In exercising its implementing powers in accordance with this Directive, the Commission should respect the following principles: — the need to ensure confidence in financial markets among investors by promoting high standards of transparency in financial markets; — the need to provide investors with a wide range of competing investments and a level of disclosure and protection tailored to their circumstances; — the need to ensure that independent regulatory authorities enforce the rules consistently, especially as regards the fight against economic crime; — the need for high levels of transparency and consultation with all market participants and with the European Parliament and the Council; — the need to encourage innovation in financial markets if they are to be dynamic and efficient; — the need to ensure market integrity by close and reactive monitoring of financial innovation; — the importance of reducing the cost of, and increasing access to, capital; — the balance of costs and benefits to market participants on a long-term basis, including small and medium-sized businesses and small investors, in any implementing measures; — the need to foster the international competitiveness of Community financial markets without prejudice to a much-needed extension of international cooperation; — the need to achieve a level playing field for all market participants by establishing Community-wide regulations wherever appropriate; — the need to respect differences in national markets where these do not unduly impinge on the coherence of the single market; — the need to ensure coherence with other Community legislation in this area, as imbalances in information and a lack of transparency may jeopardise the operation of the markets and above all harm consumers and small investors.
In exercising its implementing powers in accordance with this Directive, the Commission should respect the following principles: