BETA

79 Amendments of Eva KAILI related to 2020/2034(INL)

Amendment 3 #
Motion for a resolution
Citation 1 c (new)
– having regard to Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data, and repealing Directive 95/46/EC (General Data Protection Regulation)1a, ___________________ 1a OJ L 119, 4.5.2016, p. 1.
2020/07/08
Committee: ECON
Amendment 4 #
Motion for a resolution
Citation 1 d (new)
– having regard to Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/EU and Regulation (EU) No 1093/2010, and repealing Directive 2007/64/EC1a, __________________ 1a OJ L 337, 23.12.2015, p. 35.
2020/07/08
Committee: ECON
Amendment 5 #
Motion for a resolution
Citation 1 e (new)
– having regard to Directive (EU) 2015/849 of the European Parliament and the Council of 20 May 2015 on the prevention of the use of the financial system for the purposes of money laundering or terrorist financing, amending Regulation (EU) No 648/2012 of the European Parliament and of the Council, and repealing Directive 2005/60/EC of the European Parliament and of the Council and Commission Directive 2006/70/EC1a, __________________ 1a OJ L 141, 5.6.2015, p. 73.
2020/07/08
Committee: ECON
Amendment 6 #
Motion for a resolution
Citation 2 a (new)
– having regard to the Communication from the Commission of 19 February 2020 entitled ‘A European Strategy for Data’1a, ___________________ 1a COM(2020)0066.
2020/07/08
Committee: ECON
Amendment 8 #
Motion for a resolution
Citation 2 c (new)
– having regard to the White Paper on Artificial Intelligence - A European approach to excellence and trust1a, _____________________ 1a COM(2020)0065.
2020/07/08
Committee: ECON
Amendment 10 #
Motion for a resolution
Citation 2 e (new)
– having regard to the Final report of the Directorate-General for Financial Stability, Financial Services and Capital Markets Union (European Commission) ‘Governance for a DLT/Blockchain enabled European electronic Access Point (EEAP)’ of October 2019,
2020/07/08
Committee: ECON
Amendment 11 #
Motion for a resolution
Citation 2 f (new)
– having regard to the study of the European Commission on the application of the Interchange Fee Regulation,
2020/07/08
Committee: ECON
Amendment 12 #
Motion for a resolution
Citation 2 g (new)
– having regard to the Final Report of the High Level Forum of the European Commission on the Capital Markets Union: A New Vision for Europe’s Capital Markets of June 2020,
2020/07/08
Committee: ECON
Amendment 13 #
Motion for a resolution
Citation 2 h (new)
– having regard to the public consultation of the Commission on ‘Review of the regulatory framework for investment firms and market operators’,
2020/07/08
Committee: ECON
Amendment 14 #
Motion for a resolution
Citation 3 a (new)
– having regard to the European Parliament resolution of 16 February 2017 with recommendations to the Commission on Civil Law Rules on Robotics (2015/2103(INL)),
2020/07/08
Committee: ECON
Amendment 15 #
Motion for a resolution
Citation 3 b (new)
– having regard to the European Parliament resolution of 17 May 2017 on FinTech: the influence of technology on the future of the financial sector (2016/2243(INI)),
2020/07/08
Committee: ECON
Amendment 16 #
Motion for a resolution
Citation 3 c (new)
– having regard to the European Parliament resolution of 3 October 2018 on distributed ledger technologies and blockchains: building trust with disintermediation (2017/2772(RSP)),
2020/07/08
Committee: ECON
Amendment 17 #
Motion for a resolution
Citation 3 d (new)
– having regard to the European Parliament legislative resolution of 27 March 2019 on the proposal for a regulation of the European Parliament and of the Council on European Crowdfunding Service Providers (ECSP) for Business (COM(2018)0113 – C8- 0103/2018 – 2018/0048(COD)),
2020/07/08
Committee: ECON
Amendment 21 #
Motion for a resolution
Citation 5 b (new)
– having regard to the European Supervisory Authorities joint report ‘FinTech: Regulatory sandboxes and innovation hubs’ of 7 January 20191a, __________________________ 1a JC 2018 74.
