25 Amendments of Jonás FERNÁNDEZ related to 2020/2034(INL)
Amendment 37 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas, at present, crypto-assets are neither issued nor guaranteed by a central bank or public authority in the Union, and can have a variety of uses, including as a means of exchange, for investment purposes, and in order to access a good or service;
Amendment 38 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Amendment 39 #
Motion for a resolution
Recital D
Recital D
D. whereas stablecoins exhibit similar features to crypto-assets and do not take the form of any specific currency, but rely on a set of tools which aim to minimise fluctuations of their price as denominated in a currency; whereas some crypto-assets, including stablecoins and their associated technologies, have the potential to increase efficiencies, competition and transparency and to bring substantial opportunities and benefits to society, since some of them could lead to cheaper and faster payments and offer new funding sources for SMEs;
Amendment 46 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas the ECB has euro cash as the sole legal tender;
Amendment 58 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas recent research suggests that crypto-assets are mainly used as a speculative investment, rather than as a means of payment for goods or services offered by a legal merchant; whereas the ESAs have highlighted that crypto-assets which do not qualify as financial instruments within the coverage of Union financial regulation pose specific risks, namely in terms of investor and consumer protection as well as to market integrity; whereas specific risks highlighted include fraud, cyber-attacks, money laundering, operational resilience and market manipulation;
Amendment 69 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas large technology firms and global digital platforms are increasingly offering financial services; where those large operators in the digital sector benefit from competitive advantages such as economies of scale, vast cross-border user networks, easy access to financing and the ability to harvest large swaths of data provided by users through data processing technologies such as ‘big data analytics’, which generate tremendous added value in a variety of ways; whereas the presence of ‘Big Tech’ firms in the FinTech markets has the potential to harm fair competition and innovation;
Amendment 116 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that FinTech will be integral to the success of the Capital Markets Union (CMU) and encourages the Commission to consider how to harness the benefits of FinTech in driving forward capital market integration in the Union; whilst at the same time addressing at regulatory and supervisory level the specific risks that FinTech, namely crypto-assets, pose;
Amendment 155 #
Motion for a resolution
Paragraph 6 – point c a (new)
Paragraph 6 – point c a (new)
ca. respect for the fundamental rights to privacy and data protection, as guaranteed by Articles 7 and 8 of the EU Charter of Fundamental Rights;
Amendment 163 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Points out that Union level measures should not stiflecan enhance a regulatory and supervisory level playing field across the internal market and bring certainty to businesses and consumers, thereby offering opportunities for businesses to grow and develop within the Union while avoiding forum shopping and regulatory arbitrage;
Amendment 176 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights the importance of the triangle of trust, identity and data in order to ensure that operators, consumers and supervisors are able to have confidence in digital finance; considers appropriate to further analyse initiatives for implementing CBDCs both within the Union and on a global level; calls on the Commission and EU supervisory authorities to promote research and international discussions in this field, assessing potential benefits and all implications; believes that parameters and principles for analysis should rely on the role of CBDCs in supplementing the decline in cash use, ensuring people’s trust in the financial system, providing for greater financial inclusion and access to a public means of payment, all the while guaranteeing financial stability and the pursuit of socio-economic objectives;
Amendment 183 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Agrees with the ECB on the importance of physical money as legal tender; stresses that progress in the field of virtual currencies must not lead to restrictions on retail cash payments or to the abolition of cash;
Amendment 196 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers that developing a pan- European taxonomy for crypto-assets is desirable as a step towards fostering a common understanding, facilitating collaboration across jurisdictions and providing greater regulatory certainty for market participants engaged in cross border activity; recommends taking into account the importance of international cooperation and global initiatives as regards frameworks for crypto-assets, bearing in mind in particular their borderless nature; cautions, however, that developing an open-ended taxonomy template may be more appropriate for this evolving market segment; believes, however, that there is no one size fits all solution when it comes to legal qualification of crypto-assets and therefore a framework which allows for monitoring, adaption and product intervention by EU supervisors is important;
Amendment 214 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes, therefore, that any further categorisation should be balanced and flexible in order to give space for innovation in the sector while ensuring that risks can be identified and mitigated at an early stage;
Amendment 216 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Is concerned about the findings of a recent research1a demonstrating that half of the crypto-assets transactions is linked to illegal activities, like the buying or selling of illegal goods or services (weapons, drugs transactions), money laundering and, payments in ransomware attacks; highlights recent findings which suggests that 76 billion dollars of illegal activity per year involves Bitcoins; _________________ 1a Electronicallyavailable via https://ssrn.com/abstract=3102645.
