Activities of Beatrix von STORCH related to 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)
Amendments (19)
Amendment 6 #
Motion for a resolution
Citation 16 a (new)
Citation 16 a (new)
– having regard to the Judgement of the European Court of Justice C-264/14 - Hedqvist,
Amendment 22 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas the FinTech sector has many "unicorns", i.e. start-up companies that are very individual yet large as they profit from economies of scale or network effects, leading regulators into temptation to act case-by-case instead of applying rules generally;
Amendment 62 #
Motion for a resolution
Recital G
Recital G
G. whereas FinTech can serve as an effective tool for lowering costs in the financial inclusionsector, opening up tailor-made financial services to those who could not access them before;
Amendment 83 #
Motion for a resolution
Recital L
Recital L
L. whereas to facilitate FinTech it is important to create a coherent and supportive framework that enables a competitive and innovative environment, in which FinTechs can come up with all kinds of tools, i.e. for encryption as well as for online identification and authentication tools;
Amendment 115 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses 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 assessment; stresses the need for evermore legal certainty, which can be brought about by drafting legislation with a focus on generality and flexibility, allowing for its application to all kinds of FinTech and services, so that there is less need for frequent revision;
Amendment 126 #
Motion for a resolution
Paragraph 4 – point a a (new)
Paragraph 4 – point a a (new)
Amendment 147 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. HighlightNotes 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,notes that monitoring is in order to keep up with market developments; recommendinsists that the European Central Bank conduct experiments with a ‘virtual euro’refrains from conducting such experiments as its mandate is limited to maintaining price stability of the common currency;
Amendment 176 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that innovative financial services should be available throughout the EUnot be hindered from crossing borders; calls on the Commission and Member States to apply, where applicable, passporting regimes for new financial services offered across the Union;
Amendment 199 #
Motion for a resolution
Paragraph 10
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 private data within the Union is needed;
Amendment 212 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. NotWelcomes that there are no clear, comprehensive European U-guidelines for outsourcing data to the cloud with regard to the financial sector; stresses the need for the development of suchat the ensuing competition facilitates the finding of appropriate guidelines;
Amendment 220 #
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 making financial inclusivenessservices more widely available; 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;
Amendment 233 #
Motion for a resolution
Paragraph 13
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; calls on the Commission to make cyber security the number one priority in the FinTech Action Plan;
Amendment 249 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Highlights the need for the exchange of information andbout best practices between supervisors 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;
Amendment 254 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Insists that blockchain applications should not require permission; is concerned by the increased use of unpermissioned blockchain applications, in particular Bitcoinvirtual currencies, for criminal activities, tax evasion, tax avoidance and money laundering; invites the Commission to organise an annual multi- stakeholder conference on this subject in May;
Amendment 277 #
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 283 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Calls on the ESAs to develop technology-neutral standards and licences for know-your-customer techniques, for example based on biometric criteriaaluate existing standards for know-your-customer techniques;
Amendment 298 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Recalls that the European Court of Justice has ruled that bitcoin transactions are exempt from VAT under the provision concerning transactions relating to currency, bank notes and coins used as legal tender;
Amendment 302 #
Motion for a resolution
Paragraph 21 b (new)
Paragraph 21 b (new)
21b. Notes that blockchain technology has evolved from being employed for virtual currencies to facilitating transaction-related processes of any kind, including the process of reaching contractual agreements; urges that contracts based on transactions facilitated by blockchain technology (smart contracts) need to be recognised by courts and regulators without discrimination;
Amendment 306 #
Motion for a resolution
Paragraph 22
Paragraph 22