2016/2243(INI) FinTech: influence of technology on the future of the financial sector
Lead committee dossier:
Progress: Procedure completed
| Role | Committee | Rapporteur | Shadows |
|---|---|---|---|
| Lead | ECON |
VAN NIEUWENHUIZEN Cora ( ALDE)
|
HAYES Brian ( PPE),
IVAN Cătălin Sorin ( S&D),
FOX Ashley ( ECR),
REIMON Michel ( Verts/ALE),
VON STORCH Beatrix ( EFDD),
KAPPEL Barbara ( ENF)
|
| Committee Opinion | EMPL | ||
| Committee Opinion | IMCO |
CHARANZOVÁ Dita ( ALDE)
|
Vicky FORD ( ECR),
Marcus PRETZELL ( ENF)
|
| Committee Opinion | ITRE |
Lead committee dossier:
Legal Basis:
RoP 54
Legal Basis:
RoP 54Subjects
Events
2017/09/26
EC - Commission response to text adopted in plenary
Documents
2017/05/17
EP - Results of vote in Parliament
Documents
2017/05/17
EP - Decision by Parliament
Details
The European Parliament adopted by 544 votes to 107, with 14 abstentions, a resolution on FinTech: the influence of technology on the future of the financial sector.
Defining an EU framework for FinTech: Members welcomed the new developments in the area of FinTech, and called on the Commission to draw up a comprehensive FinTech action plan in the framework of its Capital Markets Union (CMU) and Digital Single Market (DSM) strategies. They called on the Commission to deploy a proportionate, cross-sectorial and holistic approach to its work and to act as first mover in order to create a favourable environment for European FinTech hubs and firms to scale up.
The resolution stressed that legislation and supervision in the area of FinTech should be based on three principles:
Same services and same risks: the same rules should apply, regardless of the type of legal entity concerned or its location in the Union; Technology neutrality ; A risk-based approach , taking into account the proportionality of legislative and supervisory actions to risks and materiality of risks.
Members recommended putting in place a controlled environment for experimentation with new technologies and stressed the need for a dialogue with market participants and all other relevant stakeholders, is necessary and can help supervisors and regulators to develop technological expertise. More research projects related to the FinTech should be supported.
Moreover, Members emphasised the importance of regulators and supervisors developing sufficient technical expertise to adequately scrutinise increasingly complex FinTech services. The potential benefits of a single point of contact for market participants was highlighted in this regard.
Members recognised that FinTech companies contribute positively to the development of financial intermediation, but also create new risks related to financial stability.
Parliament urged 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.
Members also called on the relevant authorities to take a proactive approach in trying to understand the barriers to using new FinTech and RegTech solutions in areas of pre- and post- trade processes that are covered by the Markets in Financial Instruments Directive ( MiFID ), the European Market Infrastructure Regulation ( EMIR ) and the Central Securities Depositories Regulation ( CSDR ) and, where no barriers exist, to clarify the right of actors to use such solutions for the purpose of fulfilling their obligations under those pieces of legislation.
With a view to boosting financial innovation in Europe, Members called on the Commission and the European Supervisory Authorities (ESAs) to: (i) monitor and avoid overlaps of regulation, new barriers to entry on the market, and national barriers to those services; (i) apply, where applicable, passporting regimes to providers of new financial services offered across the EU.
They also supported the Commission’s efforts to address how the EU can help improve choice, transparency and competition in retail financial services to the benefit of European consumers, and emphasised that this goal should be complementary to the objective of improving the efficiency of the financial system.
Data: Parliament recalled that the collection and analysis of data play a central role for FinTech, and therefore stressed the need for consistent, technology-neutral application of existing data legislation , including the General Data Protection Regulation ( GDPR ), the Revised Payment Service Directive ( PSD2 ), the Electronic Identification and Authentication Services ( eIDAS ) Regulation, the Fourth Anti-Money Laundering Directive ( AMLD4 ) and the Network and Information Security ( NIS ) Directive.
Members emphasised the need for clear rules on data ownership, access and transfer and stressed the need for a common approach to the use of cloud computing across national competent authorities (NCAs).
Cybersecurity : Parliament called on the Commission to make cybersecurity the number one priority in the FinTech action plan, and on the ESAs and the ECB in its banking supervision role to make it a key element of their regulatory and supervisory programmes. It called on the ESAs to regularly review existing operational standards covering ICT risks of financial institutions.
Blockchains : Members underlined the potential of blockchain applications for cash and securities transfer, as well as for facilitating ‘smart contracts’, which open up a wide range of possibilities for both sides of financial contracts, in particular trade finance and business lending arrangements. They are, nevertheless, concerned by the increased use of unpermissioned blockchain applications for criminal activities, tax evasion, tax avoidance and money laundering.
Interoperability : Parliament stressed the importance of interoperability of traditional and new payments solutions in order to achieve an integrated and innovative European payment market. It called on the ESAs, in cooperation with national regulators, to develop technology-neutral standards and licences both for know-your-customer and remote identification techniques.
Financial stability and consumer and investor protection : Members called on:
the Commission to pay specific attention, in designing its FinTech action plan, to the needs of retail consumers and investors and the risks to which they might be vulnerable, in the light of growing expansion of FinTech in services to non-professional clients, for example in crowdfunding and peer-to-peer lending; regulators and supervisors to monitor the impact of digitisation on the competitive situation across all relevant segments of the financial sector, and to design and deploy tools to prevent or remedy anti-competitive behaviour or distortions of competition.
Financial education and IT skills : Parliament called on the Commission and the ESAs to increase their support for initiatives to improve financial education and stressed that vocational training and information on consumer and investor rights should be easily accessible.
Documents
2017/05/17
EP - End of procedure in Parliament
2017/05/16
EP - Debate in Parliament
Documents
2017/04/28
EP - Committee report tabled for plenary
Details
The Committee on Economic and Monetary Affairs adopted the own-initiative report by Cora VAN NIEUWENHUIZEN (ALDE, NL) on FinTech: the influence of technology on the future of the financial sector.
Defining an EU framework for FinTech: Members welcomed the new developments in the area of FinTech, and called on the Commission to draw up a comprehensive FinTech Action Plan in the framework of its Capital Markets Union (CMU) and Digital Single Market (DSM) strategies. They called on the Commission to deploy a proportionate, cross-sectorial and holistic approach to its work on FinTech and to act as first mover in order to create a favourable environment for European FinTech hubs and firms to scale up.
They stressed legislation and supervision in the area of FinTech should be based on three principles:
Same services and same risks: the same rules should apply, regardless of the type of legal entity concerned or its location in the Union; Technology neutrality ; A risk-based approach , taking into account the proportionality of legislative and supervisory actions to risks and materiality of risks.
Members emphasised the importance of regulators and supervisors developing sufficient technical expertise to adequately scrutinise increasingly complex FinTech services so that they can detect and anticipate specific risks of different technologies and step in immediately and with a clear agenda when it becomes necessary.
They recognised that:
FinTech companies contribute positively to the development of financial intermediation, but also create new risks related to financial stability; RegTech has the potential to improve compliance processes, in particular the quality and timeliness of supervisory information, by making them less complicated and more cost-efficient.
Members called on the relevant authorities to take a proactive approach in trying to understand the barriers to using new FinTech and RegTech solutions in areas of pre- and post- trade processes that are covered by the Markets in Financial Instruments Directive ( MiFID ), the European Market Infrastructure Regulation ( EMIR ) and the Central Securities Depositories Regulation ( CSDR ) and, where no barriers exist, to clarify the right of actors to use such solutions for the purpose of fulfilling their obligations under those pieces of legislation.
They called on the Commission and the European Supervisory Authorities (ESAs) to:
monitor and avoid overlaps of regulation, new barriers to entry on the market, and national barriers to those services; to apply, where applicable, passporting regimes to providers of new financial services offered across the EU.
They also supported the Commission’s efforts to address how the EU can help improve choice, transparency and competition in retail financial services to the benefit of European consumers, and emphasised that this goal should be complementary to the objective of improving the efficiency of the financial system.
Data: Members recalled that the collection and analysis of data play a central role for FinTech, and therefore stressed the need for consistent, technology-neutral application of existing data legislation , including the General Data Protection Regulation ( GDPR ), the Revised Payment Service Directive ( PSD2 ), the Electronic Identification and Authentication Services ( eIDAS ) Regulation, the Fourth Anti-Money Laundering Directive ( AMLD4 ) and the Network and Information Security ( NIS ) Directive.
They emphasised the need for clear rules on data ownership, access and transfer and stressed that while the GDPR provides a clear legal framework on personal data more legal certainty is needed regarding other categories of data.
Cybersecurity and ICT risks: Members called on the Commission to make cybersecurity the number one priority in the FinTech Action Plan, and on the ESAs and the ECB in its banking supervision role to make it a key element of their regulatory and supervisory programmes. They called on the Member States to ensure the timely transposition of the directive on security of network and information systems (NIS Directive).
Blockchains: Members underlined the potential of blockchain applications for cash and securities transfer, as well as for facilitating ‘smart contracts’, which open up a wide range of possibilities for both sides of financial contracts, in particular trade finance and business lending arrangements. They are, nevertheless, concerned by the increased use of unpermissioned blockchain applications for criminal activities, tax evasion, tax avoidance and money laundering.
Interoperability: Members stressed the importance of interoperability of traditional and new payments solutions in order to achieve an integrated and innovative European payment market. They asked the ESAs to identify in which cases targeted or risk-based authentication can be an alternative to strong authentication and the Commission to investigate whether the strong authentication processes can also be executed by other entities than banks. They called on the ESAs, in cooperation with national regulators, to develop technology-neutral standards and licences both for know-your-customer and remote identification techniques.
Financial stability and consumer and investor protection: Members called on:
the Commission to pay specific attention, in designing its FinTech action plan, to the needs of retail consumers and investors and the risks to which they might be vulnerable, in the light of growing expansion of FinTech in services to non-professional clients, for example in crowdfunding and peer-to-peer lending; regulators and supervisors to monitor the impact of digitisation on the competitive situation across all relevant segments of the financial sector, and to design and deploy tools to prevent or remedy anti-competitive behaviour or distortions of competition.
Financial education and IT skills: Members called on the Commission and the ESAs to increase their support for initiatives to improve financial education and stressed that vocational training and information on consumer and investor rights should be easily accessible.
Documents
2017/04/25
EP - Vote in committee
2017/03/22
EP - Committee opinion
Documents
2017/03/09
EP - Amendments tabled in committee
Documents
2017/01/27
EP - Committee draft report
Documents
2016/10/06
EP - Committee referral announced in Parliament
2016/09/26
EP - CHARANZOVÁ Dita (ALDE) appointed as rapporteur in IMCO
2016/06/15
EP - VAN NIEUWENHUIZEN Cora (ALDE) appointed as rapporteur in ECON
Documents
- Commission response to text adopted in plenary: SP(2017)511
- Results of vote in Parliament: Results of vote in Parliament
- Decision by Parliament: T8-0211/2017
- Debate in Parliament: Debate in Parliament
- Committee report tabled for plenary: A8-0176/2017
- Committee opinion: PE595.754
- Amendments tabled in committee: PE601.075
- Committee draft report: PE597.523
- Committee draft report: PE597.523
- Amendments tabled in committee: PE601.075
- Committee opinion: PE595.754
- Commission response to text adopted in plenary: SP(2017)511
Activities
- Valdis DOMBROVSKIS
Plenary Speeches (2)
- Notis MARIAS
- Cora van NIEUWENHUIZEN
Plenary Speeches (2)
- Pervenche BERÈS
Plenary Speeches (1)
- David COBURN
Plenary Speeches (1)
- Brian HAYES
Plenary Speeches (1)
- Cătălin Sorin IVAN
Plenary Speeches (1)
- Barbara KAPPEL
Plenary Speeches (1)
- Ivana MALETIĆ
Plenary Speeches (1)
- Krisztina MORVAI
Plenary Speeches (1)
- Theodor Dumitru STOLOJAN
Plenary Speeches (1)
Votes
A8-0176/2017 - Cora van Nieuwenhuizen - Vote unique #
2017/05/17 Outcome: +: 544, -: 107, 0: 14
NI
GUE/NGL| Amendments | Dossier |
| 375 |
2016/2243(INI)
2017/02/10
IMCO
59 amendments...
