Featured Product

    EC to Finalize Digital Finance Strategy Later This Year

    April 03, 2020

    EC launched consultations on digital finance and retail payments in EU. The COVID-19 outbreak has underlined the importance of innovation in digital financial products, as reliance on remote services has increased considerably. The consultation on digital finance seeks views on the possible measures needed to further enable innovative digital financial services in EU, while considering possible competition issues with bigtech companies. The consultation will feed into the new Digital Finance Strategy, which will be presented later this year. The second consultation seeks feedback for the forthcoming Retail Payments Strategy for the EU. Both consultations will remain open until June 26, 2020.

    The consultation on digital finance is structured into following three sections:

    • The first section seeks views on how to ensure that the financial services regulatory framework is technology neutral and innovation-friendly. While an in-depth assessment is underway for crypto-assets, assessment of whether the EU regulatory framework can accommodate other types of new digital technology driven services and business models is needed. Looking at a potentially more complex financial ecosystem—including a wider range of firms, such as incumbent financial institutions, start-ups, or technology companies like bigtech—EC is also seeking stakeholder views on potential challenges or risks that would need to be addressed.
    • The second section invites stakeholder views on ways to remove fragmentation of the Single Market for digital financial services. In addition, the consultation includes a number of forward-looking questions aiming to get stakeholder feedback about other potential issues that may limit the deepening of the Digital Single Market and should be tackled at the EU level.
    • Finally, the third section seeks views on how best to promote a well-regulated data-driven financial sector, building on the current horizontal frameworks governing data but also on the recent sectoral developments such as the implementation of the revised Payment Services Directive in EU. EC is also seeking stakeholder views on the potential additional measures that would be needed in the financial sector to reap the full benefits of the data economy while respecting European values and standards. 

    As set out in the EC work program, given the broad and fundamental nature of the challenges ahead for the financial sector, EC will propose in the third quarter of 2020 a new digital finance strategy/fintech action plan that sets out a number of areas that public policy should focus on in the coming five years. Responses to this consultation will inform forthcoming work on a digital finance strategy or fintech action plan.

     

    Related Links

    Comment Due Date: June 26, 2020

    Keywords: Europe, EU, Banking, Insurance, Securities, Digital Finance, Fintech, Fintech Action Plan, Bigtech, Crypto assets, Data, Single Market, Financial Innovation, EC

    Related Articles
    News

    APRA Issues Interim Update to Policy Priorities for 2021 and Beyond

    In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.

    September 24, 2021 WebPage Regulatory News
    News

    EC Adopts Solvency II and Resolution Rules Package for Insurers

    The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.

    September 22, 2021 WebPage Regulatory News
    News

    OCC Issues Booklets on Regulatory Reporting and Earnings

    The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.

    September 22, 2021 WebPage Regulatory News
    News

    ECB Sets Out Results of Economy-Wide Climate Stress Tests

    The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.

    September 22, 2021 WebPage Regulatory News
    News

    EBA Examines Implications of Increasing Use of Digital Platforms in EU

    The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.

    September 21, 2021 WebPage Regulatory News
    News

    HKMA Issues Updates on Policy Measures Intended to Ease COVID Impact

    The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.

    September 21, 2021 WebPage Regulatory News
    News

    ISDA Responds to BCBS Proposal on Treatment of Cryptoasset Exposures

    The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.

    September 21, 2021 WebPage Regulatory News
    News

    BIS Quarterly Review Discusses Developments in Fintech and ESG Space

    BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.

    September 20, 2021 WebPage Regulatory News
    News

    BCBS to Consult on Supervisory Practices for Climate Risks by Year-End

    The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards

    September 20, 2021 WebPage Regulatory News
    News

    OCC Identifies Operational Risk Deficiencies in MUFG Union Bank

    The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.

    September 20, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 7494