The financial crisis has emphasised the need to harmonise rules on the functioning of financial markets, a crucial source of financing in today´s economy. The EU actively tries to improve, in particular, the accountability of financial institutions and transparency of financial markets, at the same time combatting tax evasion and money laundering. These legitimate policies often require, in practice, the collection, use and storage of large amounts of personal information. Therefore, it is necessary to balance public policy objectives with the fundamental rights to privacy and data protection.
Opinion on the Proposal for a Council Regulation on jurisdiction, applicable law, recognition and enforcement of decisions and cooperation in matters relating to maintenance obligations (COM (2005)649 final), OJ C 242, 7.10.2006, p. 20
Answer to a notification for prior checking (Case 2006-163)
Opinion on the Proposal for a Regulation of the European Parliament of the Council on mutual administrative assistance for the protection of the financial interests of the Community against fraud and any other illegal activities OJ C 301, 7.12.2004, p. 4