Nordic Implementation of EU Financial Rules – CBS

Executive summary

This report was commissioned by the Nordic Council of Ministers to examine the position of employees in the Nordic financial sector in the light of the EU’s financial legislation. Following the outbreak of the Financial Crisis, the EU put forward an unprecedented series of reforms to restore financial stability and public confidence in the EU financial system. This series of reforms in the area of financial market regulation have had a profound impact on the Nordic financial industry, financial intermediaries, corporations, and employees. Hence, a need for a review and analysis of the possible change of the position of employees in the light of the recent changes has been recognised. An additional part of the report is formed by an analysis on the EU deposit insurance scheme.

Methods of analysis include qualitative research methods of relevant EU financial regulations, directives, recommendations and national legal acts and rules together with existing quantitative research. 

The report finds that the transposition of the EU Directives has been relatively homogeneous in all Nordic jurisdictions. There are certain discrepancies between the EEA and EU Member States. Nevertheless, the EEA Member States are also in the process of implementing the changes introduced by the EU financial legislation. This report uncovers areas within which the EU has not adopted a coordinated approach and thus leaves room for regulation regarding the level of employee protection for the Member States. It is thus important to undertake further steps towards a coherent framework in the Nordics. Finally, there are several recommendations in regard to the employee consultation and collective bargaining as well as whistleblower protection. Ultimately, some of the EU regulatory framework has not been yet implemented and therefore the effect of the EU regulation is only to be seen in the upcoming years.