Amendment 1 #
Draft opinion Paragraph 1 1.
Amendment 10 #
Draft opinion 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 11 #
Draft opinion Paragraph 2 a (new) 2a. Underlines the potential benefits of Fintech for enterprises, in particular SMEs and microenterprises, but also families and underserved customers to increase access to capital and financial resources through alternative lending and investment channels, such as crowdfunding and peer to peer lending;
Amendment 12 #
Draft opinion 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 13 #
Draft opinion Paragraph 2 a (new) 2a. Asks the Commission to consider the diversity of the Financial Technology sector and develop a more detailed sectorial analysis for the various segments that are part of the market, in order to support better and more tailored legislation;
Amendment 14 #
Draft opinion 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 15 #
Draft opinion Paragraph 2 b (new) 2b. Believes that Fintech-related services and products shall be complementary to traditional financial institutions, especially in less developed and remote areas of the world;
Amendment 16 #
Draft opinion Paragraph 3 3.
Amendment 17 #
Draft opinion Paragraph 3 3. Urges the Commission to actively identify and remove existing barriers in the Single Market that currently prevent the advancement of digital services, including in the area of FinTech; calls on the Commission to present a FinTech Action Plan based on competitiveness, stability and consumer protection;
Amendment 18 #
Draft opinion Paragraph 3 3. Urges the Commission to actively identify and remove existing barriers in the Single Market that currently prevent the advancement of digital services, including in the area of FinTech; notes that it is imperative that economic operators in the single market can access investment from those in third countries and be responsive to technological evolution;
Amendment 19 #
Draft opinion Paragraph 3 a (new) 3a. Urges the Commission to support efforts towards the definition of common, open and interoperable standards for Financial Technology, in order to avoid abuse of network effects connected with the creation monopolies and oligopolies;
Amendment 2 #
Draft opinion 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 20 #
Draft opinion Paragraph 4 4. Highlights that FinTech-related services can play a major role in the development of a future-proof European
Amendment 21 #
Draft opinion 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; calls on the Commission to ensure that initiatives are fit for purpose, outward looking, and based on the innovation principle;
Amendment 22 #
Draft opinion 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
Amendment 23 #
Draft opinion 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, more transparent and rapid payment solutions; believes that the Commission should take a technology-
Amendment 24 #
Draft opinion Paragraph 4 a (new) 4a. Notes the potential risks of new payment solutions, such as fraud risk, misuse of consumer´s data, weak authentication requirements and lack of transparent and clear terms and conditions; therefore, asks the Commission and Member States to ensure that an adequate level of safeguards and effective remedies are provided for consumers who might face the aforementioned risks;
Amendment 25 #
Draft opinion Paragraph 4 a (new) 4a. Believes that the completion of the Capital Market Union will help support the development of FinTechs and a true Single Market for financial products and services;
Amendment 26 #
Draft opinion Paragraph 5 5.
Amendment 27 #
Draft opinion Paragraph 5 5.
Amendment 28 #
Draft opinion Paragraph 5 5. Regrets the lack of a common European online banking payments system; believes that this is essential for the well- functioning of the Capital Markets Union, and a crucial part of the Digital Single Market, fostering European e-commerce and cross-border competition in financial services; calls on the Commission to identify the steps ahead towards creating an environment supportive to the growth of such a system; recognises the need for such a system to co-exist and where appropriate be inter-operative with other innovative payment solutions in the interest of competition;
Amendment 29 #
Draft opinion Paragraph 5 5. Regrets the lack of a common European online banking payments system; believes that this is essential for the well- functioning of the Capital Markets Union, and a crucial part of the Digital Single Market, fostering European e-commerce and cross-border competition in financial services; calls on the Commission to identify the steps ahead towards creating an environment supportive to the growth of such a system
Amendment 3 #
Draft opinion Paragraph 1 1. Recognises the transformative nature that Financial Technology (FinTech) has in the global financial sector as well as the wider economy; 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;
Amendment 30 #
Draft opinion 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 31 #
Draft opinion Paragraph 5 a (new) Amendment 32 #
Draft opinion Paragraph 5 b (new) 5b. Moreover, calls on the Commission to set up a horizontal Fintech Action Plan, based on the policy recommendations and measures which will be presented by the internal Task- force on Financial Technologies (FTTF);
Amendment 33 #
Draft opinion Paragraph 6 6. Underlines that the EBA’s
Amendment 34 #
Draft opinion Paragraph 6 6. Underlines that the EBA’s
Amendment 35 #
Draft opinion 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 36 #
Draft opinion Paragraph 6 a (new) 6a. Building on the work of the eIDAS Regulation, calls on the Commission to further assess the framework for European e-ID schemes in order to ensure that they facilitate the supply of cross-border online financial services; asks furthermore the Commission to urgently assess the current regulatory barriers that hamper a wider use of e- identification techniques;
Amendment 37 #
Draft opinion Paragraph 6 a (new) 6a. Invites the Commission to monitor the increased use of algorithms in the financial sector, in particular of robo- advice products and services; asks the Commission and the European Supervisory Authorities to examine errors and biases in algorithms that might be harmful for market participants and assess the liability aspects of data use while enhancing algorithmic accountability and awareness of consumers;
Amendment 38 #
Draft opinion Paragraph 6 a (new) 6a. Recognises the potential benefits of regulatory ‘sandboxing’ by allowing scale-ups and financial firms to test FinTech products in a live environment; encourages the exchange of best practices which can be learned from regulatory initiatives in sandboxing;
Amendment 39 #
Draft opinion 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 4 #
Draft opinion 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 by means of efficiency gains, accessibility
Amendment 40 #
6b. Moreover, emphasises the need to examine a potential harm to privacy caused by the increased volume, variety and velocity of data used in the financial sector; calls on the Commission and Member States to take all the necessary measures to ensure that citizen´s rights to privacy are fully respected and their personal data is protected in Fintech sector, and calls on the Commission to step up in the enforcement of the current EU law, especially by ensuring t timely application of the General Data Protection Regulation; and underlines, in particular, the importance to guarantee the user’s right to data portability;
Amendment 41 #
Draft opinion Paragraph 6 b (new) 6b. Reminds that that FinTech also includes regulatory technology (tech) and insurance tech; underlines that technology should be used to allow better and more efficient oversight by public authorities and that active access and exchange of data should be encouraged; at the same time stresses that, in case if a concern about an error or discrimination arises, decisions made through automated FinTech services should be subject to a complaint and review process as well as an appropriate rectification;
Amendment 42 #
Draft opinion 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 43 #
Draft opinion Paragraph 6 b (new) 6b. Acknowledges the benefits of RegTech in improving regulatory processes and protecting financial consumers; encourages national regulators to consider future developments in compliance technologies where deemed necessary;
Amendment 44 #
Draft opinion Paragraph 6 c (new) 6c. Notes the need to promote digital and financial education amongst consumers and operators across the EU; underlines the importance of adequate competences and new digital skills and encourages the Commission, Member States and Fintech industries to enable life-long learning training and skills development which are the key requirements to enable as many individuals as possible to have full access to financial services and Fintech tools;
Amendment 45 #
Draft opinion Paragraph 6 c (new) 6c. Stresses that FinTechs should be used as a means to increase financial stability in Europe; asks the Commission to analysis how FinTechs can help in this process;
Amendment 46 #
Draft opinion Paragraph 6 c (new) 6c. Recognises that FinTech refers to innovation occurring at the crossroad of finance and technology;
Amendment 47 #
Draft opinion Paragraph 6 d (new) 6d. Calls on the Commission, Member States and Fintech industries to effectively cooperate by sharing information, preventing and responding to cyber- threats in order to guarantee a safe and more secure cyber environment in the EU for citizens and businesses, which is a precondition for unleashing all the benefits of the Fintech innovation; calls on Member states to timely transpose the “NIS Directive” and welcomes the new public-private partnership on cybersecurity recently launched by the European Commission with the participation of the industry; asks the Commission to develop a series of new and concrete initiatives to strengthen resilience of businesses in this sector, especially SMEs and start-ups, against cyber-attacks;
Amendment 48 #
Draft opinion Paragraph 6 d (new) Amendment 49 #
Draft opinion Paragraph 6 e (new) 6e. welcomes the Parliament’s report on virtual currencies (VCs) and DLTs which underlines all the potential benefits for consumers and stakeholders but also notes the incumbent risks, such as terrorist and criminal activities, tax evasion and fraud, money laundering, related to the rapid diffusion of VCs and DLTs; asks the Commission to investigate possible DLTs usages in Fintech sector and other DSM schemes, as well as monitor and prevent the aforementioned risks;
Amendment 5 #
Draft opinion 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;
Amendment 50 #
Draft opinion Paragraph 6 e (new) 6e. While welcoming the growth of crowd funding and peer-to-peer lending, believes that such schemes should be subject to at least minimum regulation in order to preclude its abuse and unfair commercial practices;
Amendment 51 #
Draft opinion Paragraph 6 f (new) 6f. Underlines that cyber-security issues must be addressed in the planning stage of all FinTech initiatives and strong protective actions adopted to guarantee this infrastructure against cyber-attacks; asks the Commission and Member States to ensure that such measures are in place;
Amendment 52 #
Draft opinion Paragraph 6 g (new) 6g. Recalls the Parliament’s report on virtual currencies and the potential benefit of distributed ledger technology (DLT) beyond VCs; asks the Commission to look into a possible DLT usages in FinTechs and other DSM schemes;
Amendment 53 #
Draft opinion Paragraph 6 h (new) 6h. Notes the increase of robot financial advisors and welcomes this as it could decrease the barriers to market investments by consumers;
Amendment 54 #
Draft opinion Paragraph 6 i (new) 6i. Takes note of the support some national financial regulators of regulatory “sandboxing” of new FinTech pilot projects; is of the view that a similar approach at the European level could be encouraged whilst, at the same time, ensuring that consumers, if they are part of such pilot project, are made aware of related risks;
Amendment 55 #
Draft opinion Paragraph 6 j (new) 6j. Stresses that consumers are the driving force behind the rise of FinTechs; underlines the goal of any future legislative changes should be to support consumers in this transformation;
Amendment 56 #
Draft opinion Paragraph 6 k (new) 6k. Underlines that ‘Know-Your- Customer’ rules should take into account remote verification so as to allow for better access for consumers to cross border FinTech services;
Amendment 57 #
Draft opinion Paragraph 6 l (new) 6l. Supports the use of big data in, among others, risk management by FinTech; notes the increase use of “digital/data onboarding” for use by FinTech companies; underlines, however, that data protection measures must be taken and consumer should be given a choice in how data is used and collected in line with the GDPR;
Amendment 58 #
Draft opinion Paragraph 6 m (new) 6m. Believes that data portability must be part of FinTech services in order to ensure that consumers are not locked into one service provider or product; additionally asks the Commission to analyse the benefits of greater application programming interface (API) access for FinTech companies allowing supplementary services for consumers;
Amendment 59 #
Draft opinion Paragraph 6 n (new) 6n. Notes that financial passporting could allow FinTech services to be offered across Europe while being subject to the regulator control of a single Member State;
Amendment 6 #
Draft opinion Paragraph 2 2. Believes that innovation in the financial sector can create job
Amendment 7 #
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 i
Amendment 8 #
Draft opinion 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 9 #
Draft opinion 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 necessary to enable the EU to reap the benefits of FinTech to the fullest, without increasing the risk for consumers and SMEs;
source: 599.598
2017/03/09
ECON
316 amendments...
