Twenty-five different sets of contract law - one for each of the EU's individual member countries - looked recently as if they might soon be joined by a "26th Regime" applicable for certain areas in financial services.However, that proposal has now been put on the back burner by the European Commission's Internal Market Division, which oversees the EU's financial legislation.

The new regime would have comprised a new set of parallel systems of legislation providing optional, but uniform, bodies of law that eventually might lead to a borderless legislative structure.

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