BETA

19 Amendments of Mady DELVAUX related to 2016/2243(INI)

Amendment 25 #
Motion for a resolution
Recital C
C. whereas a broad range of FinTech developments are underpinned by new technologies, such as distributed ledger technology (DLT) applications, innovative payments, robo-advice, Big Data, the use of cloud computing, innovative solutions in customer identification, crowdfunding platforms and many more;
2017/03/09
Committee: ECON
Amendment 36 #
Motion for a resolution
Recital D
D. whereas FinTech developments should contribute to the competitiveness of the European financial system and economy, without hampering financial stability and while maintaining the highest possible level of consumer protection;
2017/03/09
Committee: ECON
Amendment 60 #
Motion for a resolution
Recital G
G. whereas FinTech can serve as an effective tool for financial inclusion, if it openings up tailor-made financial services to those who could not access them before, it also bears the risk of increasing exclusion for example in case access to FinTech services is not equally granted to all citizens or if the use of big data challenges the mutualisation of risk particularly in insurance;
2017/03/09
Committee: ECON
Amendment 73 #
Motion for a resolution
Recital J
J. whereas increased access to finance for service providers and the innovative undertakings which supply them with the material needed to provide these services, is urgently needed to boost financial innovation in Europe, in particular for start-ups to become scale- ups;
2017/03/09
Committee: ECON
Amendment 78 #
Motion for a resolution
Recital K
K. whereas cyber-attacks are an increasing threat to all digital infrastructure, and therefore also to financial infrastructure; whereas the financial sector faces three times more attacks than any other sectoris particularly vulnerable to such attacks; whereas safety is a conditio sine qua non to guarantee the consumers' trust in goods and services;
2017/03/09
Committee: ECON
Amendment 80 #
Motion for a resolution
Recital K a (new)
Ka. whereas connected devices are an integral part of the FinTech services; whereas the Internet of Things (IoT) is especially vulnerable to cyber-attacks and therefore poses a particular challenge for cyber security; whereas a connected system is only as safe as its weakest element;
2017/03/09
Committee: ECON
Amendment 141 #
Motion for a resolution
Paragraph 5
5. Recommends that the competent authorities allow controlled experimentation withtesting of new technologies both for new entrants and existing market participants; highlights that a pro-active dialogue with academia and market participants can help supervisors and regulators to develop technological expertise;
2017/03/09
Committee: ECON
Amendment 157 #
Motion for a resolution
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 experimentests with a ‘virtual ecuro’rencies;
2017/03/09
Committee: ECON
Amendment 164 #
Motion for a resolution
Paragraph 7
7. Emphasises the importance of supervisors having sufficient technical expertise to adequately scrutinise increasingly complex FinTech services; recommends in this respect a close cooperation of supervisors with national and European agencies which have the required technological know-how; considers it to be essential that the Union, together with the Member States by virtue of public funding, supports research in the area of FinTech; calls on the Commission and the Member States to strengthen financial instruments for research projects in this area, including public-private partnerships, and to implement in their research policies the principles of open science and responsible ethical innovation; emphasises that sufficient resources need to be devoted to the search for solutions to the social, ethical, legal and economic challenges that the technological development and its applications raise;
2017/03/09
Committee: ECON
Amendment 177 #
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; stresses that FinTech innovation and its integration within the economy and the society require digital infrastructure that provides ubiquitous connectivity; calls on the Commission to guarantee a framework that will meet the connectivity requirements for the Union's digital future and to ensure that access to broadband and 5G networks is fully in line with the net neutrality principle;
2017/03/09
Committee: ECON
Amendment 185 #
Motion for a resolution
Paragraph 9 a (new)
9a. Underlines the importance of boosting financial innovation in Europe; calls for facilitated access to finance for innovative financial service providers and the innovative undertakings which supply them with the material needed to provide these services;
2017/03/09
Committee: ECON
Amendment 197 #
Motion for a resolution
Paragraph 10
