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.
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Keywords: Europe, Banking, Insurance, Securities, EBA, EC, Fintech
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