And rightly so; I recall at one of the workshops about Part M a balloon operator protesting that it was ridiculous that he should be subjected to the same regulations as a B747 operator; you know, all those inspections, procedures, forms, error investigations, etc etc
It is exactly that manner of thinking that has led to such a disastrous outcome for much of aviation outside of commercial air transport at EASA and it stems from the fallacy that regulation "creates" safety.
The entire focus of EASA has been the creation of additional requirements that many, for example in the balloon world were not previously required to meet and in smaller organisations simply add to cost and box ticking.
I see absolutely no evidence that the imposition of CAT level standards on balloons has increased their safety.