2020/07/08
Committee: ECON
Amendment 22 #
Motion for a resolution
Citation 12
– having regard to Yves Mersch’s keynote speech ‘Lending and payment systems in upheaval: the FinTech challenge’ of 26 February 2019, at the 3rd Annual Conference on FinTech and Digital Innovation,deleted
2020/07/08
Committee: ECON
Amendment 25 #
Motion for a resolution
Citation 17 b (new)
– having regard to the Financial Action Task Force’s Recommendations as updated in June 2019, in particular Recommendation 16 on wire transfers,
2020/07/08
Committee: ECON
Amendment 82 #
Motion for a resolution
Recital P a (new)
Pa. whereas a functioning, sustainable and resilient Union financial market should have strong allocative efficiency of capital and risk and the widest financial inclusion of citizens within financial services; whereas digital finance promises to improve both the efficient allocation of capital and allow better distribution of financial risk as well as strong potential for the democratisation of the financial markets as it enables wider financial inclusion;
2020/07/08
Committee: ECON
Amendment 87 #
Motion for a resolution
Recital P b (new)
Pb. whereas experience of the improvements in financial technologies over the course of economic history show that the economic benefits of those improvements are mainly captured by financial service providers and do not trickle down to consumers; whereas digital finance allows for more cost efficient financial services;
2020/07/08
Committee: ECON
Amendment 90 #
Motion for a resolution
Recital P c (new)
Pc. whereas improvements to financial technology have not so far remedied the structural problem of concentration risk in the systemic level intensifying thus the ‘too big to fail’ problem; whereas digital finance has the strong potential to allow market entrance by new, more agile and less systemically risky financial service providers allowing thus wider distribution of risk over the financial markets;
2020/07/08
Committee: ECON
Amendment 92 #
Motion for a resolution
Recital P d (new)
Pd. whereas 37 million economically active Union citizens remain un-bankable, or excluded by the mainstream financial services (data of 2016); whereas digital finance can remedy that problem enabling wider democratisation of the financial services and financial inclusion;
2020/07/08
Committee: ECON
Amendment 93 #
Motion for a resolution
Recital P e (new)
Pe. whereas a vibrant financial market for the Union moves financial services to a more systematic use of data, data analytics and emerging technological solutions like artificial intelligence, blockchain, IoT, hyper-performance computing; whereas the technological neutrality principle - the non- discrimination of a financial service provider subject to the technology he uses, and the principle of “same regulation for same risk” is instrumental for an innovation friendly regulation, it is of paramount importance to identify technology specific risk and take them into account and prevent market failures, advance consumer and investor protection and safeguard the resilience of the market;
2020/07/08
Committee: ECON
Amendment 94 #
Motion for a resolution
Recital P f (new)
Pf. whereas technological neutrality is a strong starting point it cannot deliver efficient innovation-friendly regulation by itself; whereas the regulator should be also business model neutral and do not discriminate in favour of legacy financial service providers using legacy business and operational models over innovative ones;
2020/07/08
Committee: ECON
Amendment 95 #
Motion for a resolution
Recital P g (new)
Pg. whereas the PSD2 is by itself a strong argument in favour of Open Banking allowing the access to data to innovative financial service providers – subject to the consent of the customers regarding their payments, it is of paramount importance in a robust EU digital finance environment to move forward to the extension of this facility to financial services beyond the payments; whereas the transition from Open Banking to Open Finance will allow the development of holistic financial solutions for the consumers and investors;
2020/07/08
Committee: ECON
Amendment 96 #
Motion for a resolution
Recital P h (new)
Ph. whereas open banking and open finance are instrumental for the transparency in the financial sector, allowing thus the accountability of the banks when they charge the consumers transaction fees, allow the consumers to avoid hidden fees and other suboptimal banking practices that derive from oligopolistic and monopolistic pricing behaviours; whereas these pricing behaviours of banks are subject of an ongoing consultation by the Competition Policy Authorities of the EU as indicated by the EU study on the application from the banks of the Regulation No 2015/751 regarding the interchange fees;
2020/07/08
Committee: ECON
Amendment 97 #
