Featured Product

    EC Vice President Speaks About Digital Challenges in Financial Sector

    September 06, 2018

    During the Austrian Financial Market Authority event in Vienna, the EC Vice President Valdis Dombrovskis offered introductory remarks on digital challenges for the financial sector. He explained that the EC ambition is to support an innovative European financial sector, while looking after consumers and addressing risks. He said that "... fintech is still in its early days, with plenty of unrealized potential for ground-breaking innovation."

    The EC Vice President highlighted that EC is working to support innovative companies and the financial industry to make the most of the new technologies. EC aims for the innovative companies to set up in Europe, grow in Europe, and compete internationally from Europe. Consequently, in March, EC launched the Fintech Action Plan, which sets out concrete steps for a more innovative and competitive financial industry in EU. He then discussed the actions that EC has taken so far, based on the goals of the Fintech Action Plan:

    • Ensure that innovative companies can benefit from the full scale of the EU single market. In Spring, EC proposed to allow EU crowdfunding platforms to operate across EU, based on a single authorization. This proposal is under discussion in the European Parliament and the EU Council.
    • Support the uptake of transformative technologies such as blockchain or artificial intelligence. EC has set up an expert group to look at obstacles to fintech innovation in financial services legislation. The group held its meeting in June and will publish a report by the middle of next year. In June, EC also had the first meeting of its EU Fintech lab and is continuously monitoring the developments of crypto-assets and initial coin offerings, along with the supervisors, ECB, FSB, and international standard-setters. One challenge with crypto-assets is how to categorize and classify them and whether/how to apply the existing EU financial rules to these assets. EC is working with supervisors on a regulatory mapping of crypto assets and will conclude its assessment later this year. It will examine whether the existing financial sector rules are suitable for crypto-assets, or if new EU-level initiatives are needed. 
    • Ensure cyber resilience of the financial sector. This summer, EC organized a public-private workshop to identify barriers that hinder information-sharing among market participants. Additionally, countering cyber threat requires rigorous testing to identify weaknesses, like imitating hacking attacks that try to break into systems. EC wants to avoid a proliferation of many different testing requirements across member states and that is why EC supports existing efforts to develop an EU-wide testing framework. Finally, he said that strong cyber resilience is also about effective training and awareness-raising. Therefore, EC has recently adopted a Digital Education Action Plan to improve digital skills throughout Europe, including on cybersecurity.


    Related Link: Speech

    Keywords: Europe, EU, Banking, Securities, Insurance, Fintech, Regtech, Cyber Risk, Action Plan, EC

    Related Articles
    News

    BaFin Publishes Submission Deadlines Under Solvency II

    BaFin published quarterly and annual submission deadlines on the Solvency II reporting page on its website.

    February 25, 2020 WebPage Regulatory News
    News

    RBNZ to Address Cyber Risk Through Risk Management Guidance

    RBNZ announced that it is strengthening its efforts to enhance resilience of the financial system from cyber threats, including developing risk management guidance and promoting information-sharing in collaboration with industry and other public organizations.

    February 25, 2020 WebPage Regulatory News
    News

    FSI Convened Meeting on Climate Risk Assessment in Financial Sector

    The Financial Stability Institute (FSI) of BIS issued a summary of the meeting held in Basel from February 20-21, 2020.

    February 24, 2020 WebPage Regulatory News
    News

    BCBS Updates Basel III Monitoring Workbook in February 2020

    BCBS updated the workbook for Basel III monitoring to version 4.1.2, for the collection of December 2019 data.

    February 24, 2020 WebPage Regulatory News
    News

    Bank of Finland Updates Validation Checks for AnaCredit Reporting

    Bank of Finland published Version 1.8 of the validation checks for credit data collection under the AnaCredit Regulation.

    February 24, 2020 WebPage Regulatory News
    News

    APRA Plans to Assess Climate Risks and Develop Prudential Guidance

    APRA published a letter that outlines its plans to undertake a climate change vulnerability assessment and develop a prudential practice guide focused on climate-related financial risks.

    February 24, 2020 WebPage Regulatory News
    News

    FDIC Publishes Guide to Help with Third-Party Risk Management

    The technology lab of FDIC (FDiTech) published a new guide to help financial technology, or fintech, companies and others partner with banks.

    February 24, 2020 WebPage Regulatory News
    News

    PRA Removes References to LIBOR in SoP on Pillar 2 Capital and SS20/15

    PRA published a policy statement (PS3/20) that provides updates to certain supervisory statements (SS20/15, SS28/15, and SS35/15) and statements of policy (SoP).

    February 24, 2020 WebPage Regulatory News
    News

    APRA to Transition to Annual Stress Testing of Large Banks in 2020

    APRA published key findings of the stress testing assessment conducted on authorized deposit-taking institutions.

    February 21, 2020 WebPage Regulatory News
    News

    BoE Updates Version 1.1.0 of Taxonomy for Form AS and Form FV

    BoE published the statistical notice 2020/01 that provides an update to Version 1.1.0 of the taxonomy for forms AS (MFI holdings of securities collection) and FV (Financial Vehicle Corporations return) and the associated validation rules.

    February 21, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4729