12 Amendments of Sophia IN 'T VELD related to 2017/2066(INI)
Amendment 10 #
Motion for a resolution
Recital A
Recital A
A. whereas the EU market in retail financial services remains underdeveloped and highly fragmented; whereas urgent and efficient action is therefore needed to facilitatneeded to unlock the full potential of the sinnovation beneficial to end users, while unlocking the full potential of the single market;gle market and provide consumers with better financial services and products, more choice, and lower rates.
Amendment 13 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas we should remain ambitious in breaking down national barriers and curbing the existing protectionist tendencies that block innovation in retail financial services;
Amendment 25 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomesNotes that the Commission Action Plan on cConsumer fFinancial sServices as a means of addressingAction Plan has taken on board some of the challengeoncerns raised by the European Parliament in its report on the Green Paper on retail financial services, with the aim of striving towards a genuine technology-enabled single market for retail financial services, while protecting consumers, lowering prices and fighting against tax fraud, tax evasion and tax avoidance;; believes, nevertheless that the Action Plan falls short of the ambition to create a regulatory environment conducive to transparency, growth and innovation, with a high level of trust of businesses and consumers in retail financial products.
Amendment 34 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Notes that in 2016 the FinTech funding in Europe accounted for only USD 2.2 billion, as compared to USD 12.8 billion in the US and USD 8.6 billion in China, which demonstrates the urgent need for a quick mentality shift and an adequate regulatory response to technological developments in order for Europe to become a lead market for innovation; stresses that a genuine single market for retail financial services where a level playing field for new market entrants is ensured will make the EU attractive as a hub for innovative financial services and will provide consumers with more and better choice, at lower rates; emphasises that although disruptive technologies present regulatory challenges, they also offer great opportunities for innovation that benefit end-users and a stimulus for economic growth and jobs.
Amendment 68 #
Motion for a resolution
Subheading -1 (new)
Subheading -1 (new)
Action -1 - Removing the existing barriers to internal market of retail finance
Amendment 69 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Urges the Commission to map the obstacles to internal market in retail finance stemming from different consumer protection, taxation and labour law provisions across Member States; furthermore, urges the Commission following the assessment to come up with concrete proposals by eliminating identified barriers by January, 2018.
Amendment 70 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Urges the Commission to clarify the use of general good provisions, which currently could be vicariously used by Member States to block new products into their market, and to empower the ESAs to become an active mediator between Member States when there are countering interpretations on its use.
Amendment 71 #
Motion for a resolution
Paragraph 4 c (new)
Paragraph 4 c (new)
4c. Urges the Commission to investigate into possibility of introducing a 29th regime for retail financial products in the absence of harmonised national rules; furthermore, calls on the Commission to look into the possibility of creating a harmonised legal framework for standardised default options for the most commonly used EU financial products along the lines of the Basic Bank Account and PEPP model.
Amendment 85 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Approves ofWelcomes the Commission’s ambition to incorporate the achievements of the Payment Accounts Directive to make it easier to facilitate EU-wide cross-border switchainge of financial services providers and products; calls on the Commission to present legislative initiatives specifically targeted at the financial sector to end unjustified geo- blocking in order to facilitate switching by customers to more advantageous retail financial services in other Member States;
Amendment 109 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Stresses that addressing consumer over-indebtedness linked to credit activities must be given priority if the Commission aims to explore ways of facilitating cross- border access to loans; In this regard, urges the Commission to promote financial education and foster multi- stakeholder collaboration in this important field.
Amendment 122 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Urges the Commission, following the planned evaluation of the implementation of the Recommendation on collective redress to look into the possibility for introducing European system for collective redress;
Amendment 137 #
Motion for a resolution
Paragraph -14 (new)
Paragraph -14 (new)
-14. Calls on the Commission to look into the possibility of introducing a European Start-up Blue Card as a way to attract best talents globally;