Motion for a resolution
Recital P i (new)
Pi. whereas cryptocurrencies, and especially stablecoins with strong systemic impact revealed the inefficiencies of the European payments market; whereas digital finance solutions can improve efficiency and help to the creation of a unified European payments system;
2020/07/08
Committee: ECON
Amendment 98 #
Motion for a resolution
Recital P j (new)
Pj. whereas cryptocurrencies do not have usually a known originator and they do not create financial claim to an underlying asset, contrary to the stableblecoins, security tokens and commodity tokens that all have a known originator;
2020/07/08
Committee: ECON
Amendment 99 #
Motion for a resolution
Recital P k (new)
Pk. whereas the tokens issued by entrepreneurs in the form of claims to a cash-flow, an equity claim or a future product/service claim, can be classified in alternative ways, their classification in the EU should give regulatory predictability and homogeneity in the European markets; whereas a technologically relevant and functional regulation of the tokens should take into account potential hybrid designs and provide definitions that maximize the consumer and investor protection, increase legal certainty and leverage the strong potential of these instruments in funding risky entrepreneurial projects; whereas the underlying economic function of the token is a significant indicator for its classification;
2020/07/08
Committee: ECON
Amendment 100 #
Motion for a resolution
Recital P l (new)
Pl. whereas anti-money laundering is a critical danger to be prevented into the digital finance environment; whereas digital finance improves financial inclusion, still a strong regime of KYC and AML should be in place; whereas cryptocurrencies can be used for illegal activities, their regulatory status as means of payment, instead of means of exchange, can improve the monitoring and prevention of financial crime;
2020/07/08
Committee: ECON
Amendment 101 #
Motion for a resolution
Recital P m (new)
Pm. whereas the role of custodian electronic wallet providers is equally instrumental in digital finance services; whereas there is no clear framework regarding the custodians in the EU; whereas a clear framework should be designed for the functioning and licensing of crypto-exchanges as well as Crowdfunding platforms listing and promoting tokens; whereas the regulatory fragmentation in this space is dangerous in terms of lack of supervision, fraud prevention, and consumer/investor protection and a unified EU regulatory approach is necessary;
2020/07/08
Committee: ECON
Amendment 102 #
Motion for a resolution
Recital P m (new)
Pm. whereas current failures of FinTech companies (e.g. Wirecard) indicate the need for a holistic perspective of the risks associated to failures in financial reporting, fraud and solvency procedures;
2020/07/08
Committee: ECON
Amendment 103 #
Motion for a resolution
Recital P o (new)
Po. whereas the technological improvements in the digital environment as well as the recent pandemic, indicated inefficiencies in the supervision of financial markets; whereas advanced technologically financial services require also advanced supervisory technologies and skilled personnel both in the ESAs and the national supervisory authorities; whereas there is no EU provision for a European RegTech (regulatory technology) and SupTech (supervisory technology);
2020/07/08
Committee: ECON
Amendment 104 #
Motion for a resolution
Recital P p (new)
Pp. whereas transaction data protection of the citizens as well as their financial data should be strictly safeguarded by the financial service providers as they are property of the consumers/investors; whereas digital finance entails new data protection risks and FinTech companies just like legacy financial service providers should have the highest standards in protecting their data pools and have in place solid data governance frameworks;
2020/07/08
Committee: ECON
Amendment 105 #
Motion for a resolution
Recital P q (new)
Pq. whereas increased connectivity, the Internet of Things and the interaction of humans and machines can create better financial service experiences but also entail new risks regarding the quality of the interaction, the operational risk management and cyber-security challenges;
2020/07/08
Committee: ECON
Amendment 106 #
Motion for a resolution
Recital P r (new)
Pr. whereas financial service providers who employee smart contracts or machine learning instruments can enhance their operational efficiency, however optimality does not always coincide with robustness in the financial markets and significant errors may occur with strong social impacts, for example exclusion of certain social groups from the financial services; whereas algorithmic failures should be immediately addressed when they occur;
2020/07/08
Committee: ECON
Amendment 107 #
