services and improving the global competitiveness of European institutions.

Among specific areas flagged, the letter highlights streamlining reporting so that a financial market transaction only ⁠needs to be reported once, relying on established market practices instead of additional regulation, ⁠repealing unused delegated powers and simplifying cyber reporting.

The ⁠French ⁠and German ministers add in the letter that they are preparing input on banking regulation that they will share with the commission in due course. — Reuters