19 Amendments of Markus FERBER related to 2016/2243(INI)
Amendment 2 #
Motion for a resolution
Citation 4 a (new)
Citation 4 a (new)
– having regard to the Commission communication of 10 January 2017 (COM(2017) 9 final) on ‘Building a European data economy’,
Amendment 4 #
Motion for a resolution
Citation 11
Citation 11
– having regard to the European Securities Markets Authority’s discussion paper (ESMA) report of 27 Juneanuary 20167 on the distributed ledger technology applied to securities markets (ESMA/2016/773),
Amendment 13 #
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 and new payment service providers;
Amendment 33 #
Motion for a resolution
Recital D
Recital D
D. whereas FinTech developments, coupled with an innovation-friendly European legal framework, should contribute to the competitiveness of the European financial system and economy, without hampering financial stability and while maintaining the highest possible level of consumer protection;
Amendment 39 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas progress and innovation as regards payments and virtual currencies must not result in cash being replaced as a means of payment;
Amendment 49 #
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, and in general help bring about more competition and more innovation in the area of financial services;
Amendment 72 #
Motion for a resolution
Recital J
Recital J
J. whereas the availability of venture capital as a source of funding is a key location factor for a dynamic FinTech culture; 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;
Amendment 89 #
Motion for a resolution
Recital L a (new)
Recital L a (new)
La. whereas the FinTech sector’s rate of innovation and diversity make it difficult to produce regulatory responses; whereas the regulatory framework for FinTech must strike the proper balance between incentives to innovate, consumer protection and financial stability;
Amendment 93 #
Motion for a resolution
Recital L b (new)
Recital L b (new)
Lb. whereas, because of network effects, the market structure in many areas of the digital economy is geared to a small number of market participants and that poses competition and anti-trust law challenges;
Amendment 102 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to draw up a FinTech Action Plan, which should boost its Capital Markets Union (CMU) and Digital Single Market (DSM) strategies and aim at a competitive financial system, financial stability and consumer and investor protection; stresses that a functioning EU FinTech framework, as a component of the CMU, can help diversify funding options in the EU in the long term;
Amendment 108 #
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; stresses that, because of the diversity of FinTech actors, tailor-made and proportionate regulatory approaches are required;
Amendment 120 #
Motion for a resolution
Paragraph 4 – introductory part
Paragraph 4 – introductory part
4. Stresses that, with a view to ensuring a level playing field, a level playing field must be ensured, that there must be no regulatory arbitrage between new and established FinTech market participants, and that legislation and supervision in the area of FinTech should therefore be based on the following principles:
Amendment 143 #
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; stresses that some regulators have already had success with ‘regulatory sandboxes’;
Amendment 155 #
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; recommendstresses that the European Caim of exploring the potentrial Bank conduct experiments with a ‘virtual euro’of virtual currencies should not under any circumstances be to do away with cash;
Amendment 169 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Points up the importance of national regulators providing a one-stop shop for FinTech firms;
Amendment 198 #
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 data within the Union is needed; welcomes in this connection the Commission communication of 10 January 2017 on ‘Building a European data economy’1a; __________________ 1a COM(2017) 9 final.
Amendment 202 #
Motion for a resolution
Paragraph 10 a (new)
Paragraph 10 a (new)
10a. Stresses that, because of network effects, the market structure in many areas of the digital economy is geared to a small number of market participants and that that poses competition and anti-trust law challenges; calls on the Commission to reassess the suitability of the regulatory framework for competition for addressing the challenges of the digital economy in general and of FinTech in particular;
Amendment 218 #
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 financial inclusiveness; stresses that the same consumer protection provisions apply to robo-advice as to face-to-face advice; 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 288 #
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; stresses that the same consumer protection standards must apply both to new FinTech actors and to established market participants;