Motion for a resolution
Recital P s (new)
Ps. whereas the EU should be a global model for financial services; whereas technology transfer mechanisms should be accelerated in the financial innovation strategies with strengthening of sandboxes policy and the development of vibrant innovation hubs;
2020/07/08
Committee: ECON
Amendment 108 #
Motion for a resolution
Recital P t (new)
Pt. whereas a FinTech-specific passporting strategy is critical for an harmonised financial environment for the EU increasing homogeneity, legal certainty, reduce complexity and increase scalability for the European FinTech firms;
2020/07/08
Committee: ECON
Amendment 109 #
Motion for a resolution
Recital P u (new)
Pu. whereas the scalability of European FinTech solutions is critical for the competitiveness of the EU vis-à-vis global competitors that already operate in the European markets controlling transactions and transferring transaction data abroad;
2020/07/08
Committee: ECON
Amendment 111 #
Motion for a resolution
Paragraph 1
1. Welcomes the commitment of the Commission to finalising an Action Plan on FinTech by Q3 of 2020; considers that a Commission proposal on crypto-assets, as well as a cross-sectoral financial services act on operational and cyber resilience, are timely and necessary due to recent developments in the markets, both European and Global; requests that the Commission submit on the basis of Article 114 respective proposal following the recommendations set out in the Annex hereto;
2020/07/08
Committee: ECON
Amendment 121 #
Motion for a resolution
Paragraph 2
2. Considers that FinTech will be integral to the success of the Capital Markets Union (CMU) and encourages the Commission to consider how to harness the benefits of FinTech in driving forward capital market integration in the Union and elevating its magnitude globally;
2020/07/08
Committee: ECON
Amendment 150 #
Motion for a resolution
Paragraph 6 – point a
a. the same services and their associated similar risks should be subject to the same rules, without prejudice to certain technological issues addressed by related legislative framework;
2020/07/08
Committee: ECON
Amendment 169 #
Motion for a resolution
Paragraph 7
7. Points out that Union level measures should be uniform and not stifle opportunities for businesses to grow and develop within the UnionSingle Market;
2020/07/08
Committee: ECON
Amendment 179 #
Motion for a resolution
Paragraph 8
8. Highlights the importance of the triangle of trust, identity and data in order to ensure that operators, investors, consumers and supervisors are able to havcan place confidence in digital finance;
2020/07/08
Committee: ECON
Amendment 182 #
Motion for a resolution
Paragraph 8 a (new)
8a. Considers that Digital Finance can improve the quality and efficiency of financial services in the EU; Highlights that solid financial markets are inclusive, democratic as well efficient in the allocation of capital and the distribution of risk; Notes that the digital finance has the properties that will allow better allocative efficiency, reduce the concentration of risk, increase transparency and comparability in the pricing of financial services and reduce financial exclusion;
2020/07/08
Committee: ECON
Amendment 187 #
Motion for a resolution
Paragraph 8 b (new)
8b. Considers digital finance as a strong market mechanism that can remedy many of the malfunctions of the existing financial system, especially when legacy financial service providers exploit their oligopolistic status to impose in a non-transparent way increases in transaction fees and hidden costs to the consumers;
2020/07/08
Committee: ECON
Amendment 189 #
Motion for a resolution
Paragraph 8 c (new)
8c. Underscores that the transition from Open Banking to Open Finance is a strategic priority of the European financial markets strategy;
2020/07/08
Committee: ECON
Amendment 190 #
Motion for a resolution
Paragraph 8 d (new)
8d. Considers technological neutrality and business model neutrality as critical principles for the regulator for the achievement of an efficient, strong and globally competitive European digital finance framework; Highlights that the regulator should not discriminate based on the technology used by the financial service provider, as long as technology-specific risks are addressed and same regulation for same risk applies; highlights that the regulator should not favour legacy business models over innovative ones and maintain a clear, institutionally certain approach based on principles that ensure a level playing field for everybody;
2020/07/08
Committee: ECON
Amendment 191 #
Motion for a resolution
Paragraph 8 e (new)
