(83)In exercising its delegated and implementing powers in accordance with this Regulation, the Commission should respect the following principles: — the need to ensure confidence in financial markets among retail investors and SMEs by promoting high standards of transparency in financial markets, — the need to calibrate the disclosure requirements of a prospectus taking into account the size of the issuer and the information which an issuer is already required to disclose under Directive 2004/109/EC and Regulation (EU) No 596/2014, — the need to facilitate access to capital markets for SMEs while ensuring investor confidence in investing in such companies, — the need to provide investors with a wide range of competing investment opportunities 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 white-collar crime, — the need for a high level 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 systemic stability of the financial system by close and reactive monitoring of financial innovation, — the importance of reducing the cost of, and increasing access to, capital, — the need to balance, on a long-term basis, the costs and benefits to all market participants of any implementing measure, — the need to foster the international competitiveness of the Union’s 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 Union law every time it is appropriate, — the need to ensure coherence with other Union law in the same area, as imbalances in information and a lack of transparency might jeopardise the operation of the markets and above all harm consumers and small investors.