11 Amendments of Marco VALLI related to 2016/2243(INI)
Amendment 15 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the uncontrolled acceleration of innovation and financial technology played a central role in causing the global financial crisis of 2007-2008 and the subsequent deep economic recession that, almost ten years later, still has very serious economic, social and political consequences for most European economies;
Amendment 48 #
Motion for a resolution
Recital E
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, but at the same time can pose enormous risks for financial stability, equal conditions of competition between different operators and the protection of consumers and investors;
Amendment 53 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas technological innovation in trading strategies, particularly in the high-frequency algorithmic trading sector, has transferred an immense competitive advantage and market power to a restricted circle of operators, causing significant distortions of competition to the detriment of traditional investors as well as having a negative impact on the integrity and quality of the market;
Amendment 107 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Calls on the Commission to deploy a cross-sectoral, holistic approach to its work on FinTech, drawing lessons from what is done iby adequately addressing the potential threats to financial stability, market integrity and consumer protection, drawing lessons from previous financial crises; believes that the wait-and-see, permissive approach that characterised the process of financial deregulation before the crisis has shown other jurisdictionsat to provide excessive rewards for financial innovation can be a dangerous mechanism for ensuring that innovators accumulate huge profits and pass on the corresponding risks to society;
Amendment 111 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Sstresses that legislation in the financial domain should be proportionate, frequently revised and in accordance with the ‘Innovation Principle’, so that potential effects on innovation will be part of the impact assessmentadequate and effective and frequently revised in order to keep pace with the rapid development of financial innovation; stresses the importance of striking a balance between the ‘Precautionary Principle’ and the ‘Innovation Principle’ in order to identify and prevent potential harmful effects for the stability of the financial system, the safety of products for consumers and investors, but without prejudicing positive innovation which is able to create added value for the real economy and society;
Amendment 121 #
Motion for a resolution
Paragraph 4 – introductory part
Paragraph 4 – introductory part
4. Stresses that, with a view to ensuring a level playing field for competition between operators, ensure financial stability and prevent fresh crises, legislation and supervision in the area of FinTech should be strengthened and based on the following principles:
Amendment 123 #
Motion for a resolution
Paragraph 4 – point a
Paragraph 4 – point a
(a) Same services and risk: same rules, regardless of the type of legal entity concerned a level playing field for various market operators, taking into account the need to protect traditional operators from unfair competition from the ‘big players’ who use expensive and often inaccessible technology;
Amendment 128 #
Motion for a resolution
Paragraph 4 – point b
Paragraph 4 – point b
(b) Technology neutrality in all levels of legislation A differentiated regulatory approach based on the socio-economic function of financial technology, taking into account the potential benefits for consumers and investors and the real economic and social added value relating to financial innovation as well as on the lessons learned from the past about the risks and dangers associated with the use of certain types of technology;
Amendment 131 #
Motion for a resolution
Paragraph 4 – point c
Paragraph 4 – point c
(c) Risk-based approach, taking into account proportionality and materialityApproach based on the precautionary principle, taking into account the potential risks to the economy and society associated with technological innovation;
Amendment 186 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls on the Commission to identify mechanisms to transfer or bind a portion of the income from technological innovation in the financial services to finance projects for the benefit of the real economy and social inclusion;
Amendment 291 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Notes the gradual expansion of FinTech in the retail sector and stresses the importance of ensuring a strict vigilance and a constant monitoring of developments in this market in order to identify potential risks for consumers and investors and to intervene in a timely manner; considers it appropriate to take a differentiated and responsible regulatory approach to financial innovation so as to encourage innovation with a clear economic and social added value, such as crowd-funding and peer-to-peer lending, and on the other hand discourage more speculative financial innovations without a clear economic benefit which pose significant risks to retail consumers and investors;