10. Stresses the need for consistent, technology-neutral application of existing data legislation, including the General Data Protection Regulation (GDPR), the Revised Payment Service Directive (PSD2), the eIDAS Regulation, the 4th Anti-Money Laundering Directive (AMLD4) and the Network and Information Systems (NIS) Directive; stresses that, in order to scale up innovative finance in Europe, a free flow of data within the Union is needed; emphasizes the importance of transparency in the collection and use of personal data; recalls Article 71 of the GDPR which grants the data subject the right to obtain an explanation of a decision reached by automated processing and to challenge this decision; stresses the necessity to guarantee that incorrect data can be changed; calls on all stakeholders to increase efforts to guarantee the enforcement of these rights; is of the opinion that consent given to the use of personal data needs to by dynamic and that a data subject has to be able to change and adapt its consent;
2017/03/09
Committee: ECON
Amendment 216 #
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; emphasisnotes the efficiency potential of robo-advice and the positive effects on financial inclusivof robo-advice and the potential positive effects on financial inclusiveness, however underlines the necessity to use these innovations in line with an ambitious ethical framework in order to guarantee the freedom, privacy, integrity and dignity of the user and to avoid the potential risk of increasing exclusion and discrimination for example in case access to FinTech services is not equally granted to all citizens or if the use of big data challengess the mutualisation of risk particularly in insurance; stresses that errors or biases in algorithms can cause systemic 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 and use of AI;
2017/03/09
Committee: ECON
Amendment 223 #
Motion for a resolution
Paragraph 12 a (new)
12a. Highlights that smart connected systems and AI which are needed for FinTech are becoming increasingly complex and autonomous; points out that those systems can fail and that the probable increasing difficultly to trace responsibility for damage caused by such failures back to a human agent questions the capacity of the current liability framework to deal with these situations; calls therefore on the Commission to address the issue of liability in order to prepare our society for the upcoming challenges and guarantee safety and trust in FinTech;
2017/03/09
Committee: ECON
Amendment 232 #
Motion for a resolution
Paragraph 13
13. Emphasises the need for end-to-end security across the whole financial services value chain; points to the large and diverse risks posed by cyber-attacks, targeting our financial markets infrastructure, currencies and data; stresses that connected devices and the Internet of Things are an integral part of the infrastructure used to offer FinTech services and that they are especially vulnerable to cyber-attacks and therefore pose a particular cyber security challenge; recalls the fact that a connected system is only as safe as its weakest element; calls therefore for global security standards for connected and connectable devices; calls on the Commission to make cyber security the number one priority in the FinTech Action Plan;
2017/03/09
Committee: ECON
Amendment 241 #
Motion for a resolution
Paragraph 14
14. Calls on the ESAs to regularly review operational standards covering ICT risks of financial institutions; calls furthermore, owing to the varying level of protection in the cyber security strategies of Member States, for ESA guidelines on the supervision of these risks; stresses the importance of encouraging and funding research especially in the area of cyber security in order to give the ESAs the technological know-how to fulfill these tasks;
2017/03/09
Committee: ECON
Amendment 250 #
Motion for a resolution
Paragraph 15
15. Highlights the need for the exchange of information and best practices between supervisors and market participants and between, researchers and 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 265 #
Motion for a resolution
Paragraph 17 a (new)
17a. Welcomes continuous efforts in standardisation which make connected devices safer; underlines however that safety needs to be granted beyond a minimum level of standardisation, especially because uniform standardised security precautions increase the risk of large security breaches due to a possible domino effect; strongly encourages companies to develop heterogeneous own responses to secure their devices and operations;
2017/03/09
Committee: ECON
Amendment 287 #
Motion for a resolution
Paragraph 21
21. Calls on the ESAs to continue their ongoing work on monitoring technological developments and analysing their benefits and potential risks, in particular as regards consumer and investor protection; stresses that technological know-how is needed to fulfill these tasks; suggests that the ESAs cooperate closely and effectively with national and European agencies which have the required know-how in order to duly incorporate technological expertise;
2017/03/09
Committee: ECON