Amendment 217 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Further stresses that clear guidance on the applicable regulatory and prudential processes is needed in order to provide regulatory certainty regarding crypto-assetsCalls for clearer guidance on regulatory and prudential processes to follow in order to provide regulatory certainty and adequate supervision for a particular crypto-assets; subscribes to the view of the Basel committee and EBA that banks acquiring crypto-assets, should apply a conservative prudential treatment to such exposures, especially for high risk crypto-assets; shares furthermore the view that strong due diligence, a robust governance and risk management, full disclosure of any exposure and a solid dialogue with the supervisors are all of paramount importance; believes that the forthcoming revision of the capital requirements framework should include amendments in this respect;
Amendment 224 #
Motion for a resolution
Paragraph 11 a (new)
Paragraph 11 a (new)
11a. Further stresses that clear guidance is needed on the applicability of existing regulatory and prudential processes to crypto-assets which qualify as financial instruments as far as EU legislation is concerned, in order to provide regulatory certainty regarding crypto-assets; stresses that this guidance must be provided consistently at the EU level, to avoid different practices of qualification and supervision by national authorities, which creates an un-level playing field, forum shopping and regulatory arbitrage in the internal market;
Amendment 233 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Calls on the Commission to assess the advantages of proposing legislative framework for initial coin offerings and initial exchange offerings to increase legal certainty, investor and consumer protection, raise warnings, and reduce risks stemming from asymmetric information, fraudulent behaviour and illegal activities; Stresses however that wider regulation of crypto-assets and related activities may have trade-offs, such as risking legitimising crypto-assets and encouraging wider adoption; Highlights therefore that it will also require further supervisory resources and in-house technological know-how for supervisors;
Amendment 235 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Takes the view that, if a wide legislative framework is proposed, the “same services, same rules” principle must apply while being subject to the necessary adaptations; stresses that, where appropriate, strict fit and proper tests should be applied to those who issue the assets and that in order to increase investor protection and transparency, a standardised and regulated whitepaper should be published at the time of issuance; Highlights that a harmonised regulatory framework only makes sense , if supervision is coordinated at the EU level; notes, in particular, the need to oversee the work of national innovation facilitators, such as innovation hubs and regulatory sandboxes, and ensure that they do not undermine the level playing field in the internal market, and that mechanisms for cooperation and coordination are put in place.
Amendment 236 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 284 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the need for further information sharing, in particular on incidents, and enhanced coordination between relevant regulatory and supervisory authorities, taking into account that building resilience and preparedness to deal with large scale cyber and operational incidents requires effective cooperation not only cross- borders but also across various sectors;
Amendment 287 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
Amendment 294 #
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Calls on the Commission and supervisors to put in pace non-legislative actions to bolster the operational preparedness in the financial sector to deal with large-scale cyber and operational incidents, through joint exercises, operational protocols (“playbooks”), secure collaboration tools and investments in reinforcements of critical infrastructures and European redundancy capacities; highlights the need for supervisors to have in-house expertise and adequate resources to carry out such exercises and supervisory actions;
Amendment 303 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Requests, in this regard, that the Commission examines how to ensure that digital finance entities can access on an equitable basis relevant and useful data to help ensure that innovative FinTech businesses can grow within the Union and beyond; calls on the Commission to monitor the offering of financial services by “BigTech” firms, and also how the competitive advantages inherent to these operators may distort competition in the market, harm the interests of consumers and innovation;
Amendment 320 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Points out that customer data or “big data” is being increasingly used by financial institutions; recalls the provisions of Article 71 of the GDPR and calls on all stakeholders to increase efforts to guarantee the enforcement ofiterates the conclusions and recommendations from its Resolution of 14 March 2017 on fundamental rights implications of big data: privacy, data protection, non- discrimination, security and law- enforcement; recalls the legislative framework for processing of personal data provided by the GDPR and calls on all stakeholders to ensure the enforcement of the rights therein; highlights, in particular, the principle regarding the individuals’ right to own and control over their data and the rights therein; o data portability;
Amendment 331 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Calls for effective oversight of ’big data’ analytics in a way that addresses the opacity of models while ensuring that there is sufficient access to relevant and quality data; emphasises the need for much greater algorithmic accountability and transparency with regard to data processing and analytics as an essential tool to guarantee that the individual is appropriately informed about the processing of their personal data; calls on the Commission to assess which initiatives, legislative and non-legislative, can be taken in this regard;