Featured Product

    EC Vice President Speaks About Digital Challenges in Financial Sector

    September 06, 2018

    During the Austrian Financial Market Authority event in Vienna, the EC Vice President Valdis Dombrovskis offered introductory remarks on digital challenges for the financial sector. He explained that the EC ambition is to support an innovative European financial sector, while looking after consumers and addressing risks. He said that "... fintech is still in its early days, with plenty of unrealized potential for ground-breaking innovation."

    The EC Vice President highlighted that EC is working to support innovative companies and the financial industry to make the most of the new technologies. EC aims for the innovative companies to set up in Europe, grow in Europe, and compete internationally from Europe. Consequently, in March, EC launched the Fintech Action Plan, which sets out concrete steps for a more innovative and competitive financial industry in EU. He then discussed the actions that EC has taken so far, based on the goals of the Fintech Action Plan:

    • Ensure that innovative companies can benefit from the full scale of the EU single market. In Spring, EC proposed to allow EU crowdfunding platforms to operate across EU, based on a single authorization. This proposal is under discussion in the European Parliament and the EU Council.
    • Support the uptake of transformative technologies such as blockchain or artificial intelligence. EC has set up an expert group to look at obstacles to fintech innovation in financial services legislation. The group held its meeting in June and will publish a report by the middle of next year. In June, EC also had the first meeting of its EU Fintech lab and is continuously monitoring the developments of crypto-assets and initial coin offerings, along with the supervisors, ECB, FSB, and international standard-setters. One challenge with crypto-assets is how to categorize and classify them and whether/how to apply the existing EU financial rules to these assets. EC is working with supervisors on a regulatory mapping of crypto assets and will conclude its assessment later this year. It will examine whether the existing financial sector rules are suitable for crypto-assets, or if new EU-level initiatives are needed. 
    • Ensure cyber resilience of the financial sector. This summer, EC organized a public-private workshop to identify barriers that hinder information-sharing among market participants. Additionally, countering cyber threat requires rigorous testing to identify weaknesses, like imitating hacking attacks that try to break into systems. EC wants to avoid a proliferation of many different testing requirements across member states and that is why EC supports existing efforts to develop an EU-wide testing framework. Finally, he said that strong cyber resilience is also about effective training and awareness-raising. Therefore, EC has recently adopted a Digital Education Action Plan to improve digital skills throughout Europe, including on cybersecurity.


    Related Link: Speech

    Keywords: Europe, EU, Banking, Securities, Insurance, Fintech, Regtech, Cyber Risk, Action Plan, EC

    Related Articles
    News

    BIS Innovation Hub Sets Out Work Program for 2021

    BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.

    January 22, 2021 WebPage Regulatory News
    News

    EC Plans to Consult on Crisis Management and EDIS Framework Revisions

    In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.

    January 21, 2021 WebPage Regulatory News
    News

    EBA Finalizes Remuneration Standards for Investment Firms in EU

    EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).

    January 21, 2021 WebPage Regulatory News
    News

    ECA Recommends Actions to Enhance Resolution Planning for Banks

    EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.

    January 20, 2021 WebPage Regulatory News
    News

    BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK

    BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.

    January 20, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules on Identity Verification of Depositor Protection

    PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).

    January 20, 2021 WebPage Regulatory News
    News

    FSB Publishes Work Program for 2021

    FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.

    January 20, 2021 WebPage Regulatory News
    News

    FCA Issues Update on Move to New Data Collection Platform

    FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.

    January 20, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Derivation Rules for Reporting by Banks

    Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.

    January 19, 2021 WebPage Regulatory News
    News

    FED Revises Capital Planning and Stress Testing Requirements for Banks

    FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.

    January 19, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6488