Sector & service specialists

The EU maintains a robust regulatory framework aimed at ensuring financial stability, investor protection, and market integrity. This framework is overseen by various bodies such as the European Commission, the European Banking Authority (EBA), the European Securities and Markets Authority (ESMA), and the European Insurance and Occupational Pensions Authority (EIOPA).

Current hot topics include: the Capital Markets Union (CMU) to deepen and integrate capital markets across EU member states. Digital Finance initiatives to regulate and foster the growth of digital services like cryptocurrencies, blockchain technology, digital identity, and open banking; Sustainable Finance to promote sustainable investing, disclosure requirements for ESG factors, and the integration of climate risks into financial regulation; and Consumer Protection to combat financial fraud and misconduct, and improve access to financial services, particularly for underserved communities.

Overall, EU regulation has a profound impact on the financial services industry by aiming to ensure stability, promote innovation, enhance market integrity, and adapt to the evolving digital landscape to maintain competitiveness and safeguard the interests of stakeholders in the European financial sector.

Centralisation of power by the EU over financial services during and since the crisis in 2008 led to massive growth in the Brussels banking, insurance and financial services community. Some of the largest trade associations in Brussels represent the financial services sector including the European Banking Federation, Insurance Europe and Invest Europe.

As one NGO puts it “With more than 700 entities, more than 120 million Euros annual spending and at least 1,700 lobbyists at their disposal, the Brussels financial lobby is clearly a powerful voice.”  However, there are only two financial services companies in the Top 50 corporate spenders covering all sectors – Deutsche Bank and Allianz – both German interestingly.