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    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
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    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Finance

    Posted By Global Banking and Finance Review

    Posted on May 23, 2025

    Featured image for article about Finance

    By Benoit Van Overstraeten and Kate Abnett

    BRUSSELS (Reuters) -The EU's Ombudswoman said on Friday she had launched an inquiry into how the European Commission fashioned its recent proposals to simplify sustainability laws, following a complaint by campaigners accusing the EU executive of weakening the rules without first consulting the public.

    In February, the Commission proposed legal changes it named the "simplification omnibus" that would exempt thousands of smaller European businesses from EU sustainability reporting rules, and curb obligations for bigger firms to check their supply chains for human rights and environmental problems.

    "The decision to open an inquiry follows a complaint by eight civil society organisations who argue that the Commission breached its better regulation guidelines by failing to justify why it did not carry out a public consultation or impact assessment on the draft legislation," Ombudswoman Teresa Anjinho said in statement.

    The European Ombudsman, an independent watchdog set up in 1995, investigates cases of maladministration in EU institutions, acting on its own initiative or in response to citizen complaints. Anjinho took up her post in February, taking over from Emily O'Reilly, who was the first woman to hold the post.

    Anjinho said she has asked the Commission a series of questions, including why it had not carried out a public consultation, and has requested more detail about which companies and stakeholders had been invited to meet with the Commission to discuss the issue.

    The complainants have accused the Commission of consulting industry lobbyists in closed-door meetings before publishing its proposal.

    A European Commission spokesperson did not immediately respond to a request for comment.

    The Commission had proposed changing the sustainability laws after European industries complained that burdensome EU rules meant they could not compete with rivals in China and the U.S., where President Donald Trump is rolling back regulation and imposing tariffs on foreign goods.

    (Reporting by Benoit Van Overstraeten and Kate Abnett; Editing by GV De Clercq)

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