8e. Considers that an innovative financial system has strategic, societal and growth implications for the Union and supports the acceleration of technology transfer to the financial sector to make sure that emerging technological options coming from data analytics, big data, machine learning, blockchain, IoT, hyper-performance computing, and enhanced connectivity can improve the quality, resilience and sustainability of Union financial services;
2020/07/08
Committee: ECON
Amendment 193 #
Motion for a resolution
Subheading 3
Defining a Framework for Crypto-AssetCrypto-Assets, Custodians and Crypto- exchanges
2020/07/08
Committee: ECON
Amendment 199 #
Motion for a resolution
Paragraph 9
9. Considers that developing a pan- European taxonomy for crypto-assets is desirable as a step towards fostering a common understanding, facilitating collaboration across jurisdictions and providing greater rlegulatoryal certainty for market participants engaged operating cross border activity; recommends taking into account the importance of international cooperation and global initiatives as regards frameworks and taxonomy for crypto- assets, bearing in mind in particular their borderless and multi-jurisdictional nature; cautions, however, that developing an open-ended taxonomy template may be more appropriate for this evolving market segment into instead of strictly locked definitions and classification;
2020/07/08
Committee: ECON
Amendment 208 #
Motion for a resolution
Paragraph 10
10. Believes, therefore, that any further categorisation should be based on feedback from European and global market intelligence, should be balanced and flexible in order to give space for innovation in the sector while ensuring that risks can be identified at an early stage;
2020/07/08
Committee: ECON
Amendment 220 #
Motion for a resolution
Paragraph 11
11. Further stresses that clarification and clear guidance on the applicable regulatory and prudential processes is needed in order to provide regulatory certaintyframework to crypto-assets that currently fall within the scope of EU legislation, i.e. those that qualify as ‘financial instruments’ under MiFID II and as ‘e-money’ under EMD2 is needed in order to provide clarity and legal certainty both to European and National Supervisory Authorities and stakeholders, regarding crypto- assets;
2020/07/08
Committee: ECON
Amendment 230 #
Motion for a resolution
Paragraph 12
12. Points out that applyddressing regulatory gaps ing existing reguEU legislations to previously unregulated crypto-assets will be necessary, as willhrough targeted changes will be necessary in order to be fit for unregulated – as of today - crypto-assets, qualified to be brought in scope; likewise, creating bespoke regulatory regimes for evolving crypto-asset activities, such as initial coin offerings; (ICOs) or initial exchange offerings (IEOs);
2020/07/08
Committee: ECON
Amendment 238 #
13. Highlights that a common Union framework on crypto-assets should help increasesafeguard a high level of consumer and investor protection, enhance k market integrity and enhanced reliance in digital economy through robust Know yYour cCustomer (KYC) obligationsand Know your Business (KYB) obligations, regulation and oversight of the underlying technology;
2020/07/08
Committee: ECON
Amendment 245 #
Motion for a resolution
Paragraph 13 a (new)
13a. Underlines that crypto-assets consist significant technological advances that can improve the landscape of payments and financing of entrepreneurial activities especially where the private market financing instruments are weak;
2020/07/08
Committee: ECON
Amendment 248 #
Motion for a resolution
Paragraph 13 b (new)
13b. Notes that the classification of tokens can be subject to strong but agile criteria including (i) the nature of the issuer, (ii) the underlying asset, and (iii) the underlying economic function;
2020/07/08
Committee: ECON
Amendment 250 #
Motion for a resolution
Paragraph 13 c (new)
13c. Stresses that cryptocurrency is a type of crypto-asset usually without known originator that can be used as a means of payment but not always as a store of value due to increased price fluctuations; stablecoins are means of payment that derive their price stability from a portfolio of underlying assets that are comparatively stable in their fluctuations; stresses that cryptocurrencies and stablecoins have significant unique properties, including the tracking back of illegal payments on the ledger as well as the capacity the payments to be encoded in smart contracts;
2020/07/08
Committee: ECON
Amendment 252 #
Motion for a resolution
Paragraph 13 d (new)
13d. Highlights that cryptocurrencies and stablecoins bring important challenges in the European payments system; A unified approach toward these instruments is critical for the integration of the European payments system in terms of efficiency, data privacy and AML; Highlights that the ECB should explore the utility of a crypto-Euro and its competitive impact in the global markets;
2020/07/08
Committee: ECON
Amendment 254 #
