Activities of Stefan BERGER related to 2020/2034(INL)
Shadow reports (1)
REPORT with recommendations to the Commission on Digital Finance: emerging risks in crypto-assets - regulatory and supervisory challenges in the area of financial services, institutions and markets
Amendments (17)
Amendment 32 #
Motion for a resolution
Recital B
Recital B
B. whereas the term ‘crypto-assets’ is used to refer to a wide variety of digital assets, including but not limited to virtual currencies and tokens but sometimes excluding certain forms of stablecoins or certain tokens such as security tokens;
Amendment 35 #
Motion for a resolution
Recital C
Recital C
C. whereas the two most common components of crypto-assets adopted are (i) the private nature of the asseentitlement regarding the underlying asset, claim or right, and (ii) the use of cryptography and distributed ledger technology (DLT) or similar technology to underpin exchanges of the asset;
Amendment 77 #
M. whereas new operational problems, particularly ICT and security risks, can generate systemic risks for the financial sector; such new risks to be addressed by appropriate regulation;
Amendment 115 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Considers that FinTech which consists of the use of new technologies to enable and enhance activities of the financial sector and thus plays a key role in developing financial activities, will be integral to the success of the Capital Markets Union (CMU) and encourages the Commission to consider how to harness the benefitempower the innovators of FinTech in driving forward capital market integration in the Union; cryptography, DLT and similar technologies could facilitate and efficiency boost for the value chain in financial markets, triggering a rethinking of the role of intermediaries;
Amendment 142 #
Motion for a resolution
Paragraph 5
Paragraph 5
5. Calls on the Commission to act as first mover in order to create a favourable environment for European FinTech hubs and firms as well as the established financial industry using FinTech to scale up;
Amendment 153 #
Motion for a resolution
Paragraph 6 – point b
Paragraph 6 – point b
b. proportionality and technology neutrality;
Amendment 166 #
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 while ensuring at the same time the general objectives of the EU like financial stability, investor and consumer protection or market integrity;
Amendment 184 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls on the Commission to develop new rules only for new services and new products and to adapt and amend existing rules for products and services which are subject to changed processes
Amendment 194 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Considers that developing a pan- European taxonomy for new products such as crypto-assets is desirable as a step towards fostering a common understanding, facilitating collaboration across jurisdictions and providing greater regulatory certainty for market participants engaged in cross border activity; recommends taking into account the importance of international cooperation and global initiatives as regards frameworks for crypto-assets, bearing in mind in particular their borderless nature; cautions, however, that developing an open-ended taxonomy template may be more appropriate for this evolving market segment; emphasises that consumer- focused startups are often building innovative financial services to the benefit of EU citizens and companies, and that any legislation should be designed with a view to empower more innovation and consumer-choice in financial services;
Amendment 231 #
Motion for a resolution
Paragraph 12
Paragraph 12
12. Points out that applying the objectives in existing regulations to previously unregulatedall types of crypto-assets will be necessary, as will creating bespoke regulatory regimes for evolving new types of crypto-asset activities, such as initial coin offeringwhile existing rules will need to be adapted accordingly for FinTech regarding existing assets;
Amendment 271 #
Motion for a resolution
Paragraph 14 a (new)
Paragraph 14 a (new)
14a. Recalls that supervisory authorities have issued consumer warning regarding ICOs with reference to crypto, as lack of appropriate transparency and disclosure requirements can cause potential and serious risks for investors;
Amendment 307 #
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 creating more customer value and ensure that innovative FinTech businesses can grow within the Union and beyond;
Amendment 317 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Requests that the Commission considers 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 existing regulatory requirements across the Union and to facilitate the use of such measures;
Amendment 319 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Acknowledges that interoperability between digital entities on national and European level is key in order to reach the desired market acceptance;
Amendment 322 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Points out that customer data or “big data” is being increasingly usedconsidered as key for creating additional customer value and maintain competitiveness by financial institutions; 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;
Amendment 330 #
Motion for a resolution
Paragraph 23 a (new)
Paragraph 23 a (new)
23a. Points out that in this context standards play a key role in further promoting data management, sharing and exchange, including data interoperability and portability. It also requires a trustworthy and legally secure infrastructure as well as a sound legal framework with regard to data pooling and sharing that give businesses confidence in data cooperation on a cross-company or even cross-industry basis;
Amendment 332 #
Motion for a resolution
Paragraph 24 a (new)
Paragraph 24 a (new)
24a. Calls for a workable regulatory approach to data processing and management, where consumer protection is a priority for legislators, while adapting European Data protection law to the requirements of a modern data economy that puts data sovereignty into reality;