Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 32 n° 312

Economic and monetary affairs committee calls for boostingthe EU FinTech sector

Posted by fidest press agency su domenica, 13 settembre 2020

MEPs advocated for a robust EU framework for crypto-assets, cyber resilience, data sharing and customer safety, in a non-binding report adopted on Thursday.MEPs of the Economic and Monetary Affairs committee welcomed the Commission’s commitment to finalising an Action Plan on FinTech by the third quarter of 2020. They stress that any measures taken at the EU level should leave all market participants space to innovate, be proportional and technologically neutral, risk based and allow for high levels of consumer and investor protection. They call for a common European model with a crucial role for the European Supervisory Authorities (ESAs) and international cooperation for standards setting.
In their recommendation, MEPs focused on crypto assets, calling for a comprehensive pan-European open-ended taxonomy for new products, as well as for a common monitoring and supervision framework. They point to regulatory gaps in the EU legislation such as that concerning anti-money laundering and advise targeted changes to the existing provisions.
In their report, MEPs highlight a need for a common approach to cyber resilience of the financial sector. They call for legislative changes in the area of ICT and cyber security requirements for the EU financial sector with a focus on modernisation, compliance with international standards and operational resilience testing.Finally, MEPs stress that the free flow of data within the EU is necessary to scale up innovative finance but cross-border data flows, including to and from third countries, must be monitored and governed under the EU legislation on privacy and data protection.Digital finance plays a key role in developing financial activities and will be integral to the success of the Capital Markets Union (CMU), says the text. It will increase financing and investment options for companies and citizens and has a potential to help close the SME financing gap. The text was adopted with 44 votes to 5 and 8 abstentions.

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