April 02, 2019

EC and ESAs jointly launched the European Forum for Innovation Facilitators (EFIF) to improve cooperation and coordination in support of the application of new technological developments in the EU financial sector. The Forum is intended to provide a platform for participating authorities to collaborate and share experiences from engagement with firms through innovation facilitators. The EC Vice President Valdis Dombrovskis also delivered a keynote speech at the inaugural event of the EFIF.

Members of EFIF will include ESAs, the national competent authorities, and, on ad-hoc basis, representatives from third-countries' competent authorities, who will be invited to participate in the EFIF meetings. The establishment of EFIF follows up on the 2019 joint report by ESAs on regulatory sandboxes and innovation hubs and is in line with the objectives of FinTech Action Plan of EC. The action plan sets out concrete steps for a more innovative and competitive EU financial industry. 

The EC Vice President also mentioned that EC has set up an EU Fintech Lab for supervisors, technology providers, and financial institutions to deep-dive together into specific technologies. Thus far, the labs have focused on cloud outsourcing and artificial intelligence and the work will continue this year. Mr. Dombrovskis added that the EFIF forum is a joint response by EC and ESAs to enable the following:

  • Creation of a network of national supervisors for exchanging best approaches to fintech

  • Identification of regulatory and supervisory obstacles early on, allowing to address them more quickly at EU level

  • Enhancement of capacity and knowledge-sharing among the competent authorities and ESAs

 

Related Links

Keywords: Europe, EU, Banking, Insurance, Securities, Fintech, Regtech, EFIF, Innovation Facilitators, Regulatory Sandboxes, Innovation Hubs, Fintech Action Plan, EC, ESAs

Related Articles
News

APRA Releases Minor Changes to Reporting Standards on SA-CCR for Banks

APRA released minor changes to the three reporting standards for the standardized approach for measuring counterparty credit risk exposures (SA-CCR).

May 22, 2019 WebPage Regulatory News
News

APRA Proposes to Amend Guidance on Residential Mortgage Lending

APRA is consulting on revisions to the prudential practice guide APG 223 on residential mortgage lending in Australia.

May 21, 2019 WebPage Regulatory News
News

ESAs Amend Technical Standards on Mapping of ECAIs Under CRR

ESAs published a second amendment to the implementing technical standards on the mapping of credit assessments of External Credit Assessment Institutions (ECAIs) for credit risk under the Capital Requirements Regulation (CRR).

May 20, 2019 WebPage Regulatory News
News

OCC Consults on Information Collection for Home Mortgage Disclosures

OCC is soliciting comment on the revision of the information collection titled “Regulation C—Home Mortgage Disclosure.” OCC also notes that it has sent the collection to OMB for review.

May 20, 2019 WebPage Regulatory News
News

EIOPA Updates Q&A on Regulations in May 2019

EIOPA published additional questions and answers (Q&A) on guidelines, directives, and regulations applicable to insurers in Europe.

May 17, 2019 WebPage Regulatory News
News

FSB Publishes Update on Meeting of RCG for Americas

FSB published a summary of the meeting of its Regional Consultative Group (RCG) in Americas.

May 17, 2019 WebPage Regulatory News
News

ESRB Paper on Impact of Business Model Similarities on Risk Capture

ESRB published a working paper on whether information contagion and business model similarities explain bank credit risk commonalities.

May 17, 2019 WebPage Regulatory News
News

CBM Notifies ESRB and ECB on Imposing Borrower-Based Measures in Malta

CBM notified ESRB and ECB regarding its decision to impose borrower-based measures on lenders in Malta.

May 17, 2019 WebPage Regulatory News
News

IASB Issues Work Plan and Meeting Updates for May 2019

IASB published an updated work plan, along with the update of its meeting in May 2019.

May 17, 2019 WebPage Regulatory News
News

FCA Publishes Its Business Plan for the Coming Year

FCA published its Business Plan, which sets out the main areas of focus and priorities for 2019/20.

May 17, 2019 WebPage Regulatory News
RESULTS 1 - 10 OF 3103