Amendment 1 #
Motion for a resolution Citation 3 a (new) – having regard to the Occasional paper no 172 of April 2016 of the European Central Bank entitled: "Distributed ledger technologies in securities post-trading: Revolution or evolution?" 1a __________________ 1a https://www.ecb.europa.eu/pub/pdf/scpops /ecbop172.en.pdf
Amendment 10 #
Motion for a resolution Recital -A (new) –A. whereas financial services have always relied on technology and evolved in line with technological innovation;
Amendment 100 #
Motion for a resolution Paragraph 1 1. Calls on the Commission to draw up a FinTech Action Plan
Amendment 101 #
Motion for a resolution Paragraph 1 1. Calls on the Commission to draw up a FinTech Action Plan, which should
Amendment 102 #
Motion for a resolution Paragraph 1 1. Calls on the Commission to draw up a FinTech Action Plan, which should boost its Capital Markets Union (CMU) and Digital Single Market (DSM) strategies and aim at a competitive financial system, financial stability and consumer and investor protection; stresses that a functioning EU FinTech framework, as a component of the CMU, can help diversify funding options in the EU in the long term;
Amendment 103 #
Motion for a resolution Paragraph 1 a (new) 1a. Stresses the need, in order to properly monitor emerging trends and phenomena, for dedicated units and/or workstreams working on financial innovation within the authorities in charge of regulation; welcomes in this regards the work done by ESMA on monitoring financial innovation as well as the creation of a Financial Technology Task Force within the Commission and, at the global level, the progress on the FSB FinTech workplan;
Amendment 104 #
Motion for a resolution 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 105 #
Motion for a resolution Paragraph 1 a (new) 1a. Considers that FinTech can help to enable the success of Capital Markets Union initiatives and encourages the Commission to harness the benefits of FinTech in driving forward the Capital Markets Union project;
Amendment 106 #
Motion for a resolution Paragraph 1 a (new) 1a. Welcomes the development of new financial services and institutions contributing to competition on financial markets and to opportunities for costumers;
Amendment 107 #
Motion for a resolution Paragraph 2 2. Calls on the Commission to deploy a cross-sectoral, holistic approach to its work on FinTech,
Amendment 108 #
Motion for a resolution Paragraph 2 2. Calls on the Commission to deploy a cross-sectoral, holistic approach to its work on FinTech, drawing lessons from what is done in other jurisdictions; stresses that, because of the diversity of FinTech actors, tailor-made and proportionate regulatory approaches are required;
Amendment 109 #
Motion for a resolution Paragraph 2 2. Calls on the Commission to deploy a cross-sectoral, holistic approach to its work on FinTech, drawing lessons from what is done in other jurisdictions, but also to act as first-mover when necessary in order to create a favourable environment for the European FinTech hubs and firms to scale-up;
Amendment 11 #
Motion for a resolution Recital A A. whereas FinTech should be understood as finance enabled by or provided via
Amendment 110 #
Motion for a resolution 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 111 #
Motion for a resolution Paragraph 3 3.
Amendment 112 #
Motion for a resolution Paragraph 3 3. Stresses that legislation in the financial domain
Amendment 113 #
Motion for a resolution Paragraph 3 3. Stresses that legislation in the financial domain should be proportionate, frequently revised and in accordance with the ‘Innovation Principle’
Amendment 114 #
Motion for a resolution Paragraph 3 3. Stresses that legislation in the financial domain must provide for financial stability, sound investor protection and 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 115 #
Motion for a resolution Paragraph 3 3. Stresses that legislation in the financial domain should be proportionate
Amendment 116 #
Motion for a resolution Paragraph 3 3.
Amendment 117 #
Motion for a resolution Paragraph 3 3. 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; in addition, legislation should not hamper or burden the development of FinTech by over- regulating the sector;
Amendment 118 #
Motion for a resolution Paragraph 3 3. Stresses that legislation in the financial domain should be proportionate, f
Amendment 119 #
Motion for a resolution Paragraph 3 3. 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; stresses that MSs should create the right microclimate for innovative finance with the proper balance between openness and security.
Amendment 12 #
Motion for a resolution Recital A A. whereas FinTech should be understood as finance enabled by or provided via new technologies, affecting the whole financial sector,
Amendment 120 #
Motion for a resolution Paragraph 4 – introductory part 4. Stresses that
Amendment 121 #
Motion for a resolution Paragraph 4 – introductory part 4. Stresses that, with a view to ensuring a level playing field for competition between operators, ensure financial stability and prevent fresh crises, legislation and supervision in the area of FinTech should be strengthened and based on the following principles:
Amendment 122 #
Motion for a resolution Paragraph 4 – introductory part 4. Stresses that, with a view to ensuring a level playing field, legislation and supervision in the area of FinTech should be based on the following principles being applied in a harmonised framework equally applied across the EU:
Amendment 123 #
Motion for a resolution Paragraph 4 – point a (a)
Amendment 124 #
Motion for a resolution Paragraph 4 – point a a. Same services and risk: same rules, regardless of the type of legal entity concerned; or domiciliation
Amendment 125 #
Motion for a resolution Paragraph 4 – point a a. Same services
Amendment 126 #
Motion for a resolution Paragraph 4 – point a a (new) Amendment 127 #
Motion for a resolution Paragraph 4 – point b Amendment 128 #
Motion for a resolution Paragraph 4 – point b (b)
Amendment 129 #
Motion for a resolution Paragraph 4 – point b b. Technology neutrality in all levels of legislation while not being blind to specific risks and benefits of different technological approaches ;
Amendment 13 #
Motion for a resolution Recital A A. whereas FinTech should be understood as finance enabled by or
Amendment 130 #
Motion for a resolution Paragraph 4 – point c Amendment 131 #
Motion for a resolution Paragraph 4 – point c (c)
Amendment 132 #
Motion for a resolution Paragraph 4 – point c c. Risk-based approach, taking into account proportionality and materiality of risks relative to economic and societal benefits;
Amendment 133 #
Motion for a resolution Paragraph 4 – point c a (new) ca. data and consumers protection.
Amendment 134 #
Motion for a resolution 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) 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 136 #
Motion for a resolution Paragraph 5 5. Recommends that the competent authorities allow controlled experimentation
Amendment 137 #
Motion for a resolution 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 138 #
Motion for a resolution Paragraph 5 5.
Amendment 139 #
Motion for a resolution Paragraph 5 5. Recommends that the competent authorities
Amendment 14 #
Motion for a resolution Recital A A. whereas FinTech should be understood as finance enabled by or provided via new technologies, affecting the whole financial sector, from banking to insurance, pension funds, investment advice, digital payments and market infrastructures;
Amendment 140 #
Motion for a resolution Paragraph 5 5. Recommends that
Amendment 141 #
Motion for a resolution Paragraph 5 5. Recommends that the competent authorities allow controlled
Amendment 142 #
Motion for a resolution Paragraph 5 5. Recommends that the competent authorities allow controlled experimentation with new technologies both for new entrants and existing market participants; highlights that a pro-active dialogue with market participants can help supervisors and regulators to develop technological expertise; underlines in this respect the positive experiences with the sandboxes set up in different Member States. Stresses that sandboxes can also provide an environment for regulators around the world to learn about new technologies and benefit from the lessons learned, which can inform future policy making.
Amendment 143 #
Motion for a resolution Paragraph 5 5. Recommends that the competent authorities allow controlled experimentation with new technologies both for new entrants and existing market participants; highlights that a pro-active dialogue with market participants can help supervisors and regulators to develop technological expertise; stresses that some regulators have already had success with ‘regulatory sandboxes’;
Amendment 144 #
Motion for a resolution Paragraph 5 5. Recommends that the competent authorities allow controlled experimentation with new technologies both for new entrants and existing market participants; highlights that a pro-active dialogue with market participants can help supervisors and regulators to develop technological expertise; recommends that competent authorities develop stress- testing tools for potentially systemic FinTech applications;
Amendment 145 #
Motion for a resolution Paragraph 5 a (new) 5a. Notes that regulatory sandboxes have the potential to bring together a wide range of market participants including start-ups, large financial services firms, technology firms and regulators to test new innovative approaches to FinTech; calls on Member States to consider the introduction of regulatory sandboxes as a way forward for developing FinTech solutions;
Amendment 146 #
Motion for a resolution Paragraph 6 Amendment 147 #
Motion for a resolution Paragraph 6 6.
