August 04, 2017

EBA published a discussion paper that seeks views on its proposed future work in relation to financial technology (fintech). The discussion paper sets out the results of the first EU-wide fintech mapping exercise, along with the proposals for future work on fintech. EBA invites views from stakeholders on the scope of its proposed work and comments are due by November 06, 2017.

To gain a better understanding of current fintech activity in the EU, in spring 2017, EBA launched the first EU-wide fintech mapping exercise. To this mapping exercise, EBA received responses from 22 member states and 2 European Economic Area States. Detailed information was provided for 282 fintech firms. Based on the fintech mapping exercise and the existing EBA work, EBA has identified proposals for future work in the following six areas:

Authorization and sandboxing regimes

Impact on prudential and operational risks for credit institutions, electronic money institutions, and payment institutions

Impact of fintech on the business models of these institutions

Issues related to consumer protection and retail conduct of business

Impact of fintech on the resolution of financial firms

Impact of fintech on anti-money laundering and countering the financing of terrorism

EBA has already conducted a significant amount of work in relation to certain types of financial innovations, such as crowdfunding and virtual currencies; however, it is stepping up its fintech-related work to investigate the impact of fintech on the financial system and its regulation and supervision. Fintech has the potential to transform the provision of financial services. 

Related Link: Discussion Paper on Fintech (PDF) 

​Comment Due Date: November 06, 2017

Keywords: Europe, EU, Banking, Insurance, Securities, PMI, Fintech, Regtech, Fintech Approach, EBA

Related Articles
News

APRA Updates Guidance on Managing Information Security Risks

APRA released an updated Prudential Practice Guide CPG 234 on managing information security risks, including cyber-crime.

June 25, 2019 WebPage Regulatory News
News

FSB Chair Reports to G20 on Implementation of Financial Reforms

FSB published the letter to G20 Leaders and the opening statement from an FSB briefing by the FSB Chair Randal K. Quarles.

June 25, 2019 WebPage Regulatory News
News

FSB Summarizes Progress in Implementation of G20 Regulatory Reforms

FSB published a summary progress report on implementation of the G20 financial regulatory reforms.

June 25, 2019 WebPage Regulatory News
News

EBA Issues 2020 Stress Test Methodology and Templates for Discussion

EBA published the 2020 EU-wide stress test draft methodology, templates, and template guidance, for discussion with the industry.

June 25, 2019 WebPage Regulatory News
News

SRB Updates MREL Policy to Reflect Changes in CRR 2

SRB updated its policy on minimum requirement for own funds and eligible liabilities (MREL) as a result of the revisions in the recent Banking Package.

June 25, 2019 WebPage Regulatory News
News

OSFI Updates Manual of Reporting Forms and Instructions for Insurers

OSFI issued its annual update for 2019 to the manual of financial reporting forms and instructions for property and casualty (P&C) insurance companies.

June 25, 2019 WebPage Regulatory News
News

PRA Consults on PRA110 Reporting Frequency Threshold

PRA proposed (CP14/19) to amend the reporting frequency of PRA110 reporting template (PRA110) when a firm is in stress.

June 25, 2019 WebPage Regulatory News
News

IMF Releases Report on 2019 Article IV Consultation with United States

IMF published its staff report in the context of the 2019 Article IV consultation with the United States.

June 24, 2019 WebPage Regulatory News
News

FCA and US Agencies on Addressing Issues in Credit Derivatives Market

U.S. SEC Chairman Jay Clayton, U.S. CFTC Chairman J. Christopher Giancarlo, and UK FCA Chief Executive Andrew Bailey issued a joint statement announcing plans to address concerns regarding opportunistic strategies in the credit derivatives markets.

June 24, 2019 WebPage Regulatory News
News

BIS Report Discusses Regulatory Issues Related to Big Techs in Finance

BIS has pre-released a chapter of the BIS Annual Economic Report; this chapter focuses on the risks and opportunities presented by large technology firms in the financial services sector.

June 23, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3315