Europol’s EC3 signs Memorandum of Understanding (MOU) with global non-profit dedicated to reducing cyber-risk in the financial system through intelligence sharing.
A well-oiled financial system keeps the wheels of the economy turning. This means that a strike against critical points in the financial system could bring society to its knees. Finland’s Presidency of the Council of the EU aims to put the issue of new threats to the financial market and ways to counter them on the political agenda.
Christine Lagarde on Wednesday presented what her priorities would be for the European Central Bank were she to be confirmed as its President.
Throughout most of the morning, Ms Lagarde fielded questions from committee MEPs during a hearing intended to judge her suitability for the post of President of the European Central Bank (ECB).
Prepared by Maria Teresa Chimienti, Urszula Kochanska and Andrea Pinna
Representatives of the global community of data protection and privacy enforcement authorities are joining together to express shared concerns about the privacy risks posed by the Libra digital currency and infrastructure.
Originally associated with cryptocurrencies, blockchain and distributed ledger technology (DLT) are in fact very versatile and can be usefully applied to the social economy. However, it is important to regulate them properly and gear them to benefits for all, allowing everyone to participate, says the EESC in a report tabled at its July plenary.
The European Banking Authority (EBA) published today the findings of its analysis on the regulatory framework applicable to FinTech firms when accessing the market. The Report illustrates the developments on the regulatory perimeter across the EU, the regulatory status of FinTech firms, and the approaches followed by competent authorities when granting authorisation for banking and payment services.
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.
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.
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.