The European Commission is seeking advice from European supervisory authorities (ESAs) on reform to existing financial service legislative frameworks in order to protect consumers and safeguard the financial stability of the financial sector. The reforms are part of the EU's digital finance strategy, with the aim to create a future-proof framework for the new financial ecosystem. Among the issues the Commission has sought input on include protection of client funds at investment firms and emerging issues such as value chains, platformisation, and mixed activity groups as well as non-bank lending. 

The ESAs involved -the European Securities and Markets Authority (ESMA), the European Banking Authority (EBA), and the European Insurance and Occupational Pensions Authority (EIOPA) -will work together to produce reports for consideration by the Commission.