16 Amendments of Aurore LALUCQ related to 2020/2034(INL)
Amendment 39 #
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 some crypto-assets, including stablecoins and their associated technologies, have the potential to increase efficiencies, competition and transparency and to bring substantial opportunities and benefits to society, since some of them could lead to cheaper and faster payments and offer new funding sources for SMEs;
Amendment 69 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas large technology firms and global digital platforms are increasingly offering financial services; where those large operators in the digital sector benefit from competitive advantages such as economies of scale, vast cross-border user networks, easy access to financing and the ability to harvest large swaths of data provided by users through data processing technologies such as ‘big data analytics’, which generate tremendous added value in a variety of ways; whereas the presence of ‘Big Tech’ firms in the FinTech markets has the potential to harm fair competition and innovation;
Amendment 113 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. WelcomesTakes note of 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; requests that the Commission submit on the basis of Article 114 respective proposal following the recommendations set out in the Annex hereto;
Amendment 114 #
Motion for a resolution
Paragraph 2
Paragraph 2
Amendment 136 #
Motion for a resolution
Paragraph 5
Paragraph 5
Amendment 163 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Points out that Union level measures should not stiflecan enhance a regulatory and supervisory level playing field across the internal market and bring certainty to businesses and consumers, thereby offering opportunities for businesses to grow and develop within the Union while avoiding forum shopping and regulatory arbitrage;
Amendment 176 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights the importance of the triangle of trust, identity and data in order to ensure that operators, consumers and supervisors are able to have confidence in digital finance; considers appropriate to further analyse initiatives for implementing CBDCs both within the Union and on a global level; calls on the Commission and EU supervisory authorities to promote research and international discussions in this field, assessing potential benefits and all implications; believes that parameters and principles for analysis should rely on the role of CBDCs in supplementing the decline in cash use, ensuring people’s trust in the financial system, providing for greater financial inclusion and access to a public means of payment, all the while guaranteeing financial stability and the pursuit of socio-economic objectives;
Amendment 186 #
Motion for a resolution
Paragraph 8 a (new)
Paragraph 8 a (new)
8a. Calls for the risk of speculation on these virtual currencies to be monitored;
Amendment 196 #
Motion for a resolution
Paragraph 9
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 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; believes, however, that there is no one size fits all solution when it comes to legal qualification of crypto-assets and therefore a framework which allows for monitoring, adaption and product intervention by EU supervisors is important;
Amendment 228 #
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; Stresses that initial coin offerings have potential in funding SMEs, innovative start-ups and scale-ups, can accelerate technology transfer, and can be an essential part of the Capital Markets Union;
Amendment 236 #
Motion for a resolution
Paragraph 13
Paragraph 13
Amendment 287 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
Amendment 291 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Calls on the Commission, in the absence of traditional forms of supervision, safeguards and regulatory protection and given the potential high volatility of virtual currencies and the risk of speculative bubbles, to introduce monitoring of some kind;
Amendment 294 #
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Calls on the Commission and supervisors to put in pace non-legislative actions to bolster the operational preparedness in the financial sector to deal with large-scale cyber and operational incidents, through joint exercises, operational protocols (“playbooks”), secure collaboration tools and investments in reinforcements of critical infrastructures and European redundancy capacities; highlights the need for supervisors to have in-house expertise and adequate resources to carry out such exercises and supervisory actions;
Amendment 295 #
Motion for a resolution
Paragraph 17 b (new)
Paragraph 17 b (new)
17b. Calls on the Commission to assess and monitor the risk of trading opportunities on the ‘black market’ emerging, and of money laundering, the financing of terrorism, tax fraud and evasion and other criminal activities;
Amendment 303 #
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; calls on the Commission to monitor the offering of financial services by “BigTech” firms, and also how the competitive advantages inherent to these operators may distort competition in the market, harm the interests of consumers and innovation;