European Court of Auditors Special Report no 12/2019: E-commerce: many of the challenges of collecting VAT and customs duties remain to be resolved

ECA examined whether the European Commission has established a sound regulatory and control framework for e-commerce with regard to the collection of VAT and customs duties, and whether Member States’ control measures help ensure the complete collection of VAT and customs duties on e-commerce. The report found that despite recent positive developments the EU is not currently dealing adequately with these issues but have addressed some of the weaknesses identified with the “e-commerce package”.

ECA makes a number of recommendations as to how the European Commission and the Member States should better address the challenges identified and establish a sound regulatory and control framework.

Official Journal (C Series): Opinions of the European Economic and Social Committee

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Press Release: ESMA publishes report on the licencing of FinTech firms across Europe test

The European Securities and Markets Authority (ESMA), the EU’s securities markets’ regulator, today publishes a report on the status of licencing regimes of FinTech firms across the European Union (EU).  The report is based on two surveys conducted by ESMA since January 2018, which gathered evidence from national competent authorities (NCAs) on the licensing regimes of FinTech firms in their jurisdictions.

Event: Deep Tech for Next Generation Financial Services (Stockholm, 19 September 2019)

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Press Release: EBA assesses impact of FinTech on payment institutions’ and e-money institutions’ business models

The European Banking Authority (EBA) published today a thematic Report on the impact of FinTech on payment institutions’ (PIs) and electronic money institutions’ (EMIs) business models. This Report points out the EBA’s key observations on PIs’ and EMIs’ strategies and business model changes, in particular focusing on the current trends and drivers, the different approaches to FinTech, including their interaction with BigTech firms, and the level of implementation of innovative technologies. The Report, which is in line with the priorities listed in its FinTech Roadmap, does not foresee or intend to model scenarios for potential future development of institutions. The Report aims to share knowledge and provide support to supervisors and other stakeholders in identifying and understanding the main trends that could impact PIs’ and EMIs’ business models and pose potential challenges to their sustainability.

Event: ENISA Trust Services Forum / CA Day 2019 (25-26 September 2019)

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Provisional Agenda: Telecommunications Council (3 December 2019)

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Question for written answer: Markus Ferber (PPE) to the European Central Bank on Stablecoins

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Event: A cashless society? European millennials’ attitudes towards electronic payments (11 July 2019)

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Press Release: The bank of Lithuania starts adding fintech companies’ innovations on the blockchain

LBChain is the world’s first blockchain-based sandbox developed by a financial market regulator, the Bank of Lithuania. The platform was developed through a pre-commercial procurement and is now opening up to international start-ups as well as financial and FinTech companies to test their solutions on the LBChain. The project combines the creation of innovative blockchain-based solutions with supporting their application in the financial sector as well as improving the quality regulatory requirements and attracting foreign direct investment.

Press Release: ​€24 million cryptocurrency theft unraveled with Eurojust’s support

The UK and Dutch national authorities, in a joint operation with Eurojust and Europol, arrested 6 people as part of an ongoing investigation into a €24 million cryptocurrency theft. The suspects were arrested following simultaneous search warrants that were carried out in Charlcombe, Bath, Trowbridge, UK, as well as Amsterdam and Rotterdam, the Netherlands. The thieves are suspected of targetting users’ bitcoin tokens, affecting at least 4 000 victims in 12 countries; these numbers are expected to grow further. With the active support of Eurojust and Europol, the authorities seized a larger number of electronic devices, equipment and valuable assets.

Event: International Conference on Applied Business and Economics, ICABE (Thessaloniki, 21-23 October 2019)

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Press Release: Big tech in finance: opportunities and risks

The entry of large technology firms (“big techs”) such as Alibaba, Amazon, Facebook, Google and Tencent into financial services, including payments, savings and credit, could make the sector more efficient and increase access to these services, but also introduces new risks, the Bank for International Settlements (BIS) writes in its Annual Economic Report.

Event: Policy Options for New Tech-Enabled Payment Processes (Brussels, 25 June 2019)

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Event: DiPP: The future of financial services across Europe: how much digital, how much improved? (Brussels, 4 July 2019)

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Agenda: Meeting of the CETA Financial Services Committee (12 June 2019)

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UPDATED – Agenda: High Level Working Party (Taxation) (4 June 2019)

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Event: Cross-border Fintech: Regulation and the Law 2019 (London, 6 June 2019)

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Speech: Back to stable

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Speech: Towards a more cyber secure financial system: the role of central banks

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