The principle of consistency has undergone a remarkable evolution in the European Union (EU) from a mere political objective to a justiciable constitutional principle of EU law. In the area of financial regulation, regulatory consistency plays a particularly salient role as it is considered a prerequisite for preserving financial stability. In the wake of the 2007/2008 financial crisis, EU policy makers coined the concept of the Single Rulebook, highlighting the importance of a consistent and unified regulatory framework for the EU financial sector with a view to completing the Single Market in financial services and ensuring financial stability. This article examines the progress made towards achieving the Single Rulebook in the area of investment management over a decade after the financial crisis. The post-crisis EU legislation in this area follows a patchwork approach with a multitude of Level 1 and Level 2 directives and regulations that largely rely on the contrived legal form and labels to determine the applicable rules. This form-over-substance approach has created a complicated regulatory regime that is often detached from actual risks for investors and financial stability and thus fails to achieve the overarching policy goal of ensuring regulatory consistency. The central argument put forward in this article is that the Single Rulebook would be better achieved with a substance-over-form approach that addresses substantially similar investor protection and financial stability risks in a consistent manner.

一致性原则在欧盟 (EU) 经历了显着的演变，从单纯的政治目标转变为欧盟法律的可司法宪法原则。在金融监管领域，监管一致性发挥着特别重要的作用，因为它被认为是维护金融稳定的先决条件。在 2007/2008 年金融危机之后，欧盟政策制定者创造了单一规则手册的概念，强调了欧盟金融部门一致和统一的监管框架的重要性，以期完成金融服务的单一市场并确保金融稳定。本文探讨了金融危机后十多年来在投资管理领域实现单一规则手册所取得的进展。危机后欧盟在该领域的立法采用拼凑而成的方法，其中包含大量 1 级和 2 级指令和法规，这些指令和法规在很大程度上依赖人为的法律形式和标签来确定适用的规则。这种形式重于实质的方法创造了一个复杂的监管制度，往往与投资者的实际风险和金融稳定脱节，因此无法实现确保监管一致性的总体政策目标。本文提出的核心论点是，单一规则手册将通过实质重于形式的方法更好地实现，该方法以一致的方式解决基本相似的投资者保护和金融稳定风险。