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    EC Consults on Certain Crypto-Asset and Operational Resilience Issues

    December 19, 2019

    EC launched two public consultations: one seeks views on the suitability of the existing regulatory framework for crypto-assets including “stablecoins” and the other requests feedback on how the existing legislative framework can be improved to ensure that the financial sector can deal with cyber-attacks and other risks arising from increasing digitization. The feedback from the public consultations will feed into the impact assessment of EC on possible upcoming initiatives. The comment period for both consultations ends on March 18, 2020, as mentioned in the EC Press Release.

    To promote digital finance in Europe, while adequately regulating its risks, in light of the mission letter of Executive Vice President Dombrovskis, EC services are working toward a new Digital Finance Strategy for EU. Key areas of reflection include deepening the Single Market for digital financial services, promoting a data-driven financial sector in EU while addressing its risks and ensuring a true level playing field, making the EU financial services regulatory framework more innovation-friendly, and enhancing the digital operational resilience of the financial system. EC may consult further on other issues in this area in the coming months. The consultation on the: 

    • EU Regulatory Framework for Crypto-assets seeks feedback from stakeholders on whether and how to classify crypto-assets. It concerns both crypto-assets that fall under existing EU legislation (those that qualify as "financial instruments" under Markets in Financial Instruments Directive (MiFID) II and those qualifying as "e-money" under e-money directive or EMD2) and those that do not. 
    • Digital Operational Resilience is aimed to gather stakeholder views on the need for legislative improvements within the financial services acquis with a view to harmonize rules across EU in a proportionate way to make the financial sector more secure and resilient while alleviating compliance and administrative burdens. EC services would welcome stakeholder input in four main areas—requirements on information and communications technology (ICT) and security risk management in the legislative acquis applicable to the financial sector, incident reporting requirements, digital operational resilience testing framework, and oversight of ICT third-party providers to the financial institutions.

     

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    Comment Due Date: March 18, 2020

    Keywords: Europe, EU, Banking, Insurance, Securities, Crypto-Assets, Stablecoins, Regulatory Framework, Fintech, Operational Risk, Cyber Risk, EC

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