11 Amendments of Jakob von WEIZSÄCKER related to 2016/2243(INI)
Amendment 31 #
Motion for a resolution
Recital D
Recital D
D. whereas FinTech developments should contribute to thepositively to citizen's welfare and the development and competitiveness of the European financial system and economy, without hampering financial stability and while maintaining the highest possible level of consumer protection;
Amendment 45 #
Motion for a resolution
Recital E
Recital E
E. whereas FinTech can lead to considerable benefits, such as faster, cheaper, more inclusive, resilient and transparent and better financial services for consumers and businesses, and open up many new business opportunities for European entrepreneurs;
Amendment 65 #
Motion for a resolution
Recital G
Recital G
G. whereas FinTech can serve as an effective tool for financial inclusion, opening up tailor-made financial services to those who could not access them before and increasing access to finance for individuals, thereby contributing to the G20 and G8 '5x5 objectives';
Amendment 76 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas FinTech applications have the potential rapidly to become systemic, similar to how digital innovations have fundamentally changed services in other sectors, such as telecommunication;
Amendment 114 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Stresses that legislation in the financial domain must provide for financial stability, sound investor protection and 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; underlines that regulators must be able to step in forcefully and quickly when FinTech applications become systemic; recalls that precautionary monitoring from a very early stage can inform sound decision- making by the regulator on the appropriate moment for legislative action, without unduly impeding on innovation.
Amendment 144 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Recommends that the competent authorities allow 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; recommends that competent authorities develop stress- testing tools for potentially systemic FinTech applications;
Amendment 165 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises the importance of supervisors having sufficient technical expertise to adequately scrutinise increasingly complex FinTech services; welcomes measures aimed at enhancing regulatory capacity with regard to FinTech at the level of the European Commission such as the European Commission's horizontal taskforces on FinTech and Distributed Ledger Technologies (DLT); invites the Commission to build on those measures with the objective to create world-leading expertise on FinTech regulation; invites European and national regulatory authorities to contribute to those efforts and take appropriate measures to enhance regulatory capacity internally;
Amendment 179 #
Motion for a resolution
Paragraph 9
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; calls on the Commission and Member States to foster convergence and harmonisation of regulatory approaches and prevent regulatory arbitrage;
Amendment 243 #
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; 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; recommends that supervisors actively explore with market participants the potential of transparency and information sharing rather than purely relying on data protection and concealment as prevalent tools against cyber-attacks;
Amendment 251 #
Motion for a resolution
Paragraph 15 a (new)
Paragraph 15 a (new)
15a. Underlines that regulation on the provision of financial services infrastructure needs to provide for appropriate incentive structures for providers to invest adequately in cyber security;
Amendment 253 #
Motion for a resolution
Paragraph 16
Paragraph 16
16. Is aware of the advantages and risks of blockchain applications; invites the Commission to organise an annual technical multi-stakeholder conference on this subject, building on the technical expertise developed in the framework of the Taskforce DLT; is concerned by the increased use of unpermissioned blockchain applications, in particular Bitcoin, for criminal activities, tax evasion, tax avoidance and money laundering; invites the Commission to organise an annual multi-stakeholder conference on this subject; and insists that these issues are closely monitored and addressed;