Motion for a resolution
Paragraph 13 e (new)
13e. Considers that initial coin offerings (ICOs) is a token generation procedure for the financing of entrepreneurial projects through digital Crowdfunding; Stresses that different types of tokens can be created including security-type tokens that carry claims over the future cash flows of the firm (debt) or equity claims, and commodity-type tokens that carry claims over a future product or service of the issuing firm; Stresses the need the European Commission to design a functional definition of tokens taking into consideration the variety of hybrid forms; Suggests the Commission to employ a flexible definition subject to the underlying economic function of the token (e.g. when a commodity token is traded in a secondary crypto-exchange with purpose to create capital gains, then the token should be qualified as a “security token”);
2020/07/08
Committee: ECON
Amendment 255 #
Motion for a resolution
Paragraph 13 f (new)
13f. Calls on the Commission to update the existing Crowdfunding Platforms Regulation so as to include into its scope Platforms for Security Tokens Offerings (STOs) in the spirit of technological and business model neutrality;
2020/07/08
Committee: ECON
Amendment 256 #
Motion for a resolution
Paragraph 13 g (new)
13g. Calls on the Commission to propose a coherent framework for the functioning of custodian e-wallet providers and crypto-exchanges; Notes that the EC’s report on the “30 Recommendations for financial Innovations” admits that there is no existing framework for the custodian e- wallet providers; Notes that according to AMLD5 (Art.47) the Member States shall ensure that providers of exchange services between virtual currencies and fiat currencies, and custodian e-wallet providers, are registered or licensed, but there is a very weak adoption so far from the Member States;
2020/07/08
Committee: ECON
Amendment 257 #
Motion for a resolution
Paragraph 13 h (new)
13h. Notes the update of the existing Recommendation 16 of the Financial Action Task Force (FATF) regarding the Traveling Rule for the Virtual Asset Service Providers (VASPs) and calls on the Commission to explore its implications for the crypto-exchange and e-wallet providers within the framework of the AMLD5;
2020/07/08
Committee: ECON
Amendment 258 #
Motion for a resolution
Paragraph 13 i (new)
13i. Advanced Technological Solutions Stresses the importance of Machine Learning applications in the financial services and their significance in improving financial operations; Highlights that the increase in efficiency should be accompanied by ethical, social and humanistic parameters as algorithmic financial decision making can generate inefficiencies and probabilistic errors that are not random but rather concentrated around specific social groups generating thus social exclusions;
2020/07/08
Committee: ECON
Amendment 259 #
Motion for a resolution
Paragraph 13 j (new)
13j. Advanced Technological Solutions Calls on the Commission to take into account the provisions of GDPR as well as the Policy Papers of about the EU AI Strategy, the EU Data Strategy and the EU Paper on the Liability of AI, Robotics and IoT and propose a dedicated regulatory framework on the uses of AI by the Financial Sector;
2020/07/08
Committee: ECON
Amendment 260 #
Motion for a resolution
Paragraph 13 k (new)
13k. Advanced Technological Solutions Calls on the Commission to explore the potential of Smart Contracts in the financial sector, identify benefits and risks and provide recommendations about the uses of smart contracts by the financial sector;
2020/07/08
Committee: ECON
Amendment 261 #
Motion for a resolution
Paragraph 13 l (new)
13l. Advanced Technological Solutions Calls on the Commission to explore the possibility of "securities on the blockchain" (aka smart financial assets), their benefits in increasing liquidity, access to capital, reduction of the financial transaction costs and increase in the transparency in the issuance of securities; call on the commission to explore operational and financial risks of smart financial assets;
2020/07/08
Committee: ECON
Amendment 262 #
Motion for a resolution
Subheading 4 a (new)
B. Advanced Technological Solutions
2020/07/08
Committee: ECON
Amendment 290 #
Motion for a resolution
Paragraph 17 a (new)
17a. Stresses that the resilience of the financial system requires a strong technological framework for the supervision of advanced technological applications in financial services; underscores the need for a concrete strategy that enhances the use of regulatory technology (RegTech) and supervisory technology (SupTech);
2020/07/08
Committee: ECON
Amendment 292 #
Motion for a resolution
Paragraph 17 b (new)
