EU financial legislation is notoriously based on a sectoral approach, revolving around its three traditional sectors: banking, capital markets, and insurance-pension funds. Each sector has its body of EU legislation, embedded in the relative silos. Ultimately, even the identification of the subject to be protected – whether a “client”, a “customer”, an “investor”, a “policy holder”, etc. – varies considerably across sectors, rendering the identification of the target of the protection awarded by different statutes variable in accordance with each of their respective objectives and aims. This also has an institutional dimension, resulting in the articulation of three different European Agencies, in relation to the different sectors (EBA, ESMA and EIOPA).The articulation of this regulatory and institutional set up has undergone, over time, several changes, which sometimes seem to challenge the sectoral approach: significant examples of this are, for instance, the regulation of financial conglomerates, or the PRIIPS Regulation.<sup>1</sup> However, these exceptions do not change the overall picture, but attention needs to be drawn to a wider phenomenon of circulation of schemes and models across the different sectors.