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Policy area
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Study in focus: Regulatory Sandboxes and Innovation Hubs for FinTech

15-10-2020

The original full study analyses the design and operation of regulatory sandboxes and innovation hubs as part of jurisdictions’ regulatory response to financial innovation, focusing on the models adopted in the EU and the EFTA countries. This document was prepared by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).

The original full study analyses the design and operation of regulatory sandboxes and innovation hubs as part of jurisdictions’ regulatory response to financial innovation, focusing on the models adopted in the EU and the EFTA countries. This document was prepared by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).

Commitments made at the hearing of Mairead MCGUINNESS, Commissioner-designate - Financial services, financial stability and the Capital Markets Union

08-10-2020

The Commissioner-designate, Mairead McGuinness, appeared before the European Parliament on 02 October 2020 to answer questions put by MEPs from the Committee on Economic and Monetary Affairs. During the hearing, she made a number of commitments which are highlighted in this document. These commitments refer to her portfolio, as described in the mission letter sent to her by Ursula von der Leyen, President-elect of the European Commission and include Banking Union, Capital Markets Union and SMEs access ...

The Commissioner-designate, Mairead McGuinness, appeared before the European Parliament on 02 October 2020 to answer questions put by MEPs from the Committee on Economic and Monetary Affairs. During the hearing, she made a number of commitments which are highlighted in this document. These commitments refer to her portfolio, as described in the mission letter sent to her by Ursula von der Leyen, President-elect of the European Commission and include Banking Union, Capital Markets Union and SMEs access to finance, sustainable finance, FinTech strategy and cryptocurrencies, comprehensive approach to fighting money laundering and more resilience to extraterritorial sanctions.

Regulatory Sandboxes and Innovation Hubs for FinTech

30-09-2020

The unprecedented leap and the disruption potential of the emerging technological developments in finance have challenged the existing institutional and regulatory arrangements in the financial sector. Jurisdictions across globe have adopted various initiatives to keep abreast of the rapid technological developments and to encourage the development of their FinTech ecosystems. This study examines the setting up of regulatory sandboxes and innovation hubs as part of the overall strategies pursued ...

The unprecedented leap and the disruption potential of the emerging technological developments in finance have challenged the existing institutional and regulatory arrangements in the financial sector. Jurisdictions across globe have adopted various initiatives to keep abreast of the rapid technological developments and to encourage the development of their FinTech ecosystems. This study examines the setting up of regulatory sandboxes and innovation hubs as part of the overall strategies pursued by jurisdictions in response to the FinTech developments. This document was prepared by the Policy Department for Economic, Scientific and Quality of Life Policies at the request of the Committee on Economic and Monetary Affairs (ECON).

Commitments made at the hearing of Valdis DOMBROVSKIS, Executive Vice-President-designate - An Economy that Works for People

22-11-2019

The commissioner-designate, Valdis Dombrovskis, appeared before the European Parliament on 08 October 2019 to answer questions from MEPs in the Committee on Economic and Monetary Affairs and the Committee on Employment and Social Affairs. During the hearing, he made a number of commitments which are highlighted in this document.

The commissioner-designate, Valdis Dombrovskis, appeared before the European Parliament on 08 October 2019 to answer questions from MEPs in the Committee on Economic and Monetary Affairs and the Committee on Employment and Social Affairs. During the hearing, he made a number of commitments which are highlighted in this document.

European System of Financial Supervision (ESFS)

01-02-2018

The European System of Financial Supervision (ESFS) is a multi-layered system of micro- and macro-prudential authorities that aims to ensure consistent and coherent financial supervision in the EU. It includes the European Systemic Risk Board (ESRB), the three European supervisory authorities (EBA, ESMA and EIOPA) and the national supervisors. The ESFS has continuously evolved to take account of the changing context in which it operates, notably the introduction of the Banking Union, the goal of ...

The European System of Financial Supervision (ESFS) is a multi-layered system of micro- and macro-prudential authorities that aims to ensure consistent and coherent financial supervision in the EU. It includes the European Systemic Risk Board (ESRB), the three European supervisory authorities (EBA, ESMA and EIOPA) and the national supervisors. The ESFS has continuously evolved to take account of the changing context in which it operates, notably the introduction of the Banking Union, the goal of developing a Capital Markets Union and the withdrawal of the United Kingdom from the EU.

Financial services policy

01-02-2018

Financial services form an essential part of the EU’s efforts to complete the internal market, under the free movement of services and capital. Progress towards integration has come in phases: (1) removal of national entry barriers (1957-1973); (2) harmonisation of national laws and policies (1973-1983); (3) completion of the internal market (1983-1992); (4) creation of the single currency area and the pre-crisis period (1999-2007); and (5) the global financial crisis and post-crisis reform (from ...

Financial services form an essential part of the EU’s efforts to complete the internal market, under the free movement of services and capital. Progress towards integration has come in phases: (1) removal of national entry barriers (1957-1973); (2) harmonisation of national laws and policies (1973-1983); (3) completion of the internal market (1983-1992); (4) creation of the single currency area and the pre-crisis period (1999-2007); and (5) the global financial crisis and post-crisis reform (from 2007 onwards). The withdrawal of the United Kingdom from the EU brings a new set of challenges with potential implications for the financial services sector within the EU and beyond.

Competition policy

01-02-2018

The main objective of the EU competition rules is to enable the proper functioning of the Union’s internal market as a key driver for the well-being of EU citizens, businesses and society as a whole. To this end, the Treaty on the Functioning of the European Union (TFEU) contains rules that aim to prevent restrictions on and distortions of competition in the internal market. More specifically, it does so by prohibiting anti-competitive agreements between undertakings and abuse of market position ...

The main objective of the EU competition rules is to enable the proper functioning of the Union’s internal market as a key driver for the well-being of EU citizens, businesses and society as a whole. To this end, the Treaty on the Functioning of the European Union (TFEU) contains rules that aim to prevent restrictions on and distortions of competition in the internal market. More specifically, it does so by prohibiting anti-competitive agreements between undertakings and abuse of market position by dominant undertakings, which could adversely affect trade between Member States. Moreover, mergers and takeovers with an EU dimension are monitored by the European Commission (‘the Commission’) and may be prevented, if they would result in a significant reduction of competition. Furthermore, State aid to given undertakings or products is prohibited when it leads to distortions of competition but can be authorised in specific cases. Subject to certain exceptions, competition rules also apply to public undertakings, public services and services of general interest.

Level-2 measures under the Benchmarks Regulation

06-06-2017

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular for the discussion of 8 June 2017 on Level-2 measures under Regulation (EU) No 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.

This briefing has been drawn up to support ECON’s work on the scrutiny of delegated acts, in particular for the discussion of 8 June 2017 on Level-2 measures under Regulation (EU) No 2016/1011 on indices used as benchmarks in financial instruments and financial contracts or to measure the performance of investment funds.