Amendment 148 #
Motion for a resolution Paragraph 6 6. Highlights that some central banks are already experimenting with virtual currencies as well as other new technologies;
Amendment 149 #
Motion for a resolution Paragraph 6 6. Highlights that some central banks
Amendment 15 #
Motion for a resolution Recital A a (new) Aa. whereas the uncontrolled acceleration of innovation and financial technology played a central role in causing the global financial crisis of 2007-2008 and the subsequent deep economic recession that, almost ten years later, still has very serious economic, social and political consequences for most European economies;
Amendment 150 #
Motion for a resolution Paragraph 6 6. Highlights that some central banks are already experimenting with
Amendment 151 #
Motion for a resolution Paragraph 6 6. Highlights that some central banks are already experimenting with virtual currencies as well as other new technologies; encourages the relevant authorities in Europe to experiment as well, in order to keep up with market developments;
Amendment 152 #
Motion for a resolution Paragraph 6 6. Highlights that some central banks are already experimenting with virtual currencies as well as other new technologies; encourages the relevant authorities in Europe to exp
Amendment 153 #
Motion for a resolution Paragraph 6 6. Highlights that some central banks are already experimenting with
Amendment 154 #
Motion for a resolution Paragraph 6 6. Highlights that some central banks are already
Amendment 155 #
Motion for a resolution Paragraph 6 6. Highlights that some central banks are already experimenting with virtual
Amendment 156 #
Motion for a resolution Paragraph 6 6. Highlights that some central banks are already experimenting with virtual currencies 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
Amendment 157 #
Motion for a resolution Paragraph 6 6. Highlights that some central banks are already experimenting with virtual currencies as well as other new
Amendment 158 #
Motion for a resolution Paragraph 6 a (new) 6a. Underscores that Blockchain is not only technology, it is also infrastructure. Blockchain platforms are ideal for the development not only of virtual currencies that allow the transfer of value (Blockchain 1.0), but also frameworks of smart contracts (Blockchain 2.0). Smart contracts open a wide range of possibilities necessary for FinTech to expand its scope in both the sell-side and buy-side of the financial transactions, from the fixture of FX and OTC contracts to smart lending; Blockchain platforms are also adequate for the simplification of B2B and B2C complex commercial and financial transactions;
Amendment 159 #
Motion for a resolution Paragraph 6 a (new) 6a. Notes that some implementations of DLT technology such as the bitcoin blockchain have extremely energy intensive computational requirements and that, therefore, research should be encouraged to find ways of mining and verification that are energy efficient, especially for large scale uses;
Amendment 16 #
Motion for a resolution Recital A a (new) Aa. whereas the transformative potential of Fintech on many areas of the financial sector is very significant; whereas so far only the first stages of the development of these technologies have been witnessed; whereas there are still many questions which are opened and many different scenarios which have to be considered regarding their future impact;
Amendment 160 #
Motion for a resolution Paragraph 6 a (new) 6a. Stresses that the current emergence of currency competition between national currencies and private virtual currencies could benefit innovation and price stability,
Amendment 161 #
Motion for a resolution Paragraph 6 b (new) 6b. Stresses that as long as Blockchain can work as an infrastructure and basis for Fintech development, Commission should encourage the expansion of Blockchain platforms in order to create inclusivity and synergies for FinTech firms and hubs, similar to the platforms that bigger financial intermediaries create for inter-banking clearing operations;
Amendment 162 #
Motion for a resolution Paragraph 6 c (new) 6c. Welcomes that very important initiatives that use the capabilities provided by FinTech and Blockchain platforms (e.g. Solar-coin) to create incentives for environmentally responsible energy use and behaviour, as well as research that attempts to reduce the environmental cost of bitcoin-mining and related activities;
Amendment 163 #
Motion for a resolution Paragraph 7 7. Emphasises the importance of supervisors having sufficient technical expertise to a
Amendment 164 #
Motion for a resolution Paragraph 7 7. Emphasises the importance of supervisors having sufficient technical expertise to adequately scrutinise increasingly complex FinTech services; recommends in this respect a close cooperation of supervisors with national and European agencies which have the required technological know-how; considers it to be essential that the Union, together with the Member States by virtue of public funding, supports research in the area of FinTech; calls on the Commission and the Member States to strengthen financial instruments for research projects in this area, including public-private partnerships, and to implement in their research policies the principles of open science and responsible ethical innovation; emphasises that sufficient resources need to be devoted to the search for solutions to the social, ethical, legal and economic challenges that the technological development and its applications raise;
Amendment 165 #
Motion for a resolution Paragraph 7 7. Emphasises the importance of supervisors having sufficient technical expertise to adequately scrutinise increasingly complex FinTech services; welcomes measures aimed at enhancing regulatory capacity with regard to FinTech at the level of the European Commission such as the European Commission's horizontal taskforces on FinTech and Distributed Ledger Technologies (DLT); invites the Commission to build on those measures with the objective to create world-leading expertise on FinTech regulation; invites European and national regulatory authorities to contribute to those efforts and take appropriate measures to enhance regulatory capacity internally;
Amendment 166 #
Motion for a resolution Paragraph 7 7. Emphasises the importance of supervisors having sufficient technical expertise to adequately scrutinise increasingly complex FinTech services; recognises the necessity of breaking down supervisory silos across sectors to accommodate better manage risks concerning cyber-security and privacy; urges the ESAs as well as the national competent authorities to increase their cooperation with other relevant competent authorities across sectors;
Amendment 167 #
Motion for a resolution Paragraph 7 7. Emphasises the importance of supervisors
Amendment 168 #
Motion for a resolution 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 169 #
Motion for a resolution Paragraph 7 a (new) 7a. Points up the importance of national regulators providing a one-stop shop for FinTech firms;
Amendment 17 #
Motion for a resolution Recital A a (new) Aa. whereas financial and digital literacy programmes in the EU should be encouraged;
Amendment 170 #
Motion for a resolution Paragraph 8 8. Stresses that RegTech has the potential to both improve
Amendment 171 #
Motion for a resolution Paragraph 8 8. Stresses that RegTech has the potential to
Amendment 172 #
Motion for a resolution Paragraph 8 8. Stresses that RegTech has the potential to improve and alleviate compliance processes; calls on the relevant authorities to clarify the
Amendment 173 #
Motion for a resolution Paragraph 8 8. Stresses that RegTech has the potential to improve and alleviate compliance processes and make them less burdensome, more effective and more cost-efficient; calls on the relevant authorities to clarify the legal conditions 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 174 #
Motion for a resolution Paragraph 9 9. Recalls that
Amendment 175 #
Motion for a resolution Paragraph 9 9. Recalls that innovative financial services
Amendment 176 #
Motion for a resolution Paragraph 9 9. Recalls that innovative financial services should
Amendment 177 #
Motion for a resolution Paragraph 9 9. Recalls that innovative financial services should be available throughout the EU; calls on the Commission and Member States to apply, where applicable, passporting regimes for new financial services offered across the Union; stresses that FinTech innovation and its integration within the economy and the society require digital infrastructure that provides ubiquitous connectivity; calls on the Commission to guarantee a framework that will meet the connectivity requirements for the Union's digital future and to ensure that access to broadband and 5G networks is fully in line with the net neutrality principle;
Amendment 178 #
Motion for a resolution Paragraph 9 9. Recalls that innovative financial services should be available throughout the EU; calls on the Commission and Member States to apply, where applicable, passporting regimes for new financial services offered across the Union; supports efforts of the European Commission in addressing how the EU can help to improve choice, transparency and competition in retail financial services to the benefit of European consumers and emphasises that this goal should be complementary to the objective of enhancing the financial market through digitalisation and technology;
Amendment 179 #
Motion for a resolution Paragraph 9 9. Recalls that innovative financial services should be available throughout the EU; calls on the Commission and Member States to apply, where applicable, passporting regimes for new financial services offered across the Union; calls on the Commission and Member States to foster convergence and harmonisation of regulatory approaches and prevent regulatory arbitrage;
Amendment 18 #
Motion for a resolution Recital A b (new) Ab. whereas the uncertainty about the scale and effect of the development of FinTech calls for proper and careful monitoring of the relevant developments in the FinTech sector, adequate promotion of best behaviours and practices and adequate and early enough regulatory response to address potentially problematic behaviours and practices;
Amendment 180 #
Motion for a resolution 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 181 #
Motion for a resolution Paragraph 9 a (new) 9a. Considers that there is still considerable regulatory uncertainty around InsurTech and stresses that this needs to be addressed to ensure security, privacy, fair competition, and financial stability; emphasises that greater legal certainty will help to ensure that consumers of poorly regulated InsurTech firms do not fall victim to losses or mis- selling and will help both companies and consumers to better utilise InsurTech solutions;
Amendment 182 #
Motion for a resolution Paragraph 9 a (new) 9a. Welcomes that a vibrant set of FinTech communities have emerged throughout EU; calls on the Commission and the related EU Economic Governance Authorities to work closely with the FinTech hubs, augment the smart entrepreneurship of these communities and their endeavours, by encouraging and financing innovation and embracing them as a source of future competitive advantage of EU in the financial sector;
Amendment 183 #
Motion for a resolution Paragraph 9 a (new) 9a. Notes that, in addition to RegTech for interaction with supervisory public authorities, efficiency of tracking ultimate beneficial ownership of financial assets, collection of taxes related to financial activities and the prevention of tax fraud can be greatly improved through FinTech for public administration purposes;
Amendment 184 #
Motion for a resolution Paragraph 9 a (new) 9a. Calls on the Commission and the ESAs to monitor and avoid overlaps of regulation, new barriers to entry on the market and national barriers to those services; calls on the Commission to prevent barriers between Member States due to inconsistencies between national regimes;
Amendment 185 #
Motion for a resolution Paragraph 9 a (new) 9a. Underlines the importance of boosting financial innovation in Europe; calls for facilitated access to finance for innovative financial service providers and the innovative undertakings which supply them with the material needed to provide these services;
Amendment 186 #
Motion for a resolution Paragraph 9 a (new) 9a. Calls on the Commission to identify mechanisms to transfer or bind a portion of the income from technological innovation in the financial services to finance projects for the benefit of the real economy and social inclusion;
Amendment 187 #
Motion for a resolution Paragraph 9 a (new) 9a. Calls on the Commission to investigate to what extent FinTech can help providing consumers with better quality financial advice and whether the EU regulatory framework dealing with advice is sufficient to accommodate this;
Amendment 188 #
Motion for a resolution 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 189 #
Motion for a resolution Paragraph 9 b (new) 9b. Calls on the Commission to investigate to what extent FinTech can help providing consumers with better quality financial advice and whether the fragmented EU regulatory framework dealing with advice is sufficient to accommodate this;
Amendment 19 #
Motion for a resolution Recital B B. whereas
Amendment 190 #
Motion for a resolution 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 191 #
Motion for a resolution Paragraph 9 b (new) 9b. Emphasizes the urgent need for supervisory convergence of conduct-of- business supervision to ensure consistent application of the EU legislation and create a common culture framework of financial consumer protection across Member States; stresses that supervisory convergence is absolutely crucial in the light of the cross-border potential of FinTech companies.
Amendment 192 #
Motion for a resolution Paragraph 9 b (new) 9b. Stresses the need to ensure that financial stability is enhanced alongside the development of FinTech solutions; encourages the examination of open source, peer-reviewed technology as a means of achieving this goal;
Amendment 193 #
Motion for a resolution Paragraph 9 c (new) 9c. Notes that diversity and competition among market participants are critical factors contributing to financial stability. Calls on regulators and supervisors to monitor the impact of digitisation on the competitive situation across all relevant segments of the financial sector and to design and deploy tools to prevent or remedy anti- competitive behaviour or competitive distortions.
Amendment 194 #
Motion for a resolution Paragraph 10 10. Stresses that data gathering and analysis plays a central role for FinTechs and, accordingly, confidential and lawful handling of data is essential; stresses the need for consistent, technology-neutral application of existing data legislation, including the General Data Protection Regulation (GDPR), the Revised Payment Service Directive (PSD2), the eIDAS Regulation, the 4th Anti-Money Laundering Directive (AMLD4) and the Network and Information Systems (NIS) Directive; stresses that, in order to scale up innovative finance in Europe, a free flow of data within the Union is needed;
Amendment 195 #
Motion for a resolution Paragraph 10 10. Stresses the need for consistent, technology-neutral application of existing data legislation, including the General Data Protection Regulation (GDPR), the Revised Payment Service Directive (PSD2), the eIDAS Regulation, the 4th Anti-Money Laundering Directive (AMLD4) and the Network and Information S
Amendment 196 #
Motion for a resolution Paragraph 10 10. Stresses the need for consistent, technology-neutral application of existing data legislation, including the General Data Protection Regulation (GDPR), the Revised Payment Service Directive (PSD2), the eIDAS Regulation, the 4th Anti-Money Laundering Directive (AMLD4) and the Network and Information Systems (NIS) Directive;
Amendment 197 #
Motion for a resolution Paragraph 10 10. Stresses the need for consistent, technology-neutral application of existing data legislation, including the General Data Protection Regulation (GDPR), the Revised Payment Service Directive (PSD2), the eIDAS Regulation, the 4th Anti-Money Laundering Directive (AMLD4) and the Network and Information Systems (NIS) Directive; stresses that, in order to scale up innovative finance in Europe, a free flow of data within the Union is needed; emphasizes the importance of transparency in the collection and use of personal data; recalls Article 71 of the GDPR which grants the data subject the right to obtain an explanation of a decision reached by automated processing and to challenge this decision; stresses the necessity to guarantee that incorrect data can be changed; calls on all stakeholders to increase efforts to guarantee the enforcement of these rights; is of the opinion that consent given to the use of personal data needs to by dynamic and that a data subject has to be able to change and adapt its consent;
Amendment 198 #
Motion for a resolution Paragraph 10 10. Stresses the need for consistent, technology-neutral application of existing data legislation, including the General Data Protection Regulation (GDPR), the Revised Payment Service Directive (PSD2), the eIDAS Regulation, the 4th Anti-Money Laundering Directive (AMLD4) and the Network and Information Systems (NIS) Directive; stresses that, in order to scale up innovative finance in Europe, a free flow of data within the Union is needed; welcomes in this connection the Commission communication of 10 January 2017 on ‘Building a European data economy’1a; __________________ 1a COM(2017) 9 final.
