Featured Product

    EC and ESAs Launch European Forum for Innovation Facilitators

    April 02, 2019

    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

    Related Articles
    News

    FASB Proposes Improvements to Derivatives and Hedging Standard

    FASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12).

    November 13, 2019 WebPage Regulatory News
    News

    FASB Approves Guidance to Assist in Transition to New Reference Rates

    FASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting.

    November 13, 2019 WebPage Regulatory News
    News

    BIS and MAS Launch Innovation Hub in Singapore

    BIS and MAS launched the BIS Innovation Hub Center in Singapore.

    November 13, 2019 WebPage Regulatory News
    News

    MAS Collaborates on Research Platform to Support Fintech Investments

    MAS, Deloitte, and S&P Global Market Intelligence have collaborated to develop a prototype for an industry-wide Fintech Research Platform to help investors and financial institutions connect with fintech start-ups that they can partner with or invest in.

    November 12, 2019 WebPage Regulatory News
    News

    MAS and CSA Sign Agreement to Strengthen Collaboration in Fintech

    MAS and eight members of the Canadian Securities Administrators (CSA) signed a cooperation agreement to strengthen collaboration in fintech between Singapore and CSA’s member jurisdictions.

    November 12, 2019 WebPage Regulatory News
    News

    APRA Consults to Standardize Submission Date for Quarterly Reporting

    APRA proposed to standardize quarterly reporting due dates for authorized deposit-taking institutions. The proposed standardized due date is 35 calendar days after the last day of the reference quarter, which will create a 14-calendar-day extension for credit unions and building societies.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Single Rulebook Q&A: First Update for November 2019

    EBA updated the Single Rulebook question and answer (Q&A) tool with answers to two questions. The answers provide clarifications on topics related to own funds and strong customer authentication under the revised Payment Services Directive or PSD2.

    November 08, 2019 WebPage Regulatory News
    News

    FED Proposes to Extend Initial Compliance Dates Under SCCL Rule

    FED published a proposal to extend, by 18 months, the initial compliance dates for foreign banks subject to the single-counterparty credit limit (SCCL) rule.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Publishes Technical Package on Reporting Framework 2.9.1

    EBA published a new release of the reporting framework 2.9.1. This release includes validation rules, Data Point Model (DPM) data dictionary, XBRL taxonomy, and other supporting documents. Additionally, the release fixes some modeling issues on COREP Liquidity and FINREP.

    November 08, 2019 WebPage Regulatory News
    News

    EBA Report Examines Progress in Addressing Nonperforming Loans in EU

    EBA published a report that examines the progress toward addressing the nonperforming loan (NPL) issue in Europe.

    November 08, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4131