BETA

Activities of Brian HAYES related to 2016/2243(INI)

Plenary speeches (1)

FinTech: the influence of technology on the future of the financial sector (debate)
2016/11/22
Dossiers: 2016/2243(INI)

Shadow reports (1)

REPORT on FinTech: the influence of technology on the future of the financial sector PDF (372 KB) DOC (85 KB)
2016/11/22
Committee: ECON
Dossiers: 2016/2243(INI)
Documents: PDF(372 KB) DOC(85 KB)

Amendments (16)

Amendment 35 #
Motion for a resolution
Recital D
D. whereas FinTech developments should contribute to the competitiveness of the European financial system and economy, without hamperhile enhancing financial stability and while maintaining the highest possible level of consumer protection;
2017/03/09
Committee: ECON
Amendment 38 #
Motion for a resolution
Recital D a (new)
Da. whereas FinTech can in particular support the continued development of a single market for goods and services by delivering efficient domestic and cross- border payment solutions;
2017/03/09
Committee: ECON
Amendment 50 #
Motion for a resolution
Recital E
E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more transparent and better financial services for consumers and businesses, and open up many new business opportunities for European entrepreneurs; emphasises that the consumer experience is the driving force for market players;
2017/03/09
Committee: ECON
Amendment 85 #
Motion for a resolution
Recital L
L. whereas to facilitate FinTech it is important to create a coherent and supportive framework that enables online identification and authentication tools; in this context, emphasises the importance of technology in fostering a strong FinTech ecosystem in Europe;
2017/03/09
Committee: ECON
Amendment 88 #
Motion for a resolution
Recital L a (new)
La. whereas to date, the development of a FinTech ecosystem in Europe has been hampered by divergent regulation across different Member States and a lack of collaboration across markets; considers that decisive EU action with a view to fostering a common approach to FinTech is important in the development of a strong FinTech ecosystem in Europe;
2017/03/09
Committee: ECON
Amendment 105 #
Motion for a resolution
Paragraph 1 a (new)
1a. Considers that FinTech can help to enable the success of Capital Markets Union initiatives and encourages the Commission to harness the benefits of FinTech in driving forward the Capital Markets Union project;
2017/03/09
Committee: ECON
Amendment 140 #
Motion for a resolution
Paragraph 5
5. Recommends that the competent authorities allowshould encourage controlled experimentation with new technologies both for new entrants and existing market participants; highlights that a pro-active dialogue with market participants can help supervisors and regulators to develop technological expertise;,
2017/03/09
Committee: ECON
Amendment 145 #
Motion for a resolution
Paragraph 5 a (new)
5a. Notes that regulatory sandboxes have the potential to bring together a wide range of market participants including start-ups, large financial services firms, technology firms and regulators to test new innovative approaches to FinTech; calls on Member States to consider the introduction of regulatory sandboxes as a way forward for developing FinTech solutions;
2017/03/09
Committee: ECON
Amendment 167 #
Motion for a resolution
Paragraph 7
7. Emphasises the importance of supervisors havdeveloping sufficient technical expertise to adequately scrutinise increasingly complex FinTech services;
2017/03/09
Committee: ECON
Amendment 178 #
Motion for a resolution
Paragraph 9
9. Recalls that innovative financial services should be available throughout the EU; calls on the Commission and Member States to apply, where applicable, passporting regimes for new financial services offered across the Union; supports efforts of the European Commission in addressing how the EU can help to improve choice, transparency and competition in retail financial services to the benefit of European consumers and emphasises that this goal should be complementary to the objective of enhancing the financial market through digitalisation and technology;
2017/03/09
Committee: ECON
Amendment 181 #
Motion for a resolution
Paragraph 9 a (new)
9a. Considers that there is still considerable regulatory uncertainty around InsurTech and stresses that this needs to be addressed to ensure security, privacy, fair competition, and financial stability; emphasises that greater legal certainty will help to ensure that consumers of poorly regulated InsurTech firms do not fall victim to losses or mis- selling and will help both companies and consumers to better utilise InsurTech solutions;
2017/03/09
Committee: ECON
Amendment 192 #
Motion for a resolution
Paragraph 9 b (new)
9b. Stresses the need to ensure that financial stability is enhanced alongside the development of FinTech solutions; encourages the examination of open source, peer-reviewed technology as a means of achieving this goal;
2017/03/09
Committee: ECON
Amendment 221 #
Motion for a resolution
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 systemicpotentially cause risk and harm consumers; asks the Commission and the European Supervisory Authorities (ESAs) to take these risks into account and assess the liability aspects of data use;
2017/03/09
Committee: ECON
Amendment 247 #
Motion for a resolution
Paragraph 15
15. Highlights the need for the exchange of information and best practices between supervisors, regulators and Member State governments and market participants and between market participants themselves; 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;
2017/03/09
Committee: ECON
Amendment 264 #
Motion for a resolution
Paragraph 17
17. Flags the need for better education and awareness about cyber risks both for citizens and businesses, especially among SMEs;
2017/03/09
Committee: ECON
Amendment 273 #
Motion for a resolution
Paragraph 18 a (new)
18a. Considers that interoperability of FinTech services is a key condition for the future development of the European FinTech sector, both within Europe and through engagement with third-country jurisdictions;
2017/03/09
Committee: ECON