100

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Updating the Crypto Assets Regulation and establishing a pilot regime for distributed ledger technology

03-03-2021

The markets in crypto assets (MiCA) proposal intends to adapt to the latest technological trends in the FinTech sector. The briefing analyses the strengths and weaknesses of the impact assessment (IA) accompanying the MiCA and DLT proposals. The IA is quite technical and difficult to read for a non-expert. The policy options were compared against the criteria of effectiveness, efficiency and coherence, but not against proportionality, which is required by the better regulation guidelines. The preferred ...

The markets in crypto assets (MiCA) proposal intends to adapt to the latest technological trends in the FinTech sector. The briefing analyses the strengths and weaknesses of the impact assessment (IA) accompanying the MiCA and DLT proposals. The IA is quite technical and difficult to read for a non-expert. The policy options were compared against the criteria of effectiveness, efficiency and coherence, but not against proportionality, which is required by the better regulation guidelines. The preferred option is a mix of various options, and one of the preferred options is transferred into another, new legislative proposal, i.e., on the DLT. The IA foresees cost reduction for business due to the use of DLT, which saves costs compared to the traditional trading activities, with new entrants facing one-off costs similar to multilateral trading facilities (MTFs).

Strengthening digital operational resilience in the financial sector

11-12-2020

This briefing provides an analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying Commission proposals to strengthen digital operational resilience in the EU, which are part of the digital finance package. The IA would have benefited from a more balanced set of options, and it would have been useful to further clarify the arguments supporting the choice between options 2 and 3. The assessment of social impacts is very limited, and the competitiveness ...

This briefing provides an analysis of the strengths and weaknesses of the European Commission's impact assessment (IA) accompanying Commission proposals to strengthen digital operational resilience in the EU, which are part of the digital finance package. The IA would have benefited from a more balanced set of options, and it would have been useful to further clarify the arguments supporting the choice between options 2 and 3. The assessment of social impacts is very limited, and the competitiveness aspect raised could also have been discussed at greater length. The IA estimates that the initiative would benefit SMEs in terms of reduced administrative burden and improved capacity to operate in a cross-border context. In addition to the qualitative assessment, the IA provides quantified estimates, openly recognising some data limitations.

Banking Union: ESMA report on Wirecard

01-12-2020

This briefing provides a summary of ESMA’s Fast-Track Peer-Review (FTPR), published on 3 November 2020. ESMA carried out an assessment of the effectiveness of the supervisory response in the financial reporting area by BaFin and FREP in the context of Wirecard AG fraud case.

This briefing provides a summary of ESMA’s Fast-Track Peer-Review (FTPR), published on 3 November 2020. ESMA carried out an assessment of the effectiveness of the supervisory response in the financial reporting area by BaFin and FREP in the context of Wirecard AG fraud case.

Thematic Digest on the Wirecard case

06-11-2020

This document presents the summaries of three external papers commissioned by EGOV upon request of the Economic and Monetary Committee (ECON). ECON has requested external experts to provide expertise on the wider supervisory implications of the Wirecard case. The summaries were drafted by EGOV in own responsibility.

This document presents the summaries of three external papers commissioned by EGOV upon request of the Economic and Monetary Committee (ECON). ECON has requested external experts to provide expertise on the wider supervisory implications of the Wirecard case. The summaries were drafted by EGOV in own responsibility.

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).

Guidance by the EU supervisory and resolution authorities on Brexit

08-10-2020

This briefing gives an overview of the repercussions of the United Kingdom’s withdrawal from the EU on financial services, followed by the most recent guidance from the ECB Banking Supervisor, the Single Resolution Board and the three European Supervisory Authorities: the European Banking Authority, the European Securities and Markets Authority; and the European Insurance and Occupational Pensions Authority. The work of the European Systemic Risk Board on Brexit is also highlighted.

This briefing gives an overview of the repercussions of the United Kingdom’s withdrawal from the EU on financial services, followed by the most recent guidance from the ECB Banking Supervisor, the Single Resolution Board and the three European Supervisory Authorities: the European Banking Authority, the European Securities and Markets Authority; and the European Insurance and Occupational Pensions Authority. The work of the European Systemic Risk Board on Brexit is also highlighted.

Regulating crowdfunding

02-10-2020

As a step towards Capital Markets Union, the European Commission presented a proposal for a regulation on crowdfunding service providers in March 2018, to facilitate the cross-border offer of such financial services across the EU. It was accompanied by a proposal for a directive, to exempt those providers from the scope of the Markets in Financial Instruments Directive (MiFID II). The co-legislators reached a political agreement in December 2019, significantly modifying the Commission proposals. ...

As a step towards Capital Markets Union, the European Commission presented a proposal for a regulation on crowdfunding service providers in March 2018, to facilitate the cross-border offer of such financial services across the EU. It was accompanied by a proposal for a directive, to exempt those providers from the scope of the Markets in Financial Instruments Directive (MiFID II). The co-legislators reached a political agreement in December 2019, significantly modifying the Commission proposals. Parliament is expected to vote on the Council's positions at second reading during its October I plenary session.

Regulating digital finance

30-09-2020

The use of new technologies to enable and enhance the activities of the financial sector has the potential to provide significant benefits, including efficiency gains, cost reductions, improved data management and transparency. At the same time, it entails risks in fields such as financial stability, financial crime and consumer protection. These risks may further increase due to the fragmented regulatory landscape in the EU, and uneven global developments in regulating the sector. There is therefore ...

The use of new technologies to enable and enhance the activities of the financial sector has the potential to provide significant benefits, including efficiency gains, cost reductions, improved data management and transparency. At the same time, it entails risks in fields such as financial stability, financial crime and consumer protection. These risks may further increase due to the fragmented regulatory landscape in the EU, and uneven global developments in regulating the sector. There is therefore a need for the EU to create a comprehensive and stable regulatory framework in this area. Parliament is expected to debate a legislative-initiative report with recommendations to the European Commission to act in this area during its October I plenary session.

Digital finance: Emerging risks in crypto-assets – Regulatory and supervisory challenges in the area of financial services, institutions and markets

17-09-2020

The rapid growth of digital finance and crypto-assets has raised questions about the appropriate regulatory perimeter and the ability of the existing regulatory architecture to adapt to changing conditions. In this study, we evaluate the impact in terms of benefits and in terms of risk reduction that the adoption of an EU legislative initiative on a framework for crypto-assets, on cyber-resilience and on a data strategy would bring.

The rapid growth of digital finance and crypto-assets has raised questions about the appropriate regulatory perimeter and the ability of the existing regulatory architecture to adapt to changing conditions. In this study, we evaluate the impact in terms of benefits and in terms of risk reduction that the adoption of an EU legislative initiative on a framework for crypto-assets, on cyber-resilience and on a data strategy would bring.

Banking Union: Wirecard

29-06-2020

The briefing provides a short overview (based on public information) to the insolvency of Wirecard AG, a group that provided electronic payment processing and that includes a less-significant banking entity (which is not part of the insolvency proceedings). The case is not directly linked to the corona crisis, but it brings to the fore relevant issues related to supervision of payment-related services and the role of auditors.

The briefing provides a short overview (based on public information) to the insolvency of Wirecard AG, a group that provided electronic payment processing and that includes a less-significant banking entity (which is not part of the insolvency proceedings). The case is not directly linked to the corona crisis, but it brings to the fore relevant issues related to supervision of payment-related services and the role of auditors.

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