26 Amendments of Markus FERBER related to 2020/2034(INL)
Amendment 20 #
Motion for a resolution
Citation 5 a (new)
Citation 5 a (new)
– having regard to the European Supervisory Authorities joint report ‘FinTech: Regulatory sandboxes and innovation hubs’ of 7 January 20191a, _________________ 1a JC 2018 74.
Amendment 29 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas there is a general trade- off in regulating FinTechs between encouraging innovation and ensuring a high degree of investor protection and financial stability;
Amendment 40 #
Motion for a resolution
Recital D
Recital D
D. whereas stablecoins exhibit similar features to crypto-assets and do not take the form of any specific currency, but rely on a set of tools which aim to minimise fluctuations of their price as denominated in a currency; whereas the set of tools aiming to minimise price fluctuations has not been tested in situations when significant numbers of transactions are being carried out with stablecoins;
Amendment 41 #
Motion for a resolution
Recital D a (new)
Recital D a (new)
Da. whereas public debate about privately launched stablecoins has highlighted certain shortcomings of the Union's payments landscape;
Amendment 48 #
Motion for a resolution
Recital G
Recital G
G. whereas digital finance has a strong cross-border element, which goes beyond the Union level and therefore international cooperation and standard-setting in this field is essential;
Amendment 72 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas the share of non-cash- based payments has increased significantly over the past years;
Amendment 73 #
Motion for a resolution
Recital J b (new)
Recital J b (new)
Jb. whereas an improved framework for cashless transactions is not intended to undermine cash as a means of payment;
Amendment 76 #
Motion for a resolution
Recital M
Recital M
M. whereas operational problems, particularly ICT and security risks, can generate systemic risks for the financial sector; as pointed out by the European Systemic Risk Board1a; _________________ 1a https://www.esrb.europa.eu/news/pr/date/ 2020/html/esrb.pr200107~29129d5701.en. html
Amendment 83 #
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas the use of cloud computing services can offer significant advantages regarding operational resilience and efficiency for financial services providers compared to legacy on- site solution, but comes with additional challenges in relation to security of sensitive financial data and processes, business continuity in case of outages and general vulnerability in relation to cyber crimes;
Amendment 89 #
Motion for a resolution
Recital P b (new)
Recital P b (new)
Pb. whereas many large Union financial institutions rely on third-country providers for cloud computing services;
Amendment 120 #
Motion for a resolution
Paragraph 2
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 and retail investor participation in the Union;
Amendment 167 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Points out that Union level measures should not stifle opportunities for businesses to grow and develop within the Union, but should nonetheless strive to achieve comparable standards and outcomes across the Union;
Amendment 172 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Points out that regulatory sandboxes and innovation hubs can be useful tools for FinTechs to test out innovative financial products, financial services or business models in a controlled environment and to allow competent authorities to gain a better understanding of such activities and develop regulatory expertise in emerging technologies;
Amendment 175 #
Motion for a resolution
Paragraph 7 b (new)
Paragraph 7 b (new)
7b. Notes that many FinTechs struggle with passporting issues and thus with scaling their business beyond their home market;
Amendment 229 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Points out that applying existing regulations to previously unregulated crypto-assets will be necessary, as will creating bespoke regulatory regimes for evolving crypto-asset activities, such as initial coin offerings; points out that certain types of crypto-assets could indeed fit well into the existing regulatory framework, e.g. as ‘transferable securities' as defined in MiFID II;
Amendment 239 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Highlights that a common Union framework on crypto-assets should help increase consumer and investor protection, enhance the application of anti-money laundering provisions, such as know your customer (KYC) obligations, and improve oversight of the underlying technology;
Amendment 243 #
Motion for a resolution
Paragraph 13 a (new)
Paragraph 13 a (new)
13a. Notes that the introduction of any central bank developed digital currency goes along with significant challenges and risks (e.g. financial stability risks, deposit protection, implications for transmission of monetary policy, implication on credit intermediation, substitution of other means of payments, crowding out of private market participants etc.) that could easily outweigh the perceived benefits of CBDCs;
Amendment 247 #
Motion for a resolution
Paragraph 13 b (new)
Paragraph 13 b (new)
13b. Notes that some of the perceived shortcomings of the European payment system, could be remedied with gradual improvements of the existing regime such as an increased roll-out of cost-efficient instant payments;
Amendment 251 #
Motion for a resolution
Paragraph 13 c (new)
Paragraph 13 c (new)
13c. Notes that a so called "trigger solution", i.e. a suitable interface allowing for a DLT-based settlement of a transaction triggering a payment via the conventional payment system, might be a conceivable alternative to CBDCs1a; invites central banks to further explore this line of reasoning; _________________ 1a cf. Deutsche Bundesbank Monthly Report July 2019 "Crypto tokens in payments and securities settlement"
Amendment 266 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Points out that with the increasing digitalisation of financial services, as well as outsourcing to external IT solution or maintenance providers, such as cloud providers, the exposure of financial institutions and markets to disruption caused by internal failures or external attacks is becoming more pronounced; underlines that those risks are particularly relevant in cases of outsourcing to third country services providers;
Amendment 270 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
Amendment 281 #
Motion for a resolution
Paragraph 16 – point d
Paragraph 16 – point d
d. oversight of and minimum standards for critical ICT third-party providers;
Amendment 282 #
Motion for a resolution
Paragraph 16 – point d a (new)
Paragraph 16 – point d a (new)
da. risk management and governance in the area of ICT;
Amendment 304 #
Motion for a resolution
Paragraph 20
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 and useful data to help ensure that innovative FinTech businesses can grow within the Union and beyond; points out though that the Commission should refrain from price regulation for access to private data streams;
Amendment 315 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Requests that the Commission consider a framework for digital onboarding and the use of digital financial identities, which would aim to harmonise these measures across the Union insofar as necessary and facilitates compliance with the relevant anti-money laundering provisions;
Amendment 356 #
Motion for a resolution
Annex I – part B – point 1
Annex I – part B – point 1
1. To put forward a legislative proposal for Crypto-Assets, including stablecoins, 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 while taking due account of ensuring a high level of investor protection, ensuring financial stability and the possible implications for the transmission of monetary policy operations;