24 Amendments of Eva MAYDELL related to 2016/2243(INI)
Amendment 2 #
Draft opinion
Paragraph 1
Paragraph 1
1. Recognises the transformative nature that Financial Technology (FinTech) has in the global financial sector; stresses that developments in FinTech have the potential to yield benefits for both consumers and businesses, particularly SMEs, by means of efficiency gains, accessibility and cost reductions; stresses therefore the need to promote Europe as a location for FinTech businesses;
Amendment 5 #
Draft opinion
Paragraph 2
Paragraph 2
2. Believes that innovation in the financial sector can create jobs and growth within the EU, and contribute towards a wider choice of services for consumers; calls on the Commission to identify the policy changes necessarynotes that FinTech companies have been pushing for increased oversight of their activities for years in order to reduce regulatory uncertainty, which hinders their development; and in this regard urges the Commission to come up with a clear and comprehensive FinTech agenda of legislative and non-legislative measures to be taken before the end of its term in order to enable the EU to reap the benefits of FinTech to the fullest;
Amendment 8 #
Draft opinion
Paragraph 2
Paragraph 2
2. Believes that innovation in the financial sector can create jobs and growth within the EU, and contribute towards a wider choice of services for consumers, tailored to customers’ needs; welcomes the impetus towards the development of new, and further development of existing, financial services from which consumers and businesses, especially SMEs, can benefit; observes that competition, driven by strong innovation and dynamism, also offers numerous opportunities and starting points for established market operators; calls on the Commission to identify the policy changes necessary to enable the EU to reap the benefits of FinTech to the fullest;
Amendment 10 #
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Underlines that Fintech companies have the potential to directly benefit SMEs by extending the availability of credit and accelerating the loan process; urges the Commission to shape its legislative measures in a manner leaving sufficient flexibility for firms to operate and arrange finance for SMEs as well as stimulating partnerships between banks and Fintech companies in the area of SME lending;
Amendment 12 #
Draft opinion
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Welcomes the Financial Technology Task Force established by the Commission, which has the aim of assessing innovation in this field and at the same time devising strategies for meeting potential challenges presented by FinTechs; regards that task force as a fundamental step towards the development of a comprehensive strategy for FinTechs;
Amendment 14 #
Draft opinion
Paragraph 2 b (new)
Paragraph 2 b (new)
2b. Considers that technological innovation in the financial industry presents opportunities not only to the new FinTech undertakings but also to established players, thanks to the scope for cooperation, synergies and potential reductions in costs;
Amendment 20 #
Draft opinion
Paragraph 4
Paragraph 4
4. Highlights that FinTech-related services can play a major role in the development of a future-proof European Digital Single Market, for example by making existing channels more cost- efficient and by offering innovative payment solutions; believes that the Commission should take a technology- neutral approach in its policy initiatives; considers that, in addition to promoting innovation, it is also desirable to maintain financial stability and protect consumers and investors; takes the view that a proportionate, balanced approach which also promotes innovation is required in order to create an environment conducive to competition and maintain equal competitive conditions for all market operators;
Amendment 22 #
Draft opinion
Paragraph 4
Paragraph 4
4. Highlights that FinTech-related services can play a major role in the development of a future-proof European Digital Single Market, for example by making existing channels more cost- efficient and by, offering innovative payment solutions and increasing consumer trust in digital technologies; believes that the Commission should take a technology- neutral approach in its policy initiatives;
Amendment 30 #
Draft opinion
Paragraph 5 a (new)
Paragraph 5 a (new)
5a. Acknowledges that Fintech companies vary significantly in their business operations and thus urges the Commission to refrain from one-size-fits- all measures and tailor its regulatory proposal to accommodate the different business models;
Amendment 35 #
Draft opinion
Paragraph 6
Paragraph 6
6. Underlines that the EBA’s guidelines on ‘strong payment authentication’ should take FinTech and e- commerce practices into account; asks the EBA to revise its suggestions in order to avert a negative effect on online services and ensure a level playing field encouraging financial innovation and improving competition between all market players; asks that risk-based security policies be taken into account.