Amendment 199 #
Motion for a resolution Paragraph 10 10. Stresses the need for consistent, technology-neutral application of existing data legislation, including the General Data Protection Regulation (GDPR), the Revised Payment Service Directive (PSD2), the eIDAS Regulation, the 4th Anti-Money Laundering Directive (AMLD4) and the Network and
Amendment 2 #
Motion for a resolution Citation 4 a (new) – having regard to the Commission communication of 10 January 2017 (COM(2017) 9 final) on ‘Building a European data economy’,
Amendment 20 #
Motion for a resolution Recital B B. whereas any actor with the necessary capital can be a FinTech, regardless of the kind of legal entity it is; whereas the value chain in financial services increasingly includes alternative actors such as start-ups or tech-
Amendment 200 #
Motion for a resolution Paragraph 10 a (new) 10a. Underlines that open banking is a significant tool for healthy market competition. PSD2 is a tool for achieving this end, however acknowledges that significant amendments should be made in order to assure that both Banks and FinTech firms have access to data that allows all business models to develop without posing disproportional restrictions to the market participants. Data protection is important for safeguarding against fraudulent practices, but using data protection as an alibi to favour one business model over another is not economically efficient;
Amendment 201 #
Motion for a resolution Paragraph 10 a (new) 10a. Emphasizes the need for clear rules on data ownership, access and transfer; highlights that increasing amounts of data are generated by machines or processes based on emerging technologies, such as machine learning; stresses that the General Data Protection Regulation provides a clear legal framework on personal data but that more legal certainty is needed regarding other categories of data; believes, in this regard, that a clear distinction should be made between raw data and data resulting from further processing;
Amendment 202 #
Motion for a resolution Paragraph 10 a (new) 10a. Stresses that, because of network effects, the market structure in many areas of the digital economy is geared to a small number of market participants and that that poses competition and anti-trust law challenges; calls on the Commission to reassess the suitability of the regulatory framework for competition for addressing the challenges of the digital economy in general and of FinTech in particular;
Amendment 203 #
Motion for a resolution Paragraph 10 a (new) 10a. Calls on the Commission to investigate the potential negative effects of the use of big data, behavioural tracking technologies, and the increasing granular segmentation on solidarity, and risk pooling and insurance coverage in the insurance sector
Amendment 204 #
Motion for a resolution Paragraph 10 a (new) 10a. Calls the Commission to take into account new technological developments and evaluate existing regulations and directives, in order to further safeguard data protection at all levels.
Amendment 205 #
Motion for a resolution Paragraph 10 a (new) 10a. Recognises the right for consumers to use software to initiate payments and share information about itself in order to receive superior products and services;
Amendment 206 #
Motion for a resolution Paragraph 10 b (new) 10b. Recognises the gate-keeper roles held by banks as it comes to providers' access to bank services and stresses that banks must not abuse that position by means of disallowing providers such access;
Amendment 207 #
Motion for a resolution Paragraph 10 b (new) 10b. Stresses the importance of consumer security and the proper implementation of the PSD2 security requirements for electronic payments (strong customer authentication)
Amendment 208 #
Motion for a resolution Paragraph 11 11.
Amendment 209 #
Motion for a resolution Paragraph 11 11. Notes that there are no clear, comprehensive European
Amendment 21 #
Motion for a resolution Recital B B. whereas any actor can be a FinTech, regardless of the kind of legal entity it is; whereas FinTech has developed against the background of a regulation originally designed for other business models and, consequently, has so far had to try and fit into existing pieces of regulation instead of regulation trying to fit it; whereas this results in a complex interplay between FinTech and regulation and in possible mismatches, with companies and service providers being regulated differently even when they perform substantially identical activities and with some activities not being well captured by regulation and the definitions stated therein; whereas the value chain in financial services increasingly includes alternative actors such as start-ups or tech- giants;
Amendment 210 #
Motion for a resolution Paragraph 11 11. Notes that there are no clear, comprehensive European guidelines for
Amendment 211 #
Motion for a resolution Paragraph 11 11. Notes that there are no clear, comprehensive European guidelines for outsourcing data to the cloud with regard to the financial sector; stresses the need for the development of such guidelines, taking into account the fact that in cases of so- called ‘tailored consultancy’ the owner of the data in the various phases should be determined;
Amendment 212 #
Motion for a resolution Paragraph 11 11.
Amendment 213 #
Motion for a resolution Paragraph 11 11. Notes that there are no clear, comprehensive European guidelines for outsourcing data to the cloud with regard to the financial sector; stresses the
Amendment 214 #
Motion for a resolution Paragraph 11 a (new) 11a. Notes the necessity of creating more awareness among consumers as regards the value of their personal data; acknowledges that consumers can sell their personal data through re-sharing; underlines that this may lead to economic benefits but can also be used in a discriminatory way; calls on the Commission to investigate the possibility of a European data re-sharing strategy with the aim of putting consumers in control of their data; believes that a clear, consumer-centric approach will increase trust in cloud-based services and stimulate new innovative services offered by diverse actors in the financial value chain, e.g. by using API's or facilitating direct access to data for electronic payments services; asks the Commission to investigate the future potential of Personal Information Management Systems (PIMS) as technical tools for consumers to manage their personal data;
Amendment 215 #
Motion for a resolution Paragraph 12 12. Acknowledges the increasing combination of personal data and algorithms in order to provide services such as robo-advice; emphasises the efficiency potential of robo-advice
Amendment 216 #
Motion for a resolution Paragraph 12 12. Acknowledges the increasing combination of personal data and
Amendment 217 #
Motion for a resolution Paragraph 12 12. Acknowledges the increasing combination of personal data and algorithms in order to provide services such as robo-advice; emphasises the efficiency potential of robo-advice and the positive effects on financial inclusiveness; stresses however that errors or biases in algorithms can cause systemic risk and harm consumers
Amendment 218 #
Motion for a resolution Paragraph 12 12. Acknowledges the increasing combination of personal data and algorithms in order to provide services such as robo-advice; emphasises the efficiency potential of robo-advice and the positive effects on financial inclusiveness; stresses that the same consumer protection provisions apply to robo-advice as to face-to-face advice; stresses that errors or biases in algorithms can cause systemic risk and harm consumers; asks the Commission and the European Supervisory Authorities (ESAs) to take these risks into account and assess the liability aspects of data use;
Amendment 219 #
Motion for a resolution Paragraph 12 12. Acknowledges the increasing combination of personal data and algorithms in order to provide services such as robo-advice; emphasises the efficiency potential of robo-advice and the positive effects on financial inclusiveness; stresses that errors or biases in algorithms and in the data used to train them can cause systemic risk and harm consumers; asks the Commission and the European Supervisory Authorities (ESAs) to take these risks into account and assess the liability aspects of data use;
Amendment 22 #
Motion for a resolution Recital B a (new) Ba. whereas the FinTech sector has many "unicorns", i.e. start-up companies that are very individual yet large as they profit from economies of scale or network effects, leading regulators into temptation to act case-by-case instead of applying rules generally;
Amendment 220 #
Motion for a resolution Paragraph 12 12. Acknowledges the increasing combination of personal data and algorithms in order to provide services such as robo-advice; emphasises the efficiency potential of robo-advice and the positive effects on making financial
Amendment 221 #
Motion for a resolution Paragraph 12 12. Acknowledges the increasing combination of personal data and algorithms in order to provide services such as robo-advice; emphasises the efficiency potential of robo-advice and the positive effects on financial inclusiveness; stresses that errors or biases in algorithms can
Amendment 222 #
Motion for a resolution Paragraph 12 a (new) 12a. Stresses that there should be clarity in EU law as to which personal data sources may or may not be used by FinTech applications; Stresses that, as a general principle, specific, freely given and informed customer consent must be required for the use of any data source; reminds that under the GDPR customers must have the right to get access to all data of personal relevance that is used by a FinTech application on demand, and that they have a right to be informed about profiling and automated decision- making, including meaningful information about the logic involved
Amendment 223 #
Motion for a resolution Paragraph 12 a (new) 12a. Highlights that smart connected systems and AI which are needed for FinTech are becoming increasingly complex and autonomous; points out that those systems can fail and that the probable increasing difficultly to trace responsibility for damage caused by such failures back to a human agent questions the capacity of the current liability framework to deal with these situations; calls therefore on the Commission to address the issue of liability in order to prepare our society for the upcoming challenges and guarantee safety and trust in FinTech;
Amendment 224 #
Motion for a resolution Paragraph 12 a (new) 12a. Notes that with the significant increase in the operational risk, the supervisory authorities should implement advanced data-gathering systems in order to better understand this type of risk which is still mostly unknown to the banking sector and then develop more risk-sensitive and efficient capital absorption rules to address the operational risk.
Amendment 225 #
Motion for a resolution Paragraph 12 a (new) 12a. Stresses that one major risk is the selling-sharing of customers’ personal data to third parties, including to direct marketing operations. In these cases, the client should give special permission and has then right to cancel at any time this authorisation.
