EBA Responds to the EC Consultation on Fintech
EBA responded to the EC's public consultation on fintech, which was launched on March 23, 2017 and closed on June 15, 2017. In the response, EBA conveys its views on a subset of questions the EC asked in its consultation and focuses on the work EBA has done so far on fintech. EBA responded to questions that fall into the scope of action of EBA and its 28 national member authorities.
EBA is also developing a discussion paper on fintech issues that fall more into EBA's remit and is expected to publish its views in the coming months. The EC consultation sought input from stakeholders to further develop the EC's policy approach toward technological innovation in financial services. It sought input in terms of stakeholder perspectives on the impact of new technologies on the financial services sector in Europe, both from the perspective of providers of financial services and consumers. The consultation also sought input on whether the regulatory and supervisory framework fosters technological innovation in line with its three core principles of technological neutrality, proportionality, and integrity. The feedback is expected to help the EC to gauge how fintech can make the EU Single Market for financial services more competitive, inclusive, and efficient.
Related Links
Keywords: Europe, Banking, Insurance, Securities, EBA, EC, Fintech
Related Articles
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).
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.
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.
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).
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.
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.
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.
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.
ECB Releases Results of Bank Lending Survey for Fourth Quarter of 2020
ECB published results of the quarterly lending survey conducted on 143 banks in the euro area.
ESAs Publish Reporting Templates for Financial Conglomerates
ESAs published the final draft implementing technical standards on reporting of intra-group transactions and risk concentration of financial conglomerates subject to the supplementary supervision in EU.
