18 Amendments of Dimitrios PAPADIMOULIS related to 2016/2243(INI)
Amendment 40 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas proper regulation and supervision of Fintech could contribute to boost inclusive growth, employment and social and regional convergence.
Amendment 81 #
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas consumer education and information is essential for ensuring consumer protection and firm regulatory responsibility.
Amendment 82 #
Motion for a resolution
Recital K b (new)
Recital K b (new)
Kb. whereas data protection and privacy rights should be considered as priorities for regulators and supervisors, who have to enhance transparency and simplicity.
Amendment 96 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to draw up a FinTech Action Plan, which should boost its Capital Markets Union (CMU) and Digital Single Market (DSM) strategies and aim at a competitregulation aiming at an inclusive financial system, financial stability and consumer and investor protection;
Amendment 148 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Highlights that some central banks are already experimenting with virtual currencies as well as other new technologies; encourages the relevant authorities in Europe to experiment as well, in order to keep up with market developments; recommends that the European Central Bank conduct experiments with a ‘virtual euro’;
Amendment 163 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises the importance of supervisors having sufficient technical expertise to adequately scrutinise increasingly complex FinTech servicesppropriately and efficiently scrutinise and supervise the increasingly complex FinTech services. Calls on the commission to regulate and limit Fintech services's complexity, so that the supervisor's task is feasible;
Amendment 171 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Stresses that RegTech has the potential to improve and alleviate compliance processes; calls on the relevant authorities to clarify the legal conditions under which the outsourcing of compliance activities to third parties is allowed; recommends starting to experiment where there is no legacy of compliance yet, for example with the Central Securities Depository Regulation;
Amendment 204 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Calls the Commission to take into account new technological developments and evaluate existing regulations and directives, in order to further safeguard data protection at all levels.
Amendment 207 #
Motion for a resolution
Paragraph 10 b (new)
Paragraph 10 b (new)
10b. Stresses the importance of consumer security and the proper implementation of the PSD2 security requirements for electronic payments (strong customer authentication)
Amendment 215 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Acknowledges the increasing combination of personal data and algorithms in order to provide services such as robo-advice; emphasises the efficiency potential of robo-advice and the positive effects on financial inclusiveness; stresses that errors or biases in algorithms can cause systemic risk and harm consumers; being classified as undesirable due to firms' abilities to undertake more granular analyses, leading to an increasing financial exclusion and price personalisation, which is a form of price discrimination; asks the Commission and the European Supervisory Authorities (ESAs) to take these risks into account and assess the liability aspects of data use;
Amendment 225 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Stresses that one major risk is the selling-sharing of customers’ personal data to third parties, including to direct marketing operations. In these cases, the client should give special permission and has then right to cancel at any time this authorisation.
Amendment 246 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Highlights the need for the exchange of information and best practices between supervisors and market participants and between market participants themselves, respecting member-states' legislation and personal data protection; calls on the Commission, the Member States, market participants and the EU Agency for Network and Information Security (ENISA) to set standards for major incident reporting and to remove barriers to information sharing; suggests exploring the potential benefits of a single point of contact for market participants in this regard;
Amendment 276 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Calls on the Commission to coordinate the work of the Member States and market participants to ensure interoperability among the different national e-identification schemes; stresses that the use of these schemes should be open to the private sector;
Amendment 300 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Calls on the ESAs to further work on the issue of automated advice in order better, transparent, accessible and cost- effective advice to customers to be delivered.
Amendment 303 #
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Stresses the dangers risen by the continuously observed consumers' on line behaviour and the targeted advertisement, which raises privacy and security concerns; urged for unsolicited spam to be banned;
Amendment 304 #
Motion for a resolution
Paragraph 21 c (new)
Paragraph 21 c (new)
21c. Calls on the Commission to enhance consumer education at all levels, including vocational training and make information accessible to all, which are essential elements for ensuring consumer protection and rights based on firm regulatory rules.
Amendment 305 #
Motion for a resolution
Paragraph 21 d (new)
Paragraph 21 d (new)
21d. Stresses that data protection and privacy rights should be considered as priorities for regulators and supervisors, who have to enhance transparency and simplicity.
Amendment 312 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Underlines the need for increased digital skills in society as a wholeeducation and skills at all levels in society as a whole, including vocational training; calls on the Commission to present best practices in the context of its Digital Skills and Jobs Coalition;