Amendment 226 #
Motion for a resolution Paragraph 12 a (new) 12a. Stresses that technological propositions like e.g. "behavioural biometrics" or "ultra-fast text analysis" for individuals, SMEs or trading platforms may potentially lead to customer mapping and then to efficient allocation of risk and capital in lending, or faster transactions in trading strategies, notes however that this type of data input can also lead to negative network effects;
Amendment 227 #
Motion for a resolution Paragraph 12 b (new) 12b. Notes that the access of the individuals to their own financial data and financial options, became more frequent after the financial crisis; this access is now easier with a significantly reduced cost due to the employment of digital technologies utilized in the FinTech context. Enabling related technologies (e.g. through the wearables), creates opportunities on the quality and quantity of the information flow from the financial service providers to the customers but it is also important the regulators to safeguard that these inflow of information is reliable and the provider of the information liable for the quality and adequacy of the data he provides;
Amendment 228 #
Motion for a resolution Paragraph 12 b (new) 12b. Deplores the increasing use of so called "dynamic pricing" algorithms to maximise the price paid by consumers which may be based on assessments of the urgency of their purchase, their awareness of competing offers or other aspects of market awareness and other strategies that harm the consumers economic interests in contravention of the principles enshrined in EU legislation for investment advice;
Amendment 229 #
Motion for a resolution Paragraph 12 b (new) 12b. Emphasises that these information-gathering technologies - to be implemented by the same supervisory authorities - could derive from the know- how of the FinTech industry itself, thereby creating mutual collaboration between the private sector and the supervisory authorities;
Amendment 23 #
Motion for a resolution Recital B a (new) Ba. whereas, given the complex interplay between FinTech and legislation and given the many pieces of legislation the implementation of which is or will be in some way affected by the development of FinTech, any approach to their promotion as well as to their regulation needs to be cross-sectoral and holistic; whereas, nevertheless, the diversity of the FinTech landscape and of the technologies involved calls for some degree of distinction, within such generally horizontal approach, between sectors and technologies;
Amendment 230 #
Motion for a resolution Paragraph 12 c (new) 12c. Is concerned that the use of increasingly personalised offers based on high granularity customer information can be used decrease the comparability of financial services to the detriment of effective competition and recent legislative initiatives to improve comparability across sectors;
Amendment 232 #
Motion for a resolution 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; stresses that connected devices and the Internet of Things are an integral part of the infrastructure used to offer FinTech services and that they are especially vulnerable to cyber-attacks and therefore pose a particular cyber security challenge; recalls the fact that a connected system is only as safe as its weakest element; calls therefore for global security standards for connected and connectable devices; calls on the Commission to make cyber security the number one priority in the FinTech Action Plan;
Amendment 233 #
Motion for a resolution 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;
Amendment 234 #
Motion for a resolution 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
Amendment 235 #
Motion for a resolution 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
Amendment 236 #
Motion for a resolution 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 calls on the European Supervisory Authorities and on ECB Banking Supervision to make it a key supervisory topic;
Amendment 237 #
Motion for a resolution 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 238 #
Motion for a resolution 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
Amendment 239 #
Motion for a resolution Paragraph 14 14. Calls on the
Amendment 24 #
Motion for a resolution Recital B b (new) Bb. whereas there is an inherent tension between the nature of regulation, which is mostly principle-based and needs a margin of flexibility in order to be applied to concrete cases, and the nature of Information and Communication Technologies, which are automated and need discretionary rules from which no depart should be allowed; whereas this should be kept in mind when tackling challenges arising from the regulation of FinTech and when looking at the development of the use of so-called "smart contracts";
Amendment 240 #
Motion for a resolution Paragraph 14 14. Calls on the ESAs to regularly review operational standards 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; Appreciates that existing legislation like NIS directive and GDPR covers operational guidelines in this area and is already being worked on at member states level to prepare for implementation in 2018;
Amendment 241 #
Motion for a resolution Paragraph 14 14. Calls on the ESAs to regularly review operational standards 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; stresses the importance of encouraging and funding research especially in the area of cyber security in order to give the ESAs the technological know-how to fulfill these tasks;
Amendment 242 #
Motion for a resolution Paragraph 14 14. Calls on the ESAs to regularly review operational standards covering ICT risks of financial institutions; calls furthermore, owing to the varying level of protection in the
Amendment 243 #
Motion for a resolution 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 a single point of contact for market participants in this regard; recommends that supervisors actively explore with market participants the potential of transparency and information sharing rather than purely relying on data protection and concealment as prevalent tools against cyber-attacks;
Amendment 244 #
Motion for a resolution 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 a single point of contact for market participants in this
Amendment 245 #
Motion for a resolution 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 246 #
Motion for a resolution Paragraph 15 15. Highlights the need for the exchange of information and best practices between supervisors and market participants and between market participants themselves, respecting member-states' legislation and personal data protection; 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 a single point of contact for market participants in this regard;
Amendment 247 #
Motion for a resolution Paragraph 15 15. Highlights the need for the exchange of information and best practices between supervisors, regulators and Member State governments 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 a single point of contact for market participants in this regard;
Amendment 248 #
Motion for a resolution Paragraph 15 15. Highlights the need for the constant 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 a single point of contact for market participants in this regard;
Amendment 249 #
Motion for a resolution Paragraph 15 15. Highlights the need for the exchange of information a
Amendment 25 #
Motion for a resolution Recital C C. whereas a broad range of FinTech developments are underpinned by new technologies, such as distributed ledger technology (DLT) applications, innovative payments, robo-advice, Big Data, the use of cloud computing, innovative solutions in customer identification, crowdfunding platforms and many more;
Amendment 250 #
Motion for a resolution Paragraph 15 15. Highlights the need for the exchange of information and best practices between supervisors
Amendment 251 #
Motion for a resolution Paragraph 15 a (new) 15a. Underlines that regulation on the provision of financial services infrastructure needs to provide for appropriate incentive structures for providers to invest adequately in cyber security;
Amendment 252 #
Motion for a resolution Paragraph 16 16. Is concerned by the increased use of unpermissioned blockchain applications, in particular Bitcoin, for criminal activities, tax evasion, tax avoidance and money laundering;
Amendment 253 #
Motion for a resolution Paragraph 16 16. Is aware of the advantages and risks of blockchain applications; invites the Commission to organise an annual technical multi-stakeholder conference on this subject, building on the technical expertise developed in the framework of the Taskforce DLT; is concerned by the increased use of unpermissioned blockchain applications, in particular Bitcoin, for criminal activities, tax evasion, tax avoidance and money laundering
Amendment 254 #
Motion for a resolution Paragraph 16 16. Insists that blockchain applications should not require permission; is concerned by the increased use of
Amendment 255 #
Motion for a resolution Paragraph 16 16.
Amendment 256 #
Motion for a resolution Paragraph 16 16. Is concerned by the increased use of unpermissioned blockchain applications
Amendment 257 #
Motion for a resolution Paragraph 16 16. Is concerned by the increased use of unpermissioned blockchain applications, in particular Bitcoin, for criminal activities, tax evasion, tax avoidance and money laundering; calls on the Commission to investigate the role of bitcoin mixers in this process; invites the Commission to organise an annual multi-stakeholder conference on this subject;
Amendment 258 #
Motion for a resolution Paragraph 16 a (new) 16a. Stresses that while Fintech has the possibility to aid efforts to fight money laundering and tax evasion through better data transparency and the large volumes of data collected, there remains a risk that knowledge of the algorithms used in Fintech could be exploited to create loopholes for money launderers and tax evaders;
Amendment 259 #
Motion for a resolution 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 26 #
Motion for a resolution Recital C a (new) Ca. whereas investments in the application of Fintech represent billions of Euros and keep increasing every year;
Amendment 260 #
Motion for a resolution Paragraph 16 a (new) 16a. Calls on the commission to amend the VAT Directive so as to include into that payments made by virtual currencies;
Amendment 261 #
Motion for a resolution Paragraph 17 17. Flags the need for better education and awareness about
Amendment 262 #
Motion for a resolution Paragraph 17 17. Flags the need for better education and awareness about cyber risks both for citizens and businesses, and for the need for measures to be taken at European level for more effective prevention of such risks;
Amendment 263 #
Motion for a resolution Paragraph 17 17. Flags the need for better education and awareness about the positive impact on day to day life of FinTech but also about cyber risks both for citizens and businesses;
Amendment 264 #
Motion for a resolution Paragraph 17 17. Flags the need for better education and awareness about cyber risks both for citizens and businesses, especially among SMEs;
Amendment 265 #
Motion for a resolution Paragraph 17 a (new) 17a. Welcomes continuous efforts in standardisation which make connected devices safer; underlines however that safety needs to be granted beyond a minimum level of standardisation, especially because uniform standardised security precautions increase the risk of large security breaches due to a possible domino effect; strongly encourages companies to develop heterogeneous own responses to secure their devices and operations;
Amendment 266 #
Motion for a resolution Paragraph 17 a (new) 17a. Insists that the relevant public authorities must have a legal right, suitably framed and respecting commercial sensitivities, to inspect the code behind FinTech applications where this can help to ensure compliance with legislation as is currently conferred on them in MiFID in relation to trading algorithms;
Amendment 267 #
Motion for a resolution Paragraph 17 a (new) 17a. Notes that cyber confidence is vital for the future growth and use of this technology;
Amendment 268 #
Motion for a resolution Paragraph 18 18. Acknowledges the importance of application programming interfaces (APIs) as a complement to other software that can be used by the consumer in providing new actors with access to financial infrastructure; recommends the creation of
Amendment 269 #
Motion for a resolution Paragraph 18 18. Acknowledges the importance of application programming interfaces (APIs) in providing new actors with access to financial infrastructure; recommends
Amendment 27 #
Motion for a resolution 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; underlines in this regards that the majority of Fintech companies are based in the UK; underlines the need to ensure a continued access to their services and expertise.
Amendment 270 #
Motion for a resolution Paragraph 18 18. Acknowledges the importance of application programming interfaces (APIs) in providing new actors with access to financial infrastructure; recommends the creation of a set of standardised APIs t
Amendment 271 #
Motion for a resolution Paragraph 18 18. Acknowledges the importance of application programming interfaces (APIs) in providing new actors with access to financial infrastructure; recommends the creation of a set of
Amendment 272 #
Motion for a resolution Paragraph 18 a (new) 18a. Asks the ESAs to identify in which cases targeted- or risk-based authentication can be an alternative to strong authentication; further asks the Commission to investigate whether the strong authentication processes can also be executed by other entities than banks;
Amendment 273 #
Motion for a resolution Paragraph 18 a (new) 18a. Considers that interoperability of FinTech services is a key condition for the future development of the European FinTech sector, both within Europe and through engagement with third-country jurisdictions;
Amendment 274 #
Motion for a resolution Paragraph 18 a (new) 18a. Stresses that an interoperable system is paramount for the full materialization of the new market and service opportunities created by the value web and the Internet of Things;
Amendment 275 #
Motion for a resolution 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 276 #
Motion for a resolution Paragraph 19 19. Calls on the Commission to coordinate the work of the Member States and market participants to ensure interoperability among the different national e-identification schemes;
Amendment 277 #
Motion for a resolution Paragraph 19 19. Calls on the
Amendment 278 #
Motion for a resolution 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;
Amendment 279 #
Motion for a resolution Paragraph 19 a (new) 19a. Believes that remote identification means that are not set out in the e-IDAS regulation should also be acceptable, as long as they are of a security level equivalent to the substantial assurance level of e-IDAS, and are thus both safe and interoperable;
Amendment 28 #
Motion for a resolution Recital D D. whereas FinTech developments should contribute to the competitiveness of the European financial system and economy by being a facilitator for cross- border financial flows and thus encouraging cross-border business, without hampering financial stability and while maintaining the highest possible level of consumer protection, and thereby enabling the Capital Markets Union to be achieved;
Amendment 280 #
Motion for a resolution Paragraph 20 Amendment 281 #
Motion for a resolution 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;
Amendment 282 #
Motion for a resolution Paragraph 20 20. Calls on the ESAs to develop technology-neutral standards and licences for both know-your-customer techniques and remote identification methods, for example based on biometric criteria;
Amendment 283 #
Motion for a resolution Paragraph 20 20. Calls on the ESAs to
Amendment 284 #
Motion for a resolution Paragraph 20 20. Calls on the ESAs to develop technology-neutral standards and licences for know-your-customer techniques
Amendment 285 #
Motion for a resolution Paragraph 20 a (new) 20a. Calls on the Commission to pay specific attention, in designing its FinTech action plan, to the needs of retail investors and the risks to which they might be vulnerable;
Amendment 286 #
Motion for a resolution Paragraph 21 21. Calls on the ESAs to
Amendment 287 #
Motion for a resolution Paragraph 21 21. Calls on the ESAs to continue their ongoing work on monitoring technological developments and analysing their benefits and potential risks, in particular as regards consumer and investor protection; stresses that technological know-how is needed to fulfill these tasks; suggests that the ESAs cooperate closely and effectively with national and European agencies which have the required know-how in order to duly incorporate technological expertise;
Amendment 288 #
Motion for a resolution Paragraph 21 21. Calls on the ESAs to continue their ongoing work on monitoring technological developments and analysing their benefits and potential risks, in particular as regards consumer and investor protection; stresses that the same consumer protection standards must apply both to new FinTech actors and to established market participants;
Amendment 289 #
Motion for a resolution Paragraph 21 21. Calls on the ESAs to continue their ongoing work on monitoring technological developments and analysing their benefits and potential risks, in particular as regards consumer and investor protection; Stress the importance of allowing consumers to access the full benefits of the knowledge sharing economy without compromising their security.