17b. Underscores that not all the European and National supervisory authorities are in the same technological level regarding their sophistication in addressing advanced technological challenges; advices EC to create a framework that addresses these gaps by assisting National Authorities to modernize their operations and improve the skills of their personnel; notes that collaboration between national authorities can be enhanced with digital applications both horizontally between the member states and vertically in cases of dual- supervision within a member state;
2020/07/08
Committee: ECON
Amendment 296 #
Motion for a resolution
Subheading 5
Data and Open Finance
2020/07/08
Committee: ECON
Amendment 308 #
Motion for a resolution
Paragraph 20
20. Requests, in this regard, that the Commission examines how to ensure that digital finance entities can access on an equitable basis relevant, reliable and useful data to help ensure that innovative FinTech businesses can grow within the Union and beyond;
2020/07/08
Committee: ECON
Amendment 314 #
Motion for a resolution
Paragraph 21
21. Requests that the Commission consider a framework for digital onboarding and the use of digital financial identities, which would aim to a harmonise these measuresd regime across the Union insofar as necessary for smooth and unfragmented operations within the Single Market;
2020/07/08
Committee: ECON
Amendment 323 #
Motion for a resolution
Paragraph 22
22. Points out that customer data or “big data” is being increasingly used by financial institution, banking and insurance industries; recalls the provisions of Article 71 of the GDPR and calls on all stakeholders to increase efforts to guarantee the enforcement of the rights therein;
2020/07/08
Committee: ECON
Amendment 329 #
Motion for a resolution
Paragraph 23
23. Believes that the lack of accessi to reliable data and information regarding FinTech activities can be a detriment to growth; advocates for increased transparency and enhanced reporting of FinTech activity so as to reduce asymmetries and risks;
2020/07/08
Committee: ECON
Amendment 340 #
Motion for a resolution
Paragraph 25 a (new)
25a. Stresses that the challenge of big data and data analytics is the distinct characteristic of digital finance; Underlines the importance of Open Banking in improving the quality of payments services by the inclusion of new market participants that provide increased operational and price efficiency to the consumers;
2020/07/08
Committee: ECON
Amendment 341 #
Motion for a resolution
Paragraph 25 b (new)
25b. Underlines that a transition from Open Banking to Open Finance – the inclusion of financial services other than payments, is a strategic priority for an inclusive and holistic approach in the European markets that is expected to improve efficiency, reduce concentration risks, enhance financial inclusion and democratize finance;
2020/07/08
Committee: ECON
Amendment 342 #
Motion for a resolution
Paragraph 25 c (new)
25c. Notes that the financial data belong to the citizens and cannot be sold or used by the financial service providers without the explicit consent of the consumer; Strong penalties should be imposed when violations on data privacy occur;
2020/07/08
Committee: ECON
Amendment 343 #
Motion for a resolution
Paragraph 25 d (new)
25d. Highlights that the scalability of the European financial services requires the flow of data between the financial service providers if the consumer requires so; Legacy financial service providers should cooperate with innovative FinTech firms in the flow of financial and transaction data subject to the consent of the customer; Calls to the commission to ensure that this flow of data will be possible in a frictionless and efficient way;
2020/07/08
Committee: ECON
Amendment 344 #
Motion for a resolution
Annex I – part A – point 1
1. To set the groundwork for a future- oriented approach to rulesa more innovation- friendly regulatory framework concerning digital finance in the Union;
2020/07/08
Committee: ECON
Amendment 355 #
Motion for a resolution
Annex I – part B – point 1
1. To put forward a legislative proposal for Crypto-Assets, which provides legal certainty for the treatment of Crypto- Assets while ensuring consumer and investor protection. Such a framework should consider an open taxonomy and aim to legislate according to the principle of the same rules applying according to the same activity and risks, market integrity and financial stability. Such a framework should consider an agile open-ended taxonomy that will allow the scope to be clearly defined and aim to legislate according to the principle of the same rules applying to the same activity and risks, taking under consideration underlying technology specific risks; should address the different methodologies used related to metrics for crypto-asset networks, coverage and estimates of market data such as capitalisation, prices and trading volumes on crypto-exchanges, to name a few;
2020/07/08
Committee: ECON