Haven't yet but following what u said I'd recommend u have a look at the below if u guys still going ahead with a legislation proposal at the EU level. But making sure the proposed legislation include must treat investors fairly and honestly, putting investors' interests first for any professional involved in dealing with the public and securities looks to me the very first priority. 

• Report and Recommendations Pursuant to Section 401(c) of the Sarbanes-Oxley Act of 2002 on Arrangements with Off-Balance Sheet Implications, Special Purpose Entities, and Transparency of Filings by Issuers
• Study and Report on Violations by Securities Professionals: Section 703 of the Sarbanes-Oxley Act Of 2002 (January 24, 2003; in PDF format)