Amendment 29 #
Motion for a resolution Recital D D. whereas FinTech developments should
Amendment 290 #
Motion for a resolution Paragraph 21 21. Calls on the ESAs to continue their ongoing work on monitoring technological developments and analysing their benefits
Amendment 291 #
Motion for a resolution Paragraph 21 a (new) 21a. Notes the gradual expansion of FinTech in the retail sector and stresses the importance of ensuring a strict vigilance and a constant monitoring of developments in this market in order to identify potential risks for consumers and investors and to intervene in a timely manner; considers it appropriate to take a differentiated and responsible regulatory approach to financial innovation so as to encourage innovation with a clear economic and social added value, such as crowd-funding and peer-to-peer lending, and on the other hand discourage more speculative financial innovations without a clear economic benefit which pose significant risks to retail consumers and investors;
Amendment 292 #
Motion for a resolution Paragraph 21 a (new) 21a. Regulators should ensure that, while preserving the potential for innovation, new FinTech products protect consumers, especially more vulnerable ones; relatedly, data-driven applications must not lead to discriminatory outcomes towards, for example, consumers living in less well-off areas, people with disabilities, etc. Regulators should use the potential greater data transparency available from wider use of Fintech to better monitor the inclusiveness or otherwise of financial products, including their coverage of different geographical areas, genders and racial and ethnic groups;
Amendment 293 #
Motion for a resolution Paragraph 21 a (new) 21a. Stresses that proper education of consumers on FinTech and adequate advice to retail investors are necessary in order for FinTech to become a real tool for financial inclusion and in order to fully reap the benefits of the wider and more diversified supply of financial services offered by FinTech; stresses that financial education and advice should also help consumers understand the risks stemming from these innovative technologies;
Amendment 294 #
Motion for a resolution Paragraph 21 a (new) 21a. Emphasizes that neither the traditional nor the innovative financial technologies have delivered cleared answers on the protection of the investor against suboptimal financial decision- making or toxic investment products; it is critical to identify best practices, ethical standards, and codes of conduct that are relevant with the new FinTech ecosystem;
Amendment 295 #
Motion for a resolution Paragraph 21 a (new) 21a. Calls on the ESAs to partner with private sector players in developing and evaluate innovative technologies that have the potential to safeguard financial stability and increase consumer protection, for instance by mitigating bias in algorithms or by increasing consumer awareness of cyber threats;
Amendment 296 #
Motion for a resolution Paragraph 21 a (new) 21a. Calls on the ESAs to especially monitor tech giants' - such as Amazon, Alibaba, Google, Facebook or Apple - expansion into financial services - and if they are likely to generate distortive effects offering complementary financial services;
Amendment 297 #
Motion for a resolution Paragraph 21 a (new) 21a. Underlines that different new financial institutions under the name of FinTech has the same responsibilities versus costumers and for financial stability as other corresponding traditional institutions and services;
Amendment 298 #
Motion for a resolution Paragraph 21 a (new) 21a. Recalls that the European Court of Justice has ruled that bitcoin transactions are exempt from VAT under the provision concerning transactions relating to currency, bank notes and coins used as legal tender;
Amendment 299 #
Motion for a resolution Paragraph 21 a (new) 21a. Asks the Commission to ensure that an adequate level of safeguards and effective remedies are in place for consumers who might face some of the aforementioned risks linked to the use of virtual currencies;
Amendment 3 #
Motion for a resolution Citation 5 a (new) – having regard to the paper of the Committee on Payments and Market Infrastructures of February 2017 entitled "Distributed ledger technology in payment, clearing and settlement: An analytical framework"1a __________________ 1a http://www.bis.org/cpmi/publ/d157.pdf
Amendment 30 #
Motion for a resolution Recital D D. whereas FinTech developments should contribute to the
Amendment 300 #
Motion for a resolution Paragraph 21 a (new) 21a. Calls on the ESAs to further work on the issue of automated advice in order better, transparent, accessible and cost- effective advice to customers to be delivered.
Amendment 301 #
Motion for a resolution Paragraph 21 b (new) 21b. Notes that the increasing use of big data and artificial intelligence presents benefits to consumers but also entails questions concerning consumer protection; stresses that errors or biases that can lead to discrimination and exclusion in these algorithms can potentially cause systemic risk and harm consumers and investors; notes that insurance is a prominent example of a sector where these technologies are increasingly used, e.g. for risk assessment; asks the Commission and the European Supervisory Authorities (ESAs) to investigate discriminatory effects;
Amendment 302 #
Motion for a resolution Paragraph 21 b (new) 21b. Notes that blockchain technology has evolved from being employed for virtual currencies to facilitating transaction-related processes of any kind, including the process of reaching contractual agreements; urges that contracts based on transactions facilitated by blockchain technology (smart contracts) need to be recognised by courts and regulators without discrimination;
Amendment 303 #
Motion for a resolution Paragraph 21 b (new) 21b. Stresses the dangers risen by the continuously observed consumers' on line behaviour and the targeted advertisement, which raises privacy and security concerns; urged for unsolicited spam to be banned;
Amendment 304 #
Motion for a resolution Paragraph 21 c (new) 21c. Calls on the Commission to enhance consumer education at all levels, including vocational training and make information accessible to all, which are essential elements for ensuring consumer protection and rights based on firm regulatory rules.
Amendment 305 #
Motion for a resolution Paragraph 21 d (new) 21d. Stresses that data protection and privacy rights should be considered as priorities for regulators and supervisors, who have to enhance transparency and simplicity.
Amendment 306 #
Motion for a resolution Paragraph 22 Amendment 307 #
Motion for a resolution Paragraph 22 22. Underlines the need for increased digital skills in society as a whole and a major rethink of education and lifelong learning systems; calls on the Commission to present best practices in the context of its Digital Skills and Jobs Coalition
Amendment 308 #
Motion for a resolution Paragraph 22 22. Underlines the need for increased digital skills in society as a whole; calls on the Commission to present best practices in the context of its Digital Skills and Jobs Coalition; Stresses that consumers should be able to rely on secure and user-friendly technologies and services; Stresses the need for solutions to provide consumers with guidance to access financial services, to improve access to people with disabilities or disadvantaged communities to financial services ;
Amendment 309 #
Motion for a resolution Paragraph 22 22. Underlines the need for increased digital skills within the financial sector, within regulatory bodies and within society as a whole; calls on the Commission to present best practices in the context of its Digital Skills and Jobs Coalition; also calls on the Commission and the co-legislators to ensure that corporate governance provisions in relevant legislation (CRD, MiFiD) appropriately favour the recruitment of digitally-skilled people;
Amendment 31 #
Motion for a resolution Recital D D. whereas FinTech developments should contribute
Amendment 310 #
Motion for a resolution Paragraph 22 22. Underlines the need for increased digital skills in society as a whole; calls on the Commission to present best practices in the context of its Digital Skills and Jobs Coalition; stresses that consumers should be able to rely on, informed, secure and user-friendly technologies and services;
Amendment 311 #
Motion for a resolution Paragraph 22 22. Underlines the need for increased digital skills in society as a whole; calls on the Commission to present best practices in the context of its Digital Skills and Jobs Coalition and at the same time to promote their proper adoption and implementation by the Member States;
Amendment 312 #
Motion for a resolution Paragraph 22 22. Underlines the need for increased digital
Amendment 313 #
Motion for a resolution Paragraph 22 a (new) 22a. Recalls the Commission's forecast that by 2020 Europe might be facing a shortage of up to 825 000 ICT professionals; believes that more computer scientists are needed and encourages the member states to prepare for changes in the labour market that go much quicker than we might expect today;
Amendment 314 #
Motion for a resolution Paragraph 22 a (new) 22a. Emphasizes that both financial literacy and digital literacy are crucial factors for the efficient use and lower risk in the new FinTech environment; calls on the Commission to adopt an holistic policy aiming to skills development, especially for women and young;
Amendment 315 #
Motion for a resolution Paragraph 22 a (new) 22a. Emphasises that financial education is a prerequisite for raising awareness in society and equipping citizens with the knowledge that is necessary to make sound decisions concerning financial products and services;
Amendment 316 #
Motion for a resolution Paragraph 22 a (new) 22a. Recognises that Fintechs can create new jobs, but is nonetheless concerned about the possible negative impacts of Fintechs on labour markets. Calls upon the Commission to take the social impact of Fintechs fully into consideration in its FinTech action plan.
Amendment 32 #
Motion for a resolution Recital D D. whereas FinTech developments can contribute to the development of the CMU and to enhance the integration of capital markets in the Eurozone and 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;
Amendment 33 #
Motion for a resolution Recital D D. whereas FinTech developments, coupled with an innovation-friendly European legal framework, 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;
Amendment 34 #
Motion for a resolution Recital D D. whereas FinTech developments should contribute to the competitiveness of the European financial system and economy, without hampering financial stability
Amendment 35 #
Motion for a resolution Recital D D. whereas FinTech developments should contribute to the competitiveness of the European financial system and economy, w
Amendment 36 #
Motion for a resolution 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
Amendment 37 #
Motion for a resolution 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 38 #
Motion for a resolution Recital D a (new) Da. whereas FinTech can in particular support the continued development of a single market for goods and services by delivering efficient domestic and cross- border payment solutions;
Amendment 39 #
Motion for a resolution Recital D a (new) Da. whereas progress and innovation as regards payments and virtual currencies must not result in cash being replaced as a means of payment;
Amendment 4 #
Motion for a resolution Citation 11 – having regard to the European Securities Markets Authority
Amendment 40 #
Motion for a resolution Recital D a (new) Da. whereas proper regulation and supervision of Fintech could contribute to boost inclusive growth, employment and social and regional convergence.
