24 Amendments of Engin EROGLU related to 2020/2034(INL)
Amendment 42 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas stablecoins have the potential to become a widely used means of payment;
Amendment 44 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas the People’s Bank of China is trialling a central bank digital currency (the DCEP); highlights that the potential global use of the DCEP could have implications for international trade and consumer protection;
Amendment 119 #
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, in particular, the participation of retail investors;
Amendment 125 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Emphasises the increased importance of monitoring and reviewing measures relating to the regulation of digital finance, particularly bearing in mind the increasing relevance of this sector as the world deals with the COVID- 19 pandemic;
Amendment 126 #
Motion for a resolution
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Encourages the relevant authorities in the Union to assess the impact of the risks and benefits of the potential global use of the DCEP and its interdependency with China's national blockchain platform;
Amendment 137 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commissionommends the Commission’s initiative to establish a European Forum for Innovation Facilitators (EFIF) in April 2019; Calls on the Commission to draw upon the knowledge and experience derived from the EFIF and to act as first mover in order to create a favourable environment for European FinTech hubs and firms to scale up;
Amendment 146 #
Motion for a resolution
Paragraph 6 – introductory part
Paragraph 6 – introductory part
6. Stresses that lawmeasures taken should ensure that market players, from small to large, have the regulatory space to innovate and that regulation and supervision in the area of FinTech should be based on the following principles:
Amendment 171 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Points out that Union level measuresmeasures adopted at EU level should not stifle opportunities for businesses to grow and develop within the Union and beyond;
Amendment 173 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Notes the continually evolving methods used for money laundering and terrorist financing; emphasises, therefore, the need for the Commission’s approach to digital finance to be cognisant of this and sufficiently robust to combating ML/TF;
Amendment 202 #
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; cautionproposes, however, that developing an open-ended taxonomy template may be more appropriate for this evolving market segment;
Amendment 204 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Emphasises that such an open taxonomy must be based on common understandings of the various crypto- assets involved; requests, therefore that the definitions of crypto-assets and their subclasses be harmonised across EU and member states;
Amendment 206 #
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Stresses that any definition of crypto-assets must take into account future evolution of the crypto-asset market;
Amendment 207 #
Motion for a resolution
Paragraph 9 c (new)
Paragraph 9 c (new)
9c. Points out that, at this stage, the use of stablecoins is not yet prominent within the Union; highlights the need for any future stablecoin-specific framework to be born out of the coming crypto-asset framework, representing an evolution of the legislation with the aim of offering the similar level of security as existing means of payments; believes that before any framework for stablecoins is developed, the architecture of this form of crypto- asset must be examined thoroughly;
Amendment 272 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission to propose legislative changes in the area of ICT and cyber security requirements for the Union financial sector in order to address any inconsistencies, gaps and loopholes that are found to exist in relevant law; in this regard, calls on the Commission to consider the need to have a supervisory overview of the ICT providers, noting the concentration and contagions risks that can be posed by a heavy reliance by the financial services sector on a small number of ICT and cloud computing providers;
Amendment 280 #
Motion for a resolution
Paragraph 16 – point a
Paragraph 16 – point a
a. modernisation of ICT governance and risk management;
Amendment 288 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the Commission to enhance cooperation at international fora in order to facilitate the development of international standards as regards cloud computing and out-sourcing; points out that international standards developed in these areas could then be adopted into an EU-specific framework in order to bring oversight of cloud computing and outsourcing into line with the level of oversight of legacy systems;
Amendment 297 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Recalls that the collection and analysis of data play a central role for FinTech, and therefore highlights the need for consistent, technology-neutral application of existing data laws; highlights that Artificial Intelligence is one of the key technologies as regards enhancing the Union's competitiveness on a global level;
Amendment 301 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Stresses that the free flow of data within the EU is needed to scale up innovative finance; points out that cross- border data flows, including to and from third countries, must be monitored and governed by EU legislative principles on data privacy and data protection;
Amendment 306 #
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 thatfoster the potential of digital finance and to provide the opportunities for innovative FinTech businesses canto grow within the Union and beyond;
Amendment 309 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
Amendment 316 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Requests that the Commission consider a framework, based on the existing EU standard eIDAS, an infrastructure for digital onboarding and the use of digital financial identities, which would aim to harmonise these measures across the Union insofar as necessary;
Amendment 318 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Points out that for KYC processes legal requirements for retail onboarding by financial institutions are different in every member state and therefore cross border onboarding with existing data sets are often not possible, which is also valid for onboarding of corporate clients and its related KYC/KYB (know your business) process; calls on the Commission to address this issue and foster the harmonisation of the KYC data required by member states;
Amendment 324 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Considers that a self-sovereign identity (SSI) based on distributed ledger technologies (DLT) can be a key element in developing a range of new services and platforms for the digital single market, independent from data aggregators and avoiding intermediaries, while at the same time providing high security and data protection standards for individual EU citizens;
Amendment 361 #
Motion for a resolution
Annex I – part B – point 2
Annex I – part B – point 2
2. To make a legislative proposal on cyber resilience, which ensures consistent standards of ICT security across the Union financial sector. Such a framework should be future-oriented and focus on modernising the current rules applicable concerning cyber resilience, while also closing any regulatory loopholes and gaps, which may put businesses, investors and consumers at risk. Such a proposal should take due account of the risk of concentration and contagion stemming from the over reliance on a small number of ICT service providers, particularly cloud computing providers;