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
BIS and Central Banks Experiment with GenAI to Assess Climate Risks
A recent report from the Bank for International Settlements (BIS) Innovation Hub details Project Gaia, a collaboration between the BIS Innovation Hub Eurosystem Center and certain central banks in Europe
Nearly 25% G-SIBs Commit to Adopting TNFD Nature-Related Disclosures
Nature-related risks are increasing in severity and frequency, affecting businesses, capital providers, financial systems, and economies.
Singapore to Mandate Climate Disclosures from FY2025
Singapore recently took a significant step toward turning climate ambition into action, with the introduction of mandatory climate-related disclosures for listed and large non-listed companies
SEC Finalizes Climate-Related Disclosures Rule
The U.S. Securities and Exchange Commission (SEC) has finalized the long-awaited rule that mandates climate-related disclosures for domestic and foreign publicly listed companies in the U.S.
EBA Proposes Standards Related to Standardized Credit Risk Approach
The European Banking Authority (EBA) has been taking significant steps toward implementing the Basel III framework and strengthening the regulatory framework for credit institutions in the EU
US Regulators Release Stress Test Scenarios for Banks
The U.S. regulators recently released baseline and severely adverse scenarios, along with other details, for stress testing the banks in 2024. The relevant U.S. banking regulators are the Federal Reserve Bank (FED), the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC).
Asian Governments Aim for Interoperability in AI Governance Frameworks
The regulatory landscape for artificial intelligence (AI), including the generative kind, is evolving rapidly, with governments and regulators aiming to address the challenges and opportunities presented by this transformative technology.
EBA Proposes Operational Risk Standards Under Final Basel III Package
The European Union (EU) has been working on the final elements of Basel III standards, with endorsement of the Banking Package and the publication of the European Banking Authority (EBA) roadmap on Basel III implementation in December 2023.
EFRAG Proposes XBRL Taxonomy and Standard for Listed SMEs Under ESRS
The European Financial Reporting Advisory Group (EFRAG), which plays a crucial role in shaping corporate reporting standards in European Union (EU), is seeking comments, until May 21, 2024, on the Exposure Draft ESRS for listed SMEs.
ECB to Expand Climate Change Work in 2024-2025
Banking regulators worldwide are increasingly focusing on addressing, monitoring, and supervising the institutions' exposure to climate and environmental risks.