Amendment 41 #
Motion for a resolution Recital E Amendment 42 #
Motion for a resolution Recital E E. whereas FinTech gives a fresh boost to developing new financial services and to building on existing services and can lead to considerable benefits, such as faster, cheaper, more transparent and better financial services for consumers and businesses, and open up many new options and business opportunities for European entrepreneurs and established market participants thanks to the scope for cooperation, synergies and potential reductions in costs;
Amendment 43 #
Motion for a resolution Recital E E. whereas FinTech can lead to considerable benefits, such as strengthening of competition, faster, cheaper, more transparent and better financial services for consumers and businesses, among others through tackling remuneration structures in financial service distribution which are prone to conflicts of interests and through faster settlement and opening up many new business opportunities for European
Amendment 44 #
Motion for a resolution Recital E E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more transparent and better financial services and reduction of financial frictions for consumers and businesses, and open up many new business opportunities for European entrepreneurs;
Amendment 45 #
Motion for a resolution Recital E E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more inclusive, resilient and transparent and better financial services for consumers and businesses, and open up many new business opportunities for European entrepreneurs;
Amendment 46 #
Motion for a resolution Recital E E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more transparent, more tailor- made and better financial services for consumers and businesses, and open up many new business opportunities for European entrepreneurs;
Amendment 47 #
Motion for a resolution Recital E E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more transparent and better financial services for consumers and businesses, and open up many new business opportunities for European entrepreneurs; whereas, in particular and among many other sectors, it creates changes and opportunities in the post- trade value chain, in retail financial services, in the technologies used to ensure and check compliance with regulation (so-called RegTech) and in the insurance sector;
Amendment 48 #
Motion for a resolution Recital E E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more transparent and better financial services for consumers and businesses, and open up many new business opportunities for European entrepreneurs, but at the same time can pose enormous risks for financial stability, equal conditions of competition between different operators and the protection of consumers and investors;
Amendment 49 #
Motion for a resolution Recital E E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more transparent and better financial services for consumers and businesses,
Amendment 5 #
Motion for a resolution Citation 16 a (new) Amendment 50 #
Motion for a resolution Recital E E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more transparent and better financial services for consumers and businesses, and open up many new business opportunities for European entrepreneurs; emphasises that the consumer experience is the driving force for market players;
Amendment 51 #
Motion for a resolution Recital E a (new) Ea. whereas the development of FinTech can be expected to have some of its most significant impacts on the post- trade value chain, which includes services such as clearing, settlement, asset custody and regulatory reporting, where technologies such as DLT could have the potential to reshape the entire sector; whereas, within this value chain, some intermediaries such as custodians and CCPs could in the long term become redundant while some other functions will still have to be performed by independent, regulated entities;
Amendment 52 #
Motion for a resolution Recital E a (new) Ea. whereas the economic research indicates that despite the technological developments in the financial sector in the course of the time, the costs for the consumer is constantly around 2%, indicating that it is important the efficiency of the financial system to start reaching the consumers by reducing the price of the financial products and services they buy; cost reduction can be criterion of the efficiency for the FinTech;
Amendment 53 #
Motion for a resolution Recital E a (new) Ea. whereas technological innovation in trading strategies, particularly in the high-frequency algorithmic trading sector, has transferred an immense competitive advantage and market power to a restricted circle of operators, causing significant distortions of competition to the detriment of traditional investors as well as having a negative impact on the integrity and quality of the market;
Amendment 54 #
Motion for a resolution Recital E a (new) Ea. whereas the emergence of the FinTech technologies is causing a drastic increase in the level of operational risk which should be adequately offset by ad- hoc measures;
Amendment 55 #
Motion for a resolution Recital E a (new) Ea. whereas FinTech can contribute to risk reduction in the financial system by decentralisation and de-concentration of risks, faster clearing and settlement of cash payments and securities trades, and better collateral management and capital optimisation;
Amendment 56 #
Motion for a resolution Recital E b (new) Eb. whereas creating a level-playing field for financial services in the EU is a prerequisite for boosting Fintech in Europe;
Amendment 57 #
Motion for a resolution Recital F F. whereas FinTech solutions can increase access to capital, in particular for SMEs, through cross-border financial services, alternative lending and investment channels such as crowdfunding and peer-to-peer lending; whereas the current EU consumer protection framework does not address Fintech innovations appropriately and likewise does not cover crowdfunding and peer-to- peer lending
Amendment 58 #
Motion for a resolution Recital F a (new) Fa. whereas FinTech is a tool that allows the shifting of financial rigidities and frictions, the use of the new tools (e.g. crowdfunding) have not been adequately explored so far in the economic sector of bigger infrastructure projects and long term investments initiated by PPPs and SPVs; whereas EU is in need for major regional and cross-border infrastructure projects, the initiators of those project are usually not aware of the new FinTech opportunities;
Amendment 59 #
Motion for a resolution Recital G G. whereas FinTech can
Amendment 6 #
Motion for a resolution Citation 16 a (new) – having regard to the Judgement of the European Court of Justice C-264/14 - Hedqvist,
Amendment 60 #
Motion for a resolution Recital G G. whereas FinTech can serve as an effective tool for financial inclusion
Amendment 61 #
Motion for a resolution Recital G G. whereas FinTech can serve as an effective tool for financial inclusion, especially through reducing transaction costs for consumers in developing countries in areas such as financial transfers, by opening up tailor-made financial services to those who could not access them before;
Amendment 62 #
Motion for a resolution Recital G G. whereas FinTech can serve as an effective tool for lowering costs in the financial
Amendment 63 #
Motion for a resolution Recital G G. whereas FinTech can serve as an effective tool for financial inclusion, opening up tailor-made financial services to those who could not access them before; nevertheless, financial education should be advocated in all EU member states and across all age groups for real financial inclusion so that no one is left behind;
Amendment 64 #
Motion for a resolution Recital G G. whereas FinTech can serve as an effective tool for financial inclusion, opening up tailor-made financial services to those who could not access them before; whereas financial inclusion is accelerated by FinTech, especially in the fields of payment settlements and microfinance;
Amendment 65 #
Motion for a resolution Recital G G. whereas FinTech can serve as an effective tool for financial inclusion, opening up tailor-made financial services to those who could not access them before and increasing access to finance for individuals, thereby contributing to the G20 and G8 '5x5 objectives';
Amendment 66 #
Motion for a resolution Recital G a (new) Ga. whereas without the establishment of a true single legislative framework for startups with standardised rules across Member States including a harmonised tax system, the EU will not be able to fill the competition gap vis-à-vis other economic areas in the world, notably the US and Asia.
Amendment 67 #
Motion for a resolution Recital G a (new) Ga. whereas retail investors are one of the groups which potentially stand to gain the most from the development of FinTech, but are also the group which is the most vulnerable to new risks emerging from this development, such as cyber- attacks or identity thefts;
Amendment 68 #
Motion for a resolution Recital H H. whereas RegTech can lead to considerable benefits for financial institutions and supervisors by allowing new technologies to be used to address regulatory and compliance requirements more effectively, transparently and efficiently and in real-time; whereas the development of FinTech can not only challenge regulation but also offer precious assistance in implementing it and complying with it;
Amendment 69 #
Motion for a resolution Recital H H. whereas RegTech can lead to considerable benefits for financial institutions and supervisors by allowing new technologies to be used to address regulatory and compliance requirements more
Amendment 7 #
Motion for a resolution Citation 17 a (new) – having regard to Protocol (No 1) of the Treaty on the Functioning of the European Union (TFEU) on the role of national parliaments in the European Union,
Amendment 70 #
Motion for a resolution Recital H a (new) Ha. whereas the increasingly harmonized regulatory environment for the financial sector in the EU provides with a fertile soil for the growth and development of FinTech and creates global comparative advantages for the European Fintech firms and hubs, compared to other regions of the world with higher regulatory fragmentation;
Amendment 71 #
Motion for a resolution Recital I I. whereas InsurTech refers to insurance enabled by or provided via new technologies
Amendment 72 #
Motion for a resolution Recital J J. whereas the availability of venture capital as a source of funding is a key location factor for a dynamic FinTech culture; whereas increased access to finance for service providers is urgently needed to boost financial innovation in Europe, in particular for start-ups to become scale-
Amendment 73 #
Motion for a resolution Recital J J. whereas increased access to finance for service providers and the innovative undertakings which supply them with the material needed to provide these services, is urgently needed to boost financial innovation in Europe, in particular for start-ups to become scale-
Amendment 74 #
Motion for a resolution Recital J J. whereas increased access to finance for service providers
Amendment 75 #
Motion for a resolution Recital J J. whereas increased access to finance
Amendment 76 #
Motion for a resolution Recital J a (new) Ja. whereas FinTech applications have the potential rapidly to become systemic, similar to how digital innovations have fundamentally changed services in other sectors, such as telecommunication;
Amendment 77 #
Motion for a resolution Recital J a (new) Ja. whereas innovation is in constant change and legislation must adapt to that;
Amendment 78 #
Motion for a resolution Recital K K. whereas cyber-attacks are an increasing threat to all digital infrastructure, and therefore also to financial infrastructure; whereas the financial sector
Amendment 79 #
Motion for a resolution Recital K K. whereas cyber-attacks are an increasing threat to all digital infrastructure,
Amendment 8 #
Motion for a resolution Citation 17 b (new) – having regard to Protocol (No 2) of the Treaty on the Functioning of the European Union (TFEU) on the application of the principles of subsidiarity and proportionality,
Amendment 80 #
Motion for a resolution Recital K a (new) Ka. whereas connected devices are an integral part of the FinTech services; whereas the Internet of Things (IoT) is especially vulnerable to cyber-attacks and therefore poses a particular challenge for cyber security; whereas a connected system is only as safe as its weakest element;
Amendment 81 #
Motion for a resolution Recital K a (new) Ka. whereas consumer education and information is essential for ensuring consumer protection and firm regulatory responsibility.
Amendment 82 #
Motion for a resolution Recital K b (new) Kb. whereas data protection and privacy rights should be considered as priorities for regulators and supervisors, who have to enhance transparency and simplicity.
Amendment 83 #
Motion for a resolution Recital L L. whereas to facilitate FinTech it is important to create a coherent and supportive framework that enables a competitive and innovative environment, in which FinTechs can come up with all kinds of tools, i.e. for encryption as well as for online identification and authentication tools;
Amendment 84 #
Motion for a resolution Recital L L. whereas to facilitate FinTech it is important to create a coherent and supportive framework that enables secure online identification and authentication tools with a simple interface;
Amendment 85 #
Motion for a resolution Recital L L. whereas to facilitate FinTech it is important to create a coherent and supportive framework that enables online identification and authentication tools; in this context, emphasises the importance of technology in fostering a strong FinTech ecosystem in Europe;
Amendment 86 #
Motion for a resolution Recital L a (new) La. whereas FinTech provides important tools that "bridge distances" between the supply and demand in financial services and allow the further integration of the financial markets, at the same time they "create distances" between those responsible for the financial decision-making and the financial objective (e.g. intelligent machines create algorithms that rebalance investment portfolios without the intervention of a financial advisor); whereas these distances require a closer examination of the dimensions of ethics and codes of conduct of the financial practitioners;
Amendment 87 #
Motion for a resolution Recital L a (new) La. whereas automation in the financial sector, as in other sectors, may disrupt existing patterns of employment, particularly for the kinds of 'mid-ranking' clerical jobs which previously served as routes into the middle class in many member states; whereas improving and increasing skills training and retraining will need to be at the heart of any European FinTech strategy;
Amendment 88 #
Motion for a resolution Recital L a (new) La. whereas to date, the development of a FinTech ecosystem in Europe has been hampered by divergent regulation across different Member States and a lack of collaboration across markets; considers that decisive EU action with a view to fostering a common approach to FinTech is important in the development of a strong FinTech ecosystem in Europe;
Amendment 89 #
Motion for a resolution Recital L a (new) La. whereas the FinTech sector’s rate of innovation and diversity make it difficult to produce regulatory responses; whereas the regulatory framework for FinTech must strike the proper balance between incentives to innovate, consumer protection and financial stability;
Amendment 9 #
Motion for a resolution Citation 18 a (new) – Having regard to the European Parliament resolution of 26 May 2016 on virtual currencies (2016/2007(INI)),
Amendment 90 #
Motion for a resolution Recital L a (new) La. whereas the ESAs have started identifying the potential risks and benefits of those technologies; whereas national competent authorities are monitoring these technological developments and have come up with different approaches;
Amendment 91 #
Motion for a resolution Recital L a (new) La. whereas the European legislative framework on data is too complex and contains some overlapping;
Amendment 92 #
Motion for a resolution Recital L b (new) Lb. whereas FinTech from a regulatory point of view, requires a more balanced view between "regulating the financial institution" and "regulating the financial transaction", this have significant implications in the current micro-prudential and macro-prudential framework in the EU;
Amendment 93 #
Motion for a resolution Recital L b (new) Lb. whereas, because of network effects, the market structure in many areas of the digital economy is geared to a small number of market participants and that poses competition and anti-trust law challenges;
Amendment 94 #
Motion for a resolution Recital L b (new) Lb. whereas in the phases of so-called ‘tailored consulting’ the disclosure of sensitive data takes place;
Amendment 95 #
Motion for a resolution Recital L c (new) Lc. whereas to facilitate the development of the FinTech ecosystem in Europe it is important to neutralize "economic rents" that favour incumbent financial intermediaries against the new- coming smaller FinTech enterprises; in terms of market design, the creation of a level playing field should boost cooperation between traditional and new financial service providers and not sustain market rigidities;
Amendment 96 #
Motion for a resolution Paragraph 1 1. Calls on the Commission to draw up a FinTech
Amendment 97 #
Motion for a resolution Paragraph 1 1. Calls on the Commission to draw
Amendment 98 #
Motion for a resolution Paragraph 1 1. Calls on the Commission to draw up a FinTech Action Plan
Amendment 99 #
Motion for a resolution 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
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History
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