17 Amendments of Francesca DONATO related to 2020/2034(INL)
Amendment 60 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas in its report on decentralised transaction networks (DLT), published in January 2017, ESMA concluded that it was too early for regulatory measures because the technology in the financial markets was still in its early stages;
Amendment 65 #
Motion for a resolution
Recital I b (new)
Recital I b (new)
Ib. whereas ESMA expects, according to its report on decentralised transaction networks (DLT), that the new technology will bring various advantages, but also challenges in terms of control, data protection, cross-system interoperability, the application of common standards and access to central bank balances;
Amendment 78 #
Motion for a resolution
Recital M
Recital M
M. whereas operational problems, particularly ICT and security risks, especially hacking by foreign powers, can generate systemic risks for the financial sector;
Amendment 79 #
Motion for a resolution
Recital O
Recital O
Amendment 123 #
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 forwardmaking capital markets integration in the Union the Union more resilient;
Amendment 133 #
Motion for a resolution
Paragraph 4
Paragraph 4
4. Calls on the Commission to deploy a proportionate, cross-sectorial and holistic approach to its work on FinTech, and focus on not smothering innovation with overregulation and red tape;
Amendment 139 #
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 to scale up, for example by exempting such hubs and firms from the increasingly harmonised tax regulation at EU level;
Amendment 149 #
Motion for a resolution
Paragraph 6 – introductory part
Paragraph 6 – introductory part
6. Stresses that law and supervision in the area of FinTech should be based on the following principles:
Amendment 156 #
Motion for a resolution
Paragraph 6 – point c a (new)
Paragraph 6 – point c a (new)
ca. preferential treatment of technologies developed in the EU and financed by EU sources;
Amendment 178 #
Motion for a resolution
Paragraph 8
Paragraph 8
8. Highlights the importance of the triangle of trust, identity and dataprotection and data security in order to ensure that operators, consumers and supervisors are able to have confidence in digital finance;
Amendment 201 #
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 fosteringe need for a common understanding, facilitating collaboration across jurisdictions and providing greater regulatorysupervisory and legal 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, but will ultimately be detrimental to legal certainty, and will be quickly outdated due to technological progress;
Amendment 212 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes, therefore, that any further categorisation should be cautious, restrained, balanced and flexible in order to give space for innovation in the sector while ensuring that risks can be identified at an early stage;
Amendment 222 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Further stresses that clear guidance on the applicable regulatory and prudential processes is needed in order to provide regulatory and prudential certainty regarding crypto- assets;
Amendment 232 #
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 offeringdifficult, since such technological innovations usually innovate by finding ways to circumvent new regulatory initiatives;
Amendment 268 #
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 by foreign powers is becoming more pronounced;
Amendment 276 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission to propose legislative changerefits in the area of ICT and cyber security requirements for the Union financial sector in order to address any inconsistencies, gaps and loopholes that are found to exist in relevant law;
Amendment 289 #
Motion for a resolution
Paragraph 17 a (new)
Paragraph 17 a (new)
17a. Regrets that the supervisory negligence preceeding the downfall of Wirecard suggests that FinTechs profit from preferential treatment by supervisory authorities; regrets that the European institutions, including the European Parliament, has contributed in creating a hype around FinTechs; calls on national and European authorities to curb their enthusiasm when promoting FinTech;