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Bigtech finance, the EU’s growth model and global challenges
‘Bigtech finance’ – i.e. the provision of financial services by large digital conglomerates - has considerable implications for the EU’s growth model and raises multiple regulatory concerns about financial stability; competition and market concentration; data protection; cybersecurity and operational resilience. Bigtechs also have potential geostrategic implications because the largest digital platforms are headquartered outside the EU. To address these global challenges, this study makes recommendations ...
Revision of Directive (EU) 2015/2366 on Payment Services
Payment services enable digital payments through direct debits, credit transfers or payments with cards or similar devices. Within the EU, these are regulated through the revised Payment Services Directive (PSD2), which sets rules for payment services, their providers and consumer protection. Announced in September 2021 under the digital finance strategy and the retail payments strategy, the Commission published two proposals on the revision of PSD2 on 28 June 2023 as part of the financial data access ...
Recent trends in UK financial sector regulation and possible implications for the EU, including its approach to equivalence
Brexit poses unique challenges for policymakers in the EU as the most important financial centre in Europe is now outside its regulatory framework. We expect significant divergence over the medium- to long-term, given recent legislative and regulatory initiatives in the UK, but also developments of the regulatory framework in the EU. However, there seem to be limited concerns of an easing of the tax evasion and Anti-Money Laundering framework in the UK. We expect a limited use of the EU equivalence ...
Improving distance marketing of consumer financial products
The present impact assessment (IA) accompanies the proposal amending the 2011 Consumer Rights Directive and repealing the 2002 Distance Marketing of Consumer Financial Services Directive. It is informed by the findings of the Commission's ex-post evaluation of the directive and the evaluation support study, which preceded the IA, in line with the Better Regulation Guidelines' 'evaluate first' principle. The IA's strong points include a well-substantiated problem definition and an evidence base that ...
Reglamento sobre la resiliencia operativa digital del sector financiero
El código normativo único, que abarca toda la legislación de la UE que regula las entidades financieras, apenas afecta a los riesgos operativos relacionados con las tecnologías de la información y de las comunicaciones (TIC). En septiembre de 2020, la Comisión presentó una propuesta de Reglamento sobre la resiliencia operativa digital del sector financiero para introducir y armonizar requisitos operativos digitales clave en toda la UE, a fin de que las operaciones de TIC sean resilientes frente a ...
Modificación de los requisitos operativos digitales en la legislación sobre servicios financieros
El 24 de septiembre de 2020, la Comisión presentó una propuesta de Directiva por la que se modifican una serie de directivas existentes que regulan la regulación y supervisión del sistema financiero, con el fin de hacer frente a los riesgos relacionados con las tecnologías de la información y de las comunicaciones (TIC). La propuesta forma parte del paquete de finanzas digitales, cuyo objetivo general es promover la innovación y la competencia en las finanzas digitales, mitigando al mismo tiempo ...
Solvency II Prudential treatment of equity exposures
Insurance companies are important investors in EU capital markets. Most of their investments are in debt instruments, while equity investments can contribute to higher returns for policyholders and overall EU economic growth. This study analyses the treatment of equity investments by insurance companies in (proposed) EU legislation; it is considered that this legislation will have limited impact on equity investments. To enhance equity investment significantly drivers other than prudential ones would ...
Régimen piloto sobre las infraestructuras de mercado basadas en la tecnología de registro descentralizado
Está previsto que el Parlamento Europeo vote un acuerdo tripartito sobre la propuesta de un régimen piloto para la infraestructura del mercado, que establecerá un sistema para negociar y liquidar operaciones de instrumentos financieros en forma de criptoactivos. El régimen sigue el enfoque de «entorno de pruebas», que permite excepciones temporales a algunos requisitos concretos. De esta manera, puede fomentarse el desarrollo de soluciones para la negociación y liquidación de operaciones en criptoactivos ...
PRIIPs: Revised DA/RTS on improved disclosure rules for retail investment products
This briefing has been prepared to support ECON’s work on scrutiny of the Delegated Regulation amending the RTS laid down in Commission Delegated Regulation (EU) 2017/653 on Key Information Documents (KIDs) as foreseen by Regulation (EU) No 1286/2014 on Packaged Retail and Insurance-based Investment Products (PRIIPs Regulation) . The Delegated Regulation was adopted by the Commission on 7 September 2021 together with two quick fix amendments of the PRIIPs Regulation and the Directive 2009/65/EC on ...
Did the pandemic lead to structural changes in the banking sector?
We discuss the main structural changes triggered by Covid19 in banking. Direct consequences include: the impact of the lockdown on remote shopping and telework, lower cash usage and a further shift towards innovative payment methods, the downturn suffered by the economy and bank borrowers. Indirect consequences (partly reinforcing pre-existing trends) include: the further development of payment services provided by non-bank competitors, an acceleration in bank digitalisation, a rise in cyber-attacks ...