Featured Product

    ESMA Publishes Call for Evidence on Digital Finance

    May 25, 2021

    ESMA published a call for evidence on digital finance that aims to gather relevant information on issues such as value chains, platforms, and groups’ provision of financial and non-financial services. ESMA will consider the information received through this call for evidence when drafting its advice to EC. EC aims to address the challenges and risks associated with digital transformation by proposing, where relevant, adaptations to the existing legislative framework by mid-2022. The call for evidence is open until August 01, 2021 and ESMA, along with the other ESAs, will deliver a report to EC by January 31, 2022.

    EC had, in February 2021, set out a request for technical advice to ESAs on three main issues: the growing fragmentation of value chains in finance, digital platforms, and groups combining financial and non-financial activities. ESAs are expected to assess the regulatory and supervisory challenges brought by these developments and the way in which they could be addressed. ESMA is seeking feedback from external stakeholders, on the following, to inform its work on the matter:

    • More fragmented or non-integrated value chains. The call for evidence aims to collect evidence on new material developments in the evolution and fragmentation of value chains arising as a result of financial firms increasingly relying on third parties for the delivery of their services and of technology companies entering financial services.
    • Platforms and bundling of various financial services. The call for evidence is intended to help ESMA collect insights on the use of digital platforms in the EU the extent to which this phenomenon introduces new risks and/or create regulatory and supervisory challenges.
    • Risks of groups combining different activities. The call for evidence aims to collect evidence on whether large technology companies as mixed-activity groups should be supervised specifically. It also intends to collect evidence on how interdependencies, , and potential risks stemming from these, within the groups can be identified and addressed as well as on how supervisory cooperation can be improved for these groups.

    The call for evidence is of interest to financial firms relying on third parties, in particular technology firms, to fulfil critical or important functions. It is also of interest to third-parties, technology firms, platforms marketing or providing access to different financial services, mixed activity groups combining financial and non-financial activities, and investors.

     

    Related Links

    Comment Due Date: August 01, 2021

    Keywords: Europe, EU, Banking, Securities, Digital Finance, Fintech, Digital Platforms, Regtech, Bigtech, ESAs, ESMA, EC

    Related Articles
    News

    EBA Publishes Final Regulatory Standards on STS Securitizations

    The European Banking Authority (EBA) published the final draft regulatory technical standards specifying and, where relevant, calibrating the minimum performance-related triggers for simple.

    September 20, 2022 WebPage Regulatory News
    News

    ECB Further Reviews Costs and Benefits Associated with IReF

    The European Central Bank (ECB) is undertaking the integrated reporting framework (IReF) project to integrate statistical requirements for banks into a standardized reporting framework that would be applicable across the euro area and adopted by authorities in other EU member states.

    September 15, 2022 WebPage Regulatory News
    News

    EBA Publishes Funding Plans Report, Receives EMAS Certification

    The European Banking Authority (EBA) has been awarded the top European Standard for its environmental performance under the European Eco-Management and Audit Scheme (EMAS).

    September 15, 2022 WebPage Regulatory News
    News

    MAS Launches SaaS Solution to Simplify Listed Entity ESG Disclosures

    The Monetary Authority of Singapore (MAS) set out the Financial Services Industry Transformation Map 2025 and, in collaboration with the SGX Group, launched ESGenome.

    September 15, 2022 WebPage Regulatory News
    News

    BCBS to Finalize Crypto Rules by End-2022; US to Propose Basel 3 Rules

    The Basel Committee on Banking Supervision met, shortly after a gathering of the Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS.

    September 15, 2022 WebPage Regulatory News
    News

    IOSCO Welcomes Work on Sustainability-Related Corporate Reporting

    The International Organization of Securities Commissions (IOSCO) welcomed the work of the international audit and assurance standard setters—the International Auditing and Assurance Standards Board (IAASB)

    September 15, 2022 WebPage Regulatory News
    News

    BoE Allows One-Day Delay in Statistical Data Submissions by Banks

    The Bank of England (BoE) published a Statistical Notice (2022/18), which informs that due to the Bank Holiday granted for Her Majesty Queen Elizabeth II’s State Funeral on Monday September 19, 2022.

    September 14, 2022 WebPage Regulatory News
    News

    ACPR Amends Reporting Module Timelines Under EBA Framework 3.2

    The French Prudential Control and Resolution Authority (ACPR) announced that the European Banking Authority (EBA) has updated its filing rules and the implementation dates for certain modules of the EBA reporting framework 3.2.

    September 14, 2022 WebPage Regulatory News
    News

    ECB Paper Discusses Disclosure of Climate Risks by Credit Agencies

    The European Central Bank (ECB) published a paper that examines how credit rating agencies accepted by the Eurosystem, as part of the Eurosystem Credit Assessment Framework (ECAF)

    September 13, 2022 WebPage Regulatory News
    News

    APRA to Modernize Prudential Architecture, Reduces Liquidity Facility

    The Australian Prudential Regulation Authority (APRA) announced reduction in the aggregate Committed Liquidity Facility (CLF) for authorized deposit-taking entities to ~USD 33 billion on September 01, 2022.

    September 12, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8514