Tag: European Commission

1
FATF report to the G20 on stablecoins
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New EU digital finance rules by the end of 2020
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European Commission launches a public consultation on FinTech
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European Commission launches Task Force on Financial Technology

FATF report to the G20 on stablecoins

By Giovanni Campi

Stablecoins have attracted much regulatory attention lately. The G7 working group on stablecoins, the International Organization of Securities Commissions, the Financial Stability Board (FSB) and the European Commission are among the international institutions pressing for global stablecoins regulation. The overarching regulatory problems they all identify are:

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New EU digital finance rules by the end of 2020

By Giovanni Campi

In a recent address on digital finance in the context of the European Commission’s Digital Finance Outreach, European Commission Executive Vice-President Valdis Dombrovskis, shared some of the Commission’s thinking on technological innovation and digital finance.

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European Commission launches a public consultation on FinTech

By Giovanni Campi and Ignasi Guardans

On 23 March 2017, the European Commission launched a public consultation on FinTech, seeking feedback on how to create “a more competitive and innovative European financial sector”. This represents an important step in the Commission’s work to define a European policy and regulatory framework for FinTech, after the set up of an internal Financial Technology Task Force in November last year.

The European Commission outlines three core principles that will underpin its FinTech approach:      i) technological neutrality; ii) proportionality; and iii) market integrity.

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European Commission launches Task Force on Financial Technology

By Jonathan Lawrence

On 14 November 2016, the European Commission launched an internal Task Force on Financial Technology (TFFT) that aims to assess and make the most of innovation in the FinTech area, while also developing strategies to address the potential challenges that FinTech poses. The work of this Task Force builds on the European Commission’s goal to develop a comprehensive strategy on FinTech. It appears to take a cautious approach. The launch statement warns that “technological development provides great opportunities for existing financial institutions, alternative service providers and new business models, provided that any risks are carefully managed”. This internal Task Force will bring together the expertise of European Commission staff across several areas, such as financial and digital services, digital innovation and security, and competition and consumer protection. It will also engage with stakeholders and present policy suggestions and recommendations in the first half of 2017.

Commission Vice-President Valdis Dombrovskis, responsible for Financial Stability, Financial Services and Capital Markets Union said:

“we see technological innovation in finance as a development that we need to encourage and enable. It brings huge opportunities for consumers and for industry, both by established players and new Fintech firms. Our Task Force will help us make sure that our policy supports the pursuit of these opportunities, while addressing any risks that may emerge. Efficient financial markets need to make the best possible use of the opportunities that technology presents, while also preserving competition and making sure that new operating systems are safe.”

Commissioner for Digital Economy and Society Günther H. Oettinger said:

“Digital innovation is transforming the entire economy and in particular the financial services sector. It disrupts business models and value chains, leads to the emergence of new players and services. The Digital Single Market strategy aims at laying down an appropriate framework and enabling solutions concerning for instance electronic authentication or cyber-security. Our ambition is to foster financial innovation while preserving financial stability and protecting consumers and investors.”

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