Amendment 37 #
Motion for a resolution
Recital D
Recital D
D. whereas FinTech developments should contribute to the competitiveness of the European financial system and economy, without hampering financial stability and while maintaining the highest possible level of consumer protection and fair competition without an overly constrained environment becoming a barrier to market entry;
Amendment 39 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Observes that gathering and analysing data plays a central role for FinTechs in order, inter alia, to be able to respond to customers’ wishes in a targeted manner; calls on the Commission to bear this in mind, particularly with reference to the General Data Protection Regulation and the Second Payment Services Directive;
Amendment 42 #
Draft opinion
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Stresses that security against cyber attacks and cyber crime plays a vital role in the financial industry; calls on the Commission to investigate how adequate the protective measures against cyber risks are that have been adopted in this field;
Amendment 99 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to draw up a comprehensive FinTech Action Plan, which should boost its Capital Markets Union (CMU) and Digital Single Market (DSM) strategies and aim at creating an environment of regulatory certainty, a competitive financial system, financial stability and consumer and investor protection;
Amendment 104 #
Motion for a resolution
Paragraph 1 a (new)
Paragraph 1 a (new)
1a. Welcomes, in this connection, the Financial Technology Task Force established by the Commission, which has the aim of assessing innovation in this field and at the same time devising strategies for meeting potential challenges presented by FinTechs; regards that task force as a fundamental step towards the development of a comprehensive strategy for FinTechs;
Amendment 110 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission to deploy a cross-sectoral, holistic approach to its work on FinTech, tailored to accommodate the different business models of FinTech players, drawing lessons from what is done in other jurisdictions;
Amendment 116 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. STakes the view that a proportionate, balanced approach which also promotes innovation is required in order to create an environment conducive to competition and maintain a level playing field for all market participants; stresses that legislation in the financial domain should be proportionate, frequently revised and in accordance with the ‘Innovation Principle’, so that potential effects on innovation will be part of the impact assessment;
Amendment 146 #
Motion for a resolution
Paragraph 6
Paragraph 6
Amendment 168 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Stresses that the FinTech companies contribute positively for the development of financial intermediation, but also create some new risks related to the financial stability; notes that the regulatory and supervisory authorities receive great deal of information through the balance sheets of established financial institutions related to the implementation of many regulatory frameworks such as the capital requirements, the leverage ratio and liquidity ratio and others, while in the case of non-banking lending entities such as Crowdfunding and Peer- to-Peer (P2P) it is difficult to obtain sufficient information on their financial intermediary activities of their balance sheets; therefore urges the regulatory and supervisory authorities to consider how they could obtain the appropriate supervisory information for maintaining financial stability and, where necessary, to impose regulatory constraints on their balance sheets in order to achieve and maintain financial stability.
Amendment 180 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls on the Commission and Members states to ensure that governments build partnerships with FinTech providers in order to stimulate and increase the digitalisation of government services;
Amendment 190 #
Motion for a resolution
Paragraph 9 b (new)
Paragraph 9 b (new)
9b. Notes that FinTech startups find themselves particularly vulnerable to patent abusers, which are entities that buy patents with the intention of asserting them against businesses already using the technology rights through threats of patent infringement lawsuits; calls on the Commission to analyse the situation and suggest measures to counter patent abusers in the FinTech area.
Amendment 237 #
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 one priority in the FinTech Action Plan and adopt an equal approach to all FinTech operators;
Amendment 245 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Highlights the need for the exchange of information and best practices between supervisors and market participants and between market participants themselves; calls on the Commission, the Member States, market participants and the EU Agency for Network and Information Security (ENISA) to set standards for major incident reporting and to remove barriers to information sharing; suggests exploring the potential benefits of and setting up a single point of contact for market participants in this regard as well as considering more coordinated approach in cybercrime investigation in the area of financial services given their increasingly cross- border character;
Amendment 278 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Stresses the importance of interoperability of traditional and new payments solutions to achieve an integrated and innovative European payment market;