36 Amendments of Eva KAILI related to 2016/2243(INI)
Amendment 12 #
Motion for a resolution
Recital A
Recital A
A. whereas FinTech should be understood as finance enabled by or provided via new technologies, affecting the whole financial sector, from banking to insurance, pension funds, investment advice and market infrastructures;with all its components
Amendment 17 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas financial and digital literacy programmes in the EU should be encouraged;
Amendment 44 #
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 and reduction of financial frictions for consumers and businesses, and open up many new business opportunities for European entrepreneurs;
Amendment 52 #
Motion for a resolution
Recital E a (new)
Recital E a (new)
Ea. whereas the economic research indicates that despite the technological developments in the financial sector in the course of the time, the costs for the consumer is constantly around 2%, indicating that it is important the efficiency of the financial system to start reaching the consumers by reducing the price of the financial products and services they buy; cost reduction can be criterion of the efficiency for the FinTech;
Amendment 58 #
Motion for a resolution
Recital F a (new)
Recital F a (new)
Fa. whereas FinTech is a tool that allows the shifting of financial rigidities and frictions, the use of the new tools (e.g. crowdfunding) have not been adequately explored so far in the economic sector of bigger infrastructure projects and long term investments initiated by PPPs and SPVs; whereas EU is in need for major regional and cross-border infrastructure projects, the initiators of those project are usually not aware of the new FinTech opportunities;
Amendment 64 #
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; whereas financial inclusion is accelerated by FinTech, especially in the fields of payment settlements and microfinance;
Amendment 66 #
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas without the establishment of a true single legislative framework for startups with standardised rules across Member States including a harmonised tax system, the EU will not be able to fill the competition gap vis-à-vis other economic areas in the world, notably the US and Asia.
Amendment 70 #
Motion for a resolution
Recital H a (new)
Recital H a (new)
Ha. whereas the increasingly harmonized regulatory environment for the financial sector in the EU provides with a fertile soil for the growth and development of FinTech and creates global comparative advantages for the European Fintech firms and hubs, compared to other regions of the world with higher regulatory fragmentation;
Amendment 71 #
Motion for a resolution
Recital I
Recital I
I. whereas InsurTech refers to insurance enabled by or provided via new technologies, for example through automated advice, risk assessment and Big Data, but also through insuring against new risks such as cyber-attacks;
Amendment 75 #
Motion for a resolution
Recital J
Recital J
J. whereas increased access to finance for service providers is urgently needed to boost financial innovation in Europe, in particular for start-ups to become scale- ups; whereas FinTech can be an integral part for the completion of the Capital Markets Union;
Amendment 77 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas innovation is in constant change and legislation must adapt to that;
Amendment 79 #
Motion for a resolution
Recital K
Recital K
K. whereas cyber-attacks are an increasing threat to all digital infrastructure, and therefore alsoespecially to financial infrastructure; whereas, the financial sector facesing three times more attacks than any other sector;
Amendment 86 #
Motion for a resolution
Recital L a (new)
Recital L a (new)
La. whereas FinTech provides important tools that "bridge distances" between the supply and demand in financial services and allow the further integration of the financial markets, at the same time they "create distances" between those responsible for the financial decision-making and the financial objective (e.g. intelligent machines create algorithms that rebalance investment portfolios without the intervention of a financial advisor); whereas these distances require a closer examination of the dimensions of ethics and codes of conduct of the financial practitioners;
Amendment 92 #
Motion for a resolution
Recital L b (new)
Recital L b (new)
Lb. whereas FinTech from a regulatory point of view, requires a more balanced view between "regulating the financial institution" and "regulating the financial transaction", this have significant implications in the current micro-prudential and macro-prudential framework in the EU;
Amendment 95 #
Motion for a resolution
Recital L c (new)
Recital L c (new)
Lc. whereas to facilitate the development of the FinTech ecosystem in Europe it is important to neutralize "economic rents" that favour incumbent financial intermediaries against the new- coming smaller FinTech enterprises; in terms of market design, the creation of a level playing field should boost cooperation between traditional and new financial service providers and not sustain market rigidities;
Amendment 98 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to draw up a FinTech Action Plan, which should boost its in the framework of the Capital Markets Union (CMU) and Digital Single Market (DSM) strategies and aim at a competitivewith the overall aim to achieve an efficient, deeper, competitive and more integrated European financial system, financial stability and consumer and investor protection;
Amendment 109 #
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 in other jurisdictions, but also to act as first-mover when necessary in order to create a favourable environment for the European FinTech hubs and firms to scale-up;
Amendment 156 #
Motion for a resolution
Paragraph 6
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 experiments with a ‘'virtual euro’'; Stresses the importance of consumer protection, awareness and transparency when using this type of currencies;
Amendment 158 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Underscores that Blockchain is not only technology, it is also infrastructure. Blockchain platforms are ideal for the development not only of virtual currencies that allow the transfer of value (Blockchain 1.0), but also frameworks of smart contracts (Blockchain 2.0). Smart contracts open a wide range of possibilities necessary for FinTech to expand its scope in both the sell-side and buy-side of the financial transactions, from the fixture of FX and OTC contracts to smart lending; Blockchain platforms are also adequate for the simplification of B2B and B2C complex commercial and financial transactions;
