Activities of Derk Jan EPPINK related to 2020/2034(INL)
Shadow reports (1)
REPORT with recommendations to the Commission on Digital Finance: emerging risks in crypto-assets - regulatory and supervisory challenges in the area of financial services, institutions and markets
Amendments (18)
Amendment 27 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the Union's internal market is characterised by open competition, a regulatory framework, reliance on international standards and supervisory cooperation; whereas the Union’s digital finance strategy should therefore be based on the same principles;
Amendment 62 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas the adoption of new technologies can make a significant contribution to allowing financial services companies to meet their ongoing supervisory and compliance obligations;
Amendment 84 #
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas a level playing field between financial services firms and technology firms is needed to ensure all firms compete on equal footing, following the principle of ‘same risk, same activity, same regulation’;
Amendment 88 #
Motion for a resolution
Recital P b (new)
Recital P b (new)
Pb. whereas the introduction of digital financial services should neither lead to regulatory arbitrage, nor to lower customer protection, reduced safety or financial stability risks;
Amendment 91 #
Motion for a resolution
Recital P c (new)
Recital P c (new)
Pc. whereas the European Data Protection Board (EDPB) has an important role to play in helping companies understand their GDPR compliance obligations;
Amendment 127 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Highlights the importance for the Commission to closely align its work with international fora and regulatory bodies in developing international standards given the cross-jurisdictional nature of digital finance; recalls in particular the need to ensure interoperability of the EU’s regulatory framework with internationally agreed principles from the Basel Committee on Banking Supervision and the Financial Stability Board;
Amendment 130 #
Motion for a resolution
Paragraph 3 a (new)
Paragraph 3 a (new)
3a. Considers that the development of many technologies is still in its infancy and that regulation should therefore only be considered once a new technology has been widely adopted and any potential risks to customers and the financial system have been carefully assessed;
Amendment 131 #
Motion for a resolution
Paragraph 3 b (new)
Paragraph 3 b (new)
Amendment 132 #
Motion for a resolution
Paragraph 3 c (new)
Paragraph 3 c (new)
3c. Requests that any proposed legislation be outcome-focused and based on principles rather than prescriptive rules, in order to ensure that the regulatory framework stays relevant to future innovation, regulatory flexibility, and adaptability over time;
Amendment 140 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to act as first mover in order to incentivize an accelerated take-up of innovative technologies by the EU financial sector and create a favourable environment for European FinTech hubs and firms to scale up;
Amendment 148 #
Motion for a resolution
Paragraph 6 – introductory part
Paragraph 6 – introductory part
6. Stresses that any update of law and supervision in the area of FinTech should be based onreflect the following principles:
Amendment 185 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls on supervisors to keep pace with technological developments and not inadvertently become a barrier to financial services innovation;
Amendment 188 #
Motion for a resolution
Paragraph 8 b (new)
Paragraph 8 b (new)
8b. Calls for a structured dialogue between supervisors on financial, anti- money laundering, data privacy and cyber security challenges and opportunities;
Amendment 264 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Points out that with the increasing digitalisation of financial services, as well as outsourcing to external IT solution or maintenance providers, such as cloud providers, can help in particular financial start-ups to innovate and have access to technology that they would otherwise not have; highlights at the same time that the exposure of financial institutions and markets to disruption caused by internal failures or external attacks is becoming more pronounced; considers that guiding objectives of any proposed legislation in this regard should therefore be security, resiliency and efficiency;
Amendment 277 #
Motion for a resolution
Paragraph 16 – introductory part
Paragraph 16 – introductory part
16. Considers that these changes shoulany legislative changes should be proportionate to the risks and specificities of the respective financial services sector, take into account internationally agreed standards, and focus on four key areas:
Amendment 285 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Stresses the need for further information sharing and enhanced coordination among regulatory and supervisory authorities, in particular on cyber incidents, and enhanced coordination between relevawhereby the focus should be on incidents of material importance rather than attempting to capture all possible events regulatory and supervisory authoritiesardless of their impact;
Amendment 328 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Believes that the lack of sufficient investments and upgrades in critical IT-infrastructure and software platforms and the lack of accessible data and information regarding FinTech activities can be a detrimental to growth; advocates for increased transparency and enhanced reporting of FinTech activity so as to reduce asymmetries and risks;
Amendment 334 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Calls for data collected and generated with public funds to be considered open data and be made available in a standardised and comparable format unless GDPR provisions prohibit doing so;