Within the euro area, the non-banking sector currently accounts for 55% of the financial sector, compared to 14% thirteen years ago- in 2008. Whereas the foremost regulatory focus has been on the importance of supervision over the banking and insurance sectors, non-banking entities have become significant players and contributors to the financial landscape as a whole. This, coupled with drivers of change, such as innovation sweeping through the financial landscape and the increasing number of digitally provided services, has triggered regulatory changes to encompass these trends. As a result, investment firms within the EU will fall under regulations specified by the Investment Firms Regulation and Directive (IFR&IFD) from 26 June 2021.
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