Featured Product

    EC to Finalize Digital Finance Strategy Later This Year

    April 03, 2020

    EC launched consultations on digital finance and retail payments in EU. The COVID-19 outbreak has underlined the importance of innovation in digital financial products, as reliance on remote services has increased considerably. The consultation on digital finance seeks views on the possible measures needed to further enable innovative digital financial services in EU, while considering possible competition issues with bigtech companies. The consultation will feed into the new Digital Finance Strategy, which will be presented later this year. The second consultation seeks feedback for the forthcoming Retail Payments Strategy for the EU. Both consultations will remain open until June 26, 2020.

    The consultation on digital finance is structured into following three sections:

    • The first section seeks views on how to ensure that the financial services regulatory framework is technology neutral and innovation-friendly. While an in-depth assessment is underway for crypto-assets, assessment of whether the EU regulatory framework can accommodate other types of new digital technology driven services and business models is needed. Looking at a potentially more complex financial ecosystem—including a wider range of firms, such as incumbent financial institutions, start-ups, or technology companies like bigtech—EC is also seeking stakeholder views on potential challenges or risks that would need to be addressed.
    • The second section invites stakeholder views on ways to remove fragmentation of the Single Market for digital financial services. In addition, the consultation includes a number of forward-looking questions aiming to get stakeholder feedback about other potential issues that may limit the deepening of the Digital Single Market and should be tackled at the EU level.
    • Finally, the third section seeks views on how best to promote a well-regulated data-driven financial sector, building on the current horizontal frameworks governing data but also on the recent sectoral developments such as the implementation of the revised Payment Services Directive in EU. EC is also seeking stakeholder views on the potential additional measures that would be needed in the financial sector to reap the full benefits of the data economy while respecting European values and standards. 

    As set out in the EC work program, given the broad and fundamental nature of the challenges ahead for the financial sector, EC will propose in the third quarter of 2020 a new digital finance strategy/fintech action plan that sets out a number of areas that public policy should focus on in the coming five years. Responses to this consultation will inform forthcoming work on a digital finance strategy or fintech action plan.

     

    Related Links

    Comment Due Date: June 26, 2020

    Keywords: Europe, EU, Banking, Insurance, Securities, Digital Finance, Fintech, Fintech Action Plan, Bigtech, Crypto assets, Data, Single Market, Financial Innovation, EC

    Related Articles
    News

    BOE Sets Out Its Thinking on Regulatory Capital and Climate Risks

    The Bank of England (BOE) published a working paper that aims to understand the climate-related disclosures of UK financial institutions.

    March 13, 2023 WebPage Regulatory News
    News

    OSFI Finalizes on Climate Risk Guideline, Issues Other Updates

    The Office of the Superintendent of Financial Institutions (OSFI) is seeking comments, until May 31, 2023, on the draft guideline on culture and behavior risk, with final guideline expected by the end of 2023.

    March 12, 2023 WebPage Regulatory News
    News

    BIS Paper Examines Impact of Greenhouse Gas Emissions on Lending

    BIS issued a paper that investigates the effect of the greenhouse gas, or GHG, emissions of firms on bank loans using bank–firm matched data of Japanese listed firms from 2006 to 2018.

    March 03, 2023 WebPage Regulatory News
    News

    HMT Mulls Alignment of Ring-Fencing and Resolution Regimes for Banks

    The HM Treasury (HMT) is seeking evidence, until May 07, 2023, on practicalities of aligning the ring-fencing and the banking resolution regimes for banks.

    March 02, 2023 WebPage Regulatory News
    News

    BCBS Report Examines Impact of Basel III Framework for Banks

    The Basel Committee on Banking Supervision (BCBS) published results of the Basel III monitoring exercise based on the June 30, 2022 data.

    February 28, 2023 WebPage Regulatory News
    News

    PRA Consults on Prudential Rules for "Simpler-Regime" Firms

    Among the recent regulatory updates from UK authorities, a key development is the first-phase consultation, from the Prudential Regulation Authority (PRA), on simplifications to the prudential framework that would apply to the simpler-regime firms.

    February 28, 2023 WebPage Regulatory News
    News

    DNB Publishes Multiple Reporting Updates for Banks

    DNB, the central bank of Netherlands, updated the list of additional reporting requests and published additional data quality checks and XBRL-Formula linkbase documents for the first quarter of 2023.

    February 28, 2023 WebPage Regulatory News
    News

    NBB Sets Out Climate Risk Expectations, Issues Reporting Updates

    The National Bank of Belgium (NBB) published a communication on climate-related and environmental risks, issued an update on XBRL reporting

    February 24, 2023 WebPage Regulatory News
    News

    EBA Updates Address Securitization Standards and DGS Guidelines

    The European Banking Authority (EBA) published the final draft of the regulatory technical standards that set out conditions for assessment of homogeneity of the underlying exposures in simple, transparent, and standardized (STS) securitizations.

    February 21, 2023 WebPage Regulatory News
    News

    FSB Publishes Letter to G20, Sets Out Work Priorities for 2023

    The Financial Stability Board (FSB) published a letter intended for the G20 Finance Ministers and Central Bank Governors, highlighting the work that FSB will take forward under the Indian G20 Presidency in 2023

    February 20, 2023 WebPage Regulatory News
    RESULTS 1 - 10 OF 8793