Amendment 161 #
Motion for a resolution
Paragraph 6 b (new)
Paragraph 6 b (new)
6b. Stresses that as long as Blockchain can work as an infrastructure and basis for Fintech development, Commission should encourage the expansion of Blockchain platforms in order to create inclusivity and synergies for FinTech firms and hubs, similar to the platforms that bigger financial intermediaries create for inter-banking clearing operations;
Amendment 162 #
Motion for a resolution
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Welcomes that very important initiatives that use the capabilities provided by FinTech and Blockchain platforms (e.g. Solar-coin) to create incentives for environmentally responsible energy use and behaviour, as well as research that attempts to reduce the environmental cost of bitcoin-mining and related activities;
Amendment 182 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Welcomes that a vibrant set of FinTech communities have emerged throughout EU; calls on the Commission and the related EU Economic Governance Authorities to work closely with the FinTech hubs, augment the smart entrepreneurship of these communities and their endeavours, by encouraging and financing innovation and embracing them as a source of future competitive advantage of EU in the financial sector;
Amendment 187 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls on the Commission to investigate to what extent FinTech can help providing consumers with better quality financial advice and whether the EU regulatory framework dealing with advice is sufficient to accommodate this;
Amendment 200 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Underlines that open banking is a significant tool for healthy market competition. PSD2 is a tool for achieving this end, however acknowledges that significant amendments should be made in order to assure that both Banks and FinTech firms have access to data that allows all business models to develop without posing disproportional restrictions to the market participants. Data protection is important for safeguarding against fraudulent practices, but using data protection as an alibi to favour one business model over another is not economically efficient;
Amendment 210 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes that there are no clear, comprehensive European guidelines for outsourcing data to the cloud with regard to the financial sector; stresses the need for the development of such guidelines; Considers the need for further harmonization of rules across member states to support the financial services industry move towards the use of cloud.
Amendment 226 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Stresses that technological propositions like e.g. "behavioural biometrics" or "ultra-fast text analysis" for individuals, SMEs or trading platforms may potentially lead to customer mapping and then to efficient allocation of risk and capital in lending, or faster transactions in trading strategies, notes however that this type of data input can also lead to negative network effects;
Amendment 227 #
Motion for a resolution
Paragraph 12 b (new)
Paragraph 12 b (new)
12b. Notes that the access of the individuals to their own financial data and financial options, became more frequent after the financial crisis; this access is now easier with a significantly reduced cost due to the employment of digital technologies utilized in the FinTech context. Enabling related technologies (e.g. through the wearables), creates opportunities on the quality and quantity of the information flow from the financial service providers to the customers but it is also important the regulators to safeguard that these inflow of information is reliable and the provider of the information liable for the quality and adequacy of the data he provides;
Amendment 240 #
Motion for a resolution
Paragraph 14
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; Appreciates that existing legislation like NIS directive and GDPR covers operational guidelines in this area and is already being worked on at member states level to prepare for implementation in 2018;
Amendment 244 #
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; ENISA can be a suitable tool in this line and budgetary authorities should increase its capacity for this task by guaranteeing a funding increase to the extend it is necessary so ENISA to accomplish its role;
Amendment 260 #
Motion for a resolution
Paragraph 16 a (new)
Paragraph 16 a (new)
16a. Calls on the commission to amend the VAT Directive so as to include into that payments made by virtual currencies;
Amendment 263 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Flags the need for better education and awareness about the positive impact on day to day life of FinTech but also about cyber risks both for citizens and businesses;
Amendment 274 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Stresses that an interoperable system is paramount for the full materialization of the new market and service opportunities created by the value web and the Internet of Things;
Amendment 289 #
Motion for a resolution
Paragraph 21
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; Stress the importance of allowing consumers to access the full benefits of the knowledge sharing economy without compromising their security.
Amendment 294 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Emphasizes that neither the traditional nor the innovative financial technologies have delivered cleared answers on the protection of the investor against suboptimal financial decision- making or toxic investment products; it is critical to identify best practices, ethical standards, and codes of conduct that are relevant with the new FinTech ecosystem;
Amendment 308 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Underlines the need for increased digital skills in society as a whole; calls on the Commission to present best practices in the context of its Digital Skills and Jobs Coalition; Stresses that consumers should be able to rely on secure and user-friendly technologies and services; Stresses the need for solutions to provide consumers with guidance to access financial services, to improve access to people with disabilities or disadvantaged communities to financial services ;
Amendment 314 #
Motion for a resolution
Paragraph 22 a (new)
Paragraph 22 a (new)
22a. Emphasizes that both financial literacy and digital literacy are crucial factors for the efficient use and lower risk in the new FinTech environment; calls on the Commission to adopt an holistic policy aiming to skills development, especially for women and young;