EC and ESAs Launch European Forum for Innovation Facilitators
EC and ESAs jointly launched the European Forum for Innovation Facilitators (EFIF) to improve cooperation and coordination in support of the application of new technological developments in the EU financial sector. The Forum is intended to provide a platform for participating authorities to collaborate and share experiences from engagement with firms through innovation facilitators. The EC Vice President Valdis Dombrovskis also delivered a keynote speech at the inaugural event of the EFIF.
Members of EFIF will include ESAs, the national competent authorities, and, on ad-hoc basis, representatives from third-countries' competent authorities, who will be invited to participate in the EFIF meetings. The establishment of EFIF follows up on the 2019 joint report by ESAs on regulatory sandboxes and innovation hubs and is in line with the objectives of FinTech Action Plan of EC. The action plan sets out concrete steps for a more innovative and competitive EU financial industry.
The EC Vice President also mentioned that EC has set up an EU Fintech Lab for supervisors, technology providers, and financial institutions to deep-dive together into specific technologies. Thus far, the labs have focused on cloud outsourcing and artificial intelligence and the work will continue this year. Mr. Dombrovskis added that the EFIF forum is a joint response by EC and ESAs to enable the following:
-
Creation of a network of national supervisors for exchanging best approaches to fintech
-
Identification of regulatory and supervisory obstacles early on, allowing to address them more quickly at EU level
-
Enhancement of capacity and knowledge-sharing among the competent authorities and ESAs
Related Links
Keywords: Europe, EU, Banking, Insurance, Securities, Fintech, Regtech, EFIF, Innovation Facilitators, Regulatory Sandboxes, Innovation Hubs, Fintech Action Plan, EC, ESAs
Previous Article
ESRB Publishes Quarterly Risk Dashboard in June 2019Related Articles
HKMA Sets Out Regulatory Treatment for Personal Loan Guarantee Scheme
HKMA has published a circular that sets out the regulatory and reporting treatment for loans that participating authorized institutions may grant to eligible borrowers under the 100% Personal Loan Guarantee Scheme.
ECB Completes Targeted Review of Internal Models of Banks
ECB published the results of the assessment of internal models that banks use to calculate risk-weighted assets for credit, market, and counterparty credit risks.
PRA on Regulatory Treatment of Loans Under Mortgage Guarantee Scheme
PRA published a statement on the regulatory treatment of retail residential mortgage loans under the Mortgage Guarantee Scheme, or MGS.
FCA Consults on Rules and Reporting Forms for Investment Firms Regime
FCA is consulting, via CP21/7, on the second phase of proposed rules to introduce the UK Investment Firm Prudential Regime (IFPR).
HMT and BoE Decide to Explore Central Bank Digital Currency in UK
HM Treasury and BoE announced the joint creation of a Central Bank Digital Currency (CBDC) Taskforce to coordinate the exploration of a potential central bank digital currency in UK.
EIOPA Sets Out Expectations on Use of Climate Risk Scenarios in ORSA
EIOPA published an opinion to set out its expectations on the supervision of the integration of climate change risk scenarios by insurers in their Own Risk and Solvency Assessment (ORSA).
EC Sets Out Standards for MREL Reporting by Competent Authorities
EC published the Implementing Regulation 2021/622 that lays down implementing technical standards for reporting of the minimum requirement for own funds and eligible liabilities (MREL).
BCBS to Advance Work on Suptech, Climate Risk, and Basel Monitoring
BCBS has set out the strategic work priorities, as part of its the work program for 2021-22.
Bundesbank Updates AnaCredit Reporting Requirements
Bundesbank published two circulars on AnaCredit reporting requirements. Circular 27/2021 covers changes to the reporting of branches, additional attributes to be reported for investment funds from August 01, 2021, and updates to the list of international organizations.
PRA Finalizes Supervisory Approach for Non-Systemic Banks in UK
PRA published the policy statement PS8/21, which contains the final supervisory statement SS3/21 on the PRA approach to supervision of the new and growing non-systemic banks in UK.