BRUSSELS: ‘ TOUGHER REGULATIONS & TRANSPARENCY RULES ON CORPORATIONS & BANKS SEES RISES IN EU LOBBYING COSTS ‘

#AceNewsReport – BRUSSELS:May.02: Since the introduction of tougher transparency rules, on corporate businesses and banks declaring interests, and not to put too firmer point on it, not favoring those that spend or invest more, over those that do not.

The days of EU lobbying costs are increasing as this report from EU Observer confirms.

Among those that have declared huge increases in spending are the internet giant Google, with the likes of JP Morgan Chase saying its lobbying costs in Brussels went up from €50,000 in 2013 to between €1,250,000 and €1,499,999 in 2014 – a 30-fold increase.

Goldman Sachs’ figures rose from €50,000 to between €700,000 and €799,999 in the same period – a 14-fold hike.

UBS climbed from between €200,000 and €250,000 to €1.7 million – a seven-fold increase.

Costs for Barclays, HSBC and Royal Bank of Scotland more than tripled, while costs for Banco Santander, BNP Paribas, Deutsche Bank, Danske Bank, and Raifeissen doubled.

Financial sector trade associations also posted huge hikes, including: the European Fund and Asset Management Association; International Swaps and Derivatives Association; European Private Equity and Venture Capital Association; and the Federation Banquaire Francaise.

The increases were posted in the European Commission’s transparency register in the run-up to Monday’s (27 April) deadline on more stringent reporting requirements.

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BRUSSELS: ‘ EU LAWS TO PASS REGULATION TEST TO AVOID RED TAPE ON BUSINESSES ‘

#AceNewsReport – BRUSSELS:May.02: New EU laws will have to get the green light from an independent scrutiny panel to make sure they do not impose unnecessary burdens on businesses, according to a leaked document from the European Commission.

A six-person Regulatory Scrutiny Board will be tasked with scrutinising impact assessments for new bills and evaluating the costs of existing laws. All impact assessments will require a positive opinion from the Board before the draft law is considered by the 28 commissioners.

Three of the Board members will be hired from outside the EU institution.

The paper, obtained by EUobserver, is part of the so-called ‘Better Regulation’ initiative, which is set to be launched in mid-May. The blueprint is the brainchild of Dutch commissioner Frans Timmermans, the first vice-president of Jean-Claude Juncker’s EU executive, who has been tasked with reducing red tape for businesses.

With governments and businesses critical about the volume of new laws being adopted by the EU institutions, the Juncker commission’s work programme for 2015 spanned just five pages and included just 23 new initiatives, far fewer than usual.

Timmermans’ paper plans to expand consultations will cover the entire lifecycle of a policy.

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