Activities of Cora van NIEUWENHUIZEN related to 2016/2243(INI)
Plenary speeches (2)
FinTech: the influence of technology on the future of the financial sector (debate)
FinTech: the influence of technology on the future of the financial sector (debate)
Reports (1)
REPORT on FinTech: the influence of technology on the future of the financial sector PDF (372 KB) DOC (85 KB)
Amendments (17)
Amendment 9 #
Motion for a resolution
Citation 18 a (new)
Citation 18 a (new)
– Having regard to the European Parliament resolution of 26 May 2016 on virtual currencies (2016/2007(INI)),
Amendment 26 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas investments in the application of Fintech represent billions of Euros and keep increasing every year;
Amendment 46 #
Motion for a resolution
Recital E
Recital E
E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more transparent, more tailor- made and better financial services for consumers and businesses, and open up many new business opportunities for European entrepreneurs;
Amendment 55 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas FinTech can contribute to risk reduction in the financial system by decentralisation and de-concentration of risks, faster clearing and settlement of cash payments and securities trades, and better collateral management and capital optimisation;
Amendment 56 #
Motion for a resolution
Recital E b (new)
Recital E b (new)
Eb. whereas creating a level-playing field for financial services in the EU is a prerequisite for boosting Fintech in Europe;
Amendment 90 #
Motion for a resolution
Recital L a (new)
Recital L a (new)
La. whereas the ESAs have started identifying the potential risks and benefits of those technologies; whereas national competent authorities are monitoring these technological developments and have come up with different approaches;
Amendment 166 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises the importance of supervisors having sufficient technical expertise to adequately scrutinise increasingly complex FinTech services; recognises the necessity of breaking down supervisory silos across sectors to accommodate better manage risks concerning cyber-security and privacy; urges the ESAs as well as the national competent authorities to increase their cooperation with other relevant competent authorities across sectors;
Amendment 184 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls on the Commission and the ESAs to monitor and avoid overlaps of regulation, new barriers to entry on the market and national barriers to those services; calls on the Commission to prevent barriers between Member States due to inconsistencies between national regimes;
Amendment 201 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Emphasizes the need for clear rules on data ownership, access and transfer; highlights that increasing amounts of data are generated by machines or processes based on emerging technologies, such as machine learning; stresses that the General Data Protection Regulation provides a clear legal framework on personal data but that more legal certainty is needed regarding other categories of data; believes, in this regard, that a clear distinction should be made between raw data and data resulting from further processing;
Amendment 208 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes that there are no clear, comprehensive European guidelines for outsourcing data to the cloud with regard to the financial sector; stresses the need for the development of such guidelines; Highlights the benefits that cloud computing can have for consumers and providers of financial services, in terms of cost efficiency, decreased time to market and a better use of ICT resources; notes that there are no clear, comprehensive European guidelines for outsourcing data to the cloud with regard to the financial sector; stresses the need for the development of such guidelines; stresses that such guidelines are necessary to bring agility and speed to cloud adoption; underlines that high standards of data security and consumer protection should be a part of these guidelines; calls on the Commission and the ESAs to study different possibilities in this regard, such as pre-approved contracts between cloud service providers and financial institutions;
Amendment 214 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Notes the necessity of creating more awareness among consumers as regards the value of their personal data; acknowledges that consumers can sell their personal data through re-sharing; underlines that this may lead to economic benefits but can also be used in a discriminatory way; calls on the Commission to investigate the possibility of a European data re-sharing strategy with the aim of putting consumers in control of their data; believes that a clear, consumer-centric approach will increase trust in cloud-based services and stimulate new innovative services offered by diverse actors in the financial value chain, e.g. by using API's or facilitating direct access to data for electronic payments services; asks the Commission to investigate the future potential of Personal Information Management Systems (PIMS) as technical tools for consumers to manage their personal data;
Amendment 257 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Is concerned by the increased use of unpermissioned blockchain applications, in particular Bitcoin, for criminal activities, tax evasion, tax avoidance and money laundering; calls on the Commission to investigate the role of bitcoin mixers in this process; invites the Commission to organise an annual multi-stakeholder conference on this subject;
Amendment 272 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Asks the ESAs to identify in which cases targeted- or risk-based authentication can be an alternative to strong authentication; further asks the Commission to investigate whether the strong authentication processes can also be executed by other entities than banks;
Amendment 282 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the ESAs to develop technology-neutral standards and licences for both know-your-customer techniques and remote identification methods, for example based on biometric criteria;
Amendment 295 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls on the ESAs to partner with private sector players in developing and evaluate innovative technologies that have the potential to safeguard financial stability and increase consumer protection, for instance by mitigating bias in algorithms or by increasing consumer awareness of cyber threats;
Amendment 301 #
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Notes that the increasing use of big data and artificial intelligence presents benefits to consumers but also entails questions concerning consumer protection; stresses that errors or biases that can lead to discrimination and exclusion in these algorithms can potentially cause systemic risk and harm consumers and investors; notes that insurance is a prominent example of a sector where these technologies are increasingly used, e.g. for risk assessment; asks the Commission and the European Supervisory Authorities (ESAs) to investigate discriminatory effects;
Amendment 315 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Emphasises that financial education is a prerequisite for raising awareness in society and equipping citizens with the knowledge that is necessary to make sound decisions concerning financial products and services;