19 Amendments of Paul TANG related to 2020/2034(INL)
Amendment 1 #
Motion for a resolution
Citation 1 a (new)
Citation 1 a (new)
– having regard to Articles 7 and 8 of the Charter of Fundamental Rights of the European Union,
Amendment 2 #
Motion for a resolution
Citation 1 b (new)
Citation 1 b (new)
– having regard to Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data and repealing Directive 95/46/EC (General Data Protection Regulation)1a, _____________________ 1a OJ L 119, 4.5.2016, p. 1.
Amendment 38 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Amendment 58 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas recent research suggests that crypto-assets are mainly used as a speculative investment, rather than as a means of payment for goods or services offered by a legal merchant; whereas the ESAs have highlighted that crypto-assets which do not qualify as financial instruments within the coverage of Union financial regulation pose specific risks, namely in terms of investor and consumer protection as well as to market integrity; whereas specific risks highlighted include fraud, cyber-attacks, money laundering, operational resilience and market manipulation;
Amendment 69 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas large technology firms and global digital platforms are increasingly offering financial services; where those large operators in the digital sector benefit from competitive advantages such as economies of scale, vast cross-border user networks, easy access to financing and the ability to harvest large swaths of data provided by users through data processing technologies such as ‘big data analytics’, which generate tremendous added value in a variety of ways; whereas the presence of ‘Big Tech’ firms in the FinTech markets has the potential to harm fair competition and innovation;
Amendment 154 #
Motion for a resolution
Paragraph 6 – point c
Paragraph 6 – point c
c. a risk-based approach based on transparency and accountability;
Amendment 155 #
Motion for a resolution
Paragraph 6 – point c a (new)
Paragraph 6 – point c a (new)
ca. respect for the fundamental rights to privacy and data protection, as guaranteed by Articles 7 and 8 of the EU Charter of Fundamental Rights;
Amendment 163 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Points out that Union level measures should not stiflecan enhance a regulatory and supervisory level playing field across the internal market and bring certainty to businesses and consumers, thereby offering opportunities for businesses to grow and develop within the Union while avoiding forum shopping and regulatory arbitrage;
Amendment 176 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights the importance of the triangle of trust, identity and data in order to ensure that operators, consumers and supervisors are able to have confidence in digital finance; considers appropriate to further analyse initiatives for implementing CBDCs both within the Union and on a global level; calls on the Commission and EU supervisory authorities to promote research and international discussions in this field, assessing potential benefits and all implications; believes that parameters and principles for analysis should rely on the role of CBDCs in supplementing the decline in cash use, ensuring people’s trust in the financial system, providing for greater financial inclusion and access to a public means of payment, all the while guaranteeing financial stability and the pursuit of socio-economic objectives;
Amendment 214 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes, therefore, that any further categorisation should be balanced and flexible in order to give space for innovation in the sector while ensuring that risks can be identified and mitigated at an early stage;
Amendment 215 #
10a. Expresses concern about the serious carbon footprint attached to the use and dissemination of crypto-assets; calls on the Commission to take this into account in any forthcoming regulatory initiative, having in mind the EU’s commitment to the Sustainable Development Goals and to the necessary transition to a climate-neutral society by 2050 at the latest;
Amendment 216 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Is concerned about the findings of a recent research1a demonstrating that half of the crypto-assets transactions is linked to illegal activities, like the buying or selling of illegal goods or services (weapons, drugs transactions), money laundering and, payments in ransomware attacks; highlights recent findings which suggests that 76 billion dollars of illegal activity per year involves Bitcoins; _________________ 1a Electronicallyavailable via https://ssrn.com/abstract=3102645.
Amendment 217 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Further stresses that clear guidance on the applicable regulatory and prudential processes is needed in order to provide regulatory certainty regarding crypto-assetsCalls for clearer guidance on regulatory and prudential processes to follow in order to provide regulatory certainty and adequate supervision for a particular crypto-assets; subscribes to the view of the Basel committee and EBA that banks acquiring crypto-assets, should apply a conservative prudential treatment to such exposures, especially for high risk crypto-assets; shares furthermore the view that strong due diligence, a robust governance and risk management, full disclosure of any exposure and a solid dialogue with the supervisors are all of paramount importance; believes that the forthcoming revision of the capital requirements framework should include amendments in this respect;
Amendment 269 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Takes note of the fact that while the total costs of cyber incidents are notoriously hard to establish, industry estimates range from USD 45 billion to USD 654 billion for the global economy in 2018; highlights that the financial sector has traditionally been a key target for cybercriminals looking for financial gain; is concerned by the ESRB analysis which shows that it is indeed conceivable that a cyber-incident could evolve into a systemic cyber crisis that threatens financial stability1a; _________________ 1a ESRB publishes a report on systemic cyberattacks in February 2020 (https://www.esrb.europa.eu/news/pr/date/ 2020/html/esrb.pr200219~61abad5f20.en. html)
Amendment 299 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Points out that the Union is the global standard setter as regards personal data protection; highlights that the transfer and use of personal and non-personal data in the financial services sector should meet all relevant standards whilebe in accordance with fundamental rights, relevant legislation and international agreements and allowing for the flow of data needed to scale up innovative finance initiatives to be guaranteed in a lawful and secure manner;
Amendment 303 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Requests, in this regard, that the Commission examines how to ensure that digital finance entities can access on an equitable basis relevant and useful data to help ensure that innovative FinTech businesses can grow within the Union and beyond; calls on the Commission to monitor the offering of financial services by “BigTech” firms, and also how the competitive advantages inherent to these operators may distort competition in the market, harm the interests of consumers and innovation;
Amendment 320 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Points out that customer data or “big data” is being increasingly used by financial institutions; recalls the provisions of Article 71 of the GDPR and calls on all stakeholders to increase efforts to guarantee the enforcement ofiterates the conclusions and recommendations from its Resolution of 14 March 2017 on fundamental rights implications of big data: privacy, data protection, non- discrimination, security and law- enforcement; recalls the legislative framework for processing of personal data provided by the GDPR and calls on all stakeholders to ensure the enforcement of the rights therein; highlights, in particular, the principle regarding the individuals’ right to own and control over their data and the rights therein; o data portability;
Amendment 327 #
Motion for a resolution
Paragraph 23
Paragraph 23
23. Believes that the lack of accessible data and information regarding FinTech activities can be a detriment to growth; advocates for increased transparency and enhanced reporting of FinTech activity so as to reduce asymmetries and risks in particular regarding incumbent big data operators that may draw disproportionate benefits from increased access to data;
Amendment 331 #
Motion for a resolution
Paragraph 24
Paragraph 24
24. Calls for effective oversight of ’big data’ analytics in a way that addresses the opacity of models while ensuring that there is sufficient access to relevant and quality data; emphasises the need for much greater algorithmic accountability and transparency with regard to data processing and analytics as an essential tool to guarantee that the individual is appropriately informed about the processing of their personal data; calls on the Commission to assess which initiatives, legislative and non-legislative, can be taken in this regard;