Activities of Ashley FOX related to 2016/2243(INI)
Shadow reports (1)
REPORT on FinTech: the influence of technology on the future of the financial sector PDF (372 KB) DOC (85 KB)
Amendments (16)
Amendment 118 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that legislation in the financial domain should be proportionate, frequently reviseduture proof and in accordance with the ‘Innovation Principle’, so that potential effects on innovation will be part of the impact assessment;
Amendment 125 #
Motion for a resolution
Paragraph 4 – point a
Paragraph 4 – point a
a. Same services and risk: same rules,: regardless of the type of legal entity concerned;
Amendment 134 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Emphasises that a level playing field should not be used as a barrier to new market entrants offering innovative FinTech solutions, particularly in areas that may have previously been seen as natural monopolies;
Amendment 135 #
Motion for a resolution
Paragraph 4 b (new)
Paragraph 4 b (new)
4b. Calls upon ESMA to take a proactive approach in trying to understand and accommodate new FinTech and RegTech solutions in areas of pre and post trade processes currently covered by MiFID, EMIR and CSDR; highlights that outsourcing provisions in the legislation should be viewed flexibly, with appropriate supervisory cooperation, to allow third party providers to offer solutions to new regulatory challenges;
Amendment 137 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recommends that the competent authorities allow controlled experimentation with new technologies, distribution methods and business models both for new entrants and existing market participants; believes that a regulatory sandbox can be helpful in achieving this; highlights that a pro-active dialogue with market participants can help supervisors and regulators to develop technological expertise;
Amendment 153 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Highlights that some central banks are already experimenting with virtucentral bank digital currenciesy (CBDC) as well as other new technologies; encourages the relevant authorities in Europe to experiment as well, in order to keep up with market developments; recommends that the European Central Bank conduct experiments with a ‘virtual euro’Central Banks explore the advantages and disadvantages of issuing CBDC;
Amendment 172 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses that RegTech has the potential to improve and alleviate compliance processes; calls on the relevant authorities to clarify the lregal conditionsulatory framework under which the outsourcing of compliance activities to third parties is allowed; recommends starting to experiment where there is no legacy of compliance yet, for example with the Central Securities Depository Regulation;
Amendment 188 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls upon the Commission to investigate whether there are any current legislative barriers within EU post trade legislation that would prevent Distributed Ledger Technology being used for clearing or settlement;
Amendment 235 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Emphasises the need for end-to-end security across the whole financial services value chain; points to the large and diverse risks posed by cyber-attacks, targeting our financial markets infrastructure, currencies and data; calls on the Commission to make cyber security the number onea key priority in the FinTech Action Plan;
Amendment 239 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the ESNCAs to regularly review operational standards in cooperation with the ESAs covering ICT risks of financial institutions; calls furthermore, owing to the varying level of protection in the cyber security strategies of Member States, for ESA guidelines on the supervision of these risks;
Amendment 255 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Is concerned by the increased use of unpermissioned blockchain applications, in particular Bitcoin,Notes that FinTech may be used for criminal activities, tax evasion, tax avoidance and money laundering; invites the Commission to organise an annual multi-stakeholder conference on this subjectto address developments in this area;
Amendment 259 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Notes that costs of compliance with regulations such as AMLD should not stymie growth and scaling in the European FinTech sector. The Commission should assess how the costs of compliance can be reduced whilst maintaining market integrity.
Amendment 267 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Notes that cyber confidence is vital for the future growth and use of this technology;
Amendment 269 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Acknowledges the importance of application programming interfaces (APIs) in providing new actors with access to financial infrastructure; recommends thresearch into the possible creation of a set of standardised APIs to be used by providers, for example in the area of open banking;
Amendment 275 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Notes that the future of this technology lies in collaborating with other sectors; encourages standardising data formats as is the case in PSD2 to facilitate this;
Amendment 281 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the NCAs in cooperation with the ESAs to develop technology- neutral standards and licences for know- your-customer techniques, for example based on biometric criteria, which respects the privacy of users;