EC Action Plan for Fintech and Proposal for Crowdfunding Regulation
EC launched an Action Plan on harnessing the opportunities presented by technology-enabled innovation in financial services (fintech). EC is also putting forward new rules that will help crowdfunding platforms to grow across the single market in the EU.
The Action Plan envisages to enable the financial sector to make use of the rapid advances in new technologies, such as blockchain, artificial intelligence, and cloud services. It sets out 23 steps to enable innovative business models to scale up, support the uptake of new technologies, and increase cybersecurity and the integrity of the financial system. This will benefit consumers, investors, banks, and new market players. EC is also proposing a pan-European label for platforms, so that a platform licensed in one country can operate across the EU. The Action Plan is part of the efforts to build a Capital Markets Union (CMU) and a true single market for consumer financial services. It is also part of its drive to create a Digital Single Market. EC aims to make EU rules more future-oriented and aligned with the rapid advance of technological development.
Valdis Dombrovskis of EC, the Vice-President responsible for Financial Stability, Financial Services and Capital Markets Union, said: "To compete globally, Europe's innovative companies need access to capital, space to experiment, and scale to grow. This is the premise for our Fintech Action Plan. An EU crowdfunding license would help crowdfunding platforms scale up in Europe. It will help them match investors and companies from all over the EU, giving more opportunities for firms and entrepreneurs to pitch their ideas to a wider base of funders."
Related Links
Keywords: Europe, EU, Banking, Fintech, Action Plan, Cyber Risk, EC
Previous Article
EC Publishes Action Plan on Sustainable FinanceRelated Insights
|
News
FSB Report Examines Financial Stability Implications of FintechFSB published a report that assesses fintech-related market developments and their potential implications for financial stability.
February 14, 2019
WebPage
Regulatory News
|
|
News
US Agencies Amend Regulatory Capital Rule to Allow Phase-In for CECLUS Agencies (FDIC, FED, and OCC) adopted the final rule to address changes to credit loss accounting under the U.S. generally accepted accounting principles; this includes banking organizations’ implementation of the current expected credit losses (CECL) methodology.
February 14, 2019
WebPage
Regulatory News
|
|
News
OCC Consults on Company-Run Stress Test Requirements for BanksOCC proposed amendments to its company-run stress testing requirements for national banks and Federal savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.
February 12, 2019
WebPage
Regulatory News
|
|
News
CFTC Extends Comment Periods for Trade Execution Requirement ProposalsCFTC announced that it is extending comment period for the proposed amendments related to the regulations on swap execution facilities (SEF) and trade execution requirement.
February 12, 2019
WebPage
Regulatory News
|
|
News
OCC Proposes to Renew Information Collection Under Stress Test RuleOCC is proposing to renew its information collection titled “Annual Stress Test Rule” (OMB Control No: 1557-0311). Comments must be received on or before March 13, 2019.
February 11, 2019
WebPage
Regulatory News
|
|
News
OSFI Consults on NSFR Disclosure Requirements for D-SIBsOSFI proposed the draft guideline on the net stable funding ratio (NSFR) disclosure requirements for domestic systemically important banks (D-SIBs).
February 11, 2019
WebPage
Regulatory News
|
|
News
EC Amends Its Regulation to Clarify Impairment Requirements for IFRS 9EC published the EU Regulation 2019/237 that amends Regulation (EC) No 1126/2008 adopting certain international accounting standards, in accordance with Regulation (EC) No 1606/2002 regarding International Accounting Standard (IAS) 28 on Investments in Associates and Joint Ventures.
February 11, 2019
WebPage
Regulatory News
|
|
News
FSB Chair Randal Quarles Speaks About the Upcoming Work of FSBWhile speaking at the BIS Special Governors Meeting in Hong Kong, Randal K. Quarles, the Chair of FSB and Vice Chair of FED, discussed his views on how the work of FSB must evolve and the key principles that, he believes, should inform that work.
February 10, 2019
WebPage
Regulatory News
|
|
News
OSFI Proposes to Amend the Liquidity Adequacy Requirements for BanksOSFI proposed revisions to the Liquidity Adequacy Requirements (LAR) Guideline for banks. OSFI published the proposed drafts (with proposed changes highlighted in yellow) of Chapters 1,2, 4, and 5 of the LAR guideline.
February 08, 2019
WebPage
Regulatory News
|
|
News
HKMA Publishes FAQs on Local Implementation of IRRBB FrameworkHKMA published the frequently asked questions (FAQs) related to the local implementation of the interest rate risk in the banking book (IRRBB).
February 08, 2019
WebPage
Regulatory News
|
