EC and ESAs Launch European Forum for Innovation Facilitators
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
Previous Article
PRA Publishes Waiver by Consent of Continuity of Access RulesRelated Articles
EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
EBA Publishes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
EIOPA Examines Physical Climate Risk Exposure, SII Non-Compliance
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
NGFS Report Explores Quantification of Climate Risk Differentials
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
EC Publishes Results on Review of Web Accessibility Directive
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
MAS Consults on Adjustment Spreads for Conversion of SOR Contracts
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
