27 Amendments of Sophia IN 'T VELD related to 2016/2056(INI)
Amendment 9 #
Motion for a resolution
Recital A
Recital A
A. whereas the dynamics of retail financial services markets in many Member States, featuring a combination of high concentration and inadequate competition, tend to result in limited choice and low value for money, as well as huge discrepancies between Member States;
Amendment 14 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas the market for retail financial services in Europe remains highly fragmented, requiring urgent action to unlock the full potential of the Single Market;
Amendment 15 #
Motion for a resolution
Recital A b (new)
Recital A b (new)
Ab. whereas a level playing field for new market entrants must be ensured and innovation facilitated;
Amendment 17 #
Motion for a resolution
Recital B
Recital B
B. whereas tha genuine fEurther development of theopean internal market for retail financial services market at EU level would not only facilitate important and fruitful cross-border activity, but would also open up greater scope for healthy competition at national levelhas huge potential for providing consumers with better financial services and products, more choice and improved access to financial services and products, and lower rates;
Amendment 23 #
Motion for a resolution
Recital B a (new)
Recital B a (new)
Ba. whereas we should remain ambitious in breaking down national barriers and curbing the existing protectionist tendencies that block innovation in retail financial services; whereas a true single market will make the EU attractive as the hub for innovative financial services;
Amendment 28 #
Motion for a resolution
Recital C
Recital C
C. whereas the rapid transformation, brought about by digitisation and fintech innovation not only, creates new and often better financial products for consumers and contributes to financial inclusion, but also involves key challenges in terms of security, data protection, consumer protection and taxation;
Amendment 41 #
Motion for a resolution
Recital C a (new)
Recital C a (new)
Ca. whereas for the first quarter of 2016 the fintech funding in Europe accounts to only 348m$, compared to 1.8b$ in North America and 2.6b$ in China, which demonstrates the urgent need for quick mentality shift and adequate regulatory response to technological developments in order for Europe to become a lead market for innovation;
Amendment 42 #
Motion for a resolution
Recital C b (new)
Recital C b (new)
Cb. whereas fiscal, regulatory and technical barriers must be urgently eliminated with a view to unlocking the full potential of the single European market for retail financial services;
Amendment 43 #
Motion for a resolution
Recital C c (new)
Recital C c (new)
Cc. whereas multinational companies with branches in several Member States can circumvent these barriers more easily than small companies;
Amendment 44 #
Motion for a resolution
Recital C d (new)
Recital C d (new)
Cd. whereas disruptive technologies present regulatory challenges, but also offer great opportunities for innovation and an impulse to economic growth and jobs;
Amendment 54 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. Finds the Green Paper initiative to be timely, particularly given the need to work proactively at all stages of the policymaking process in order to be able to track and steerrespond quickly and adequately to developments in such an innovative and fast-changing market;
Amendment 60 #
Motion for a resolution
Paragraph 3
Paragraph 3
3. Underlines the importance of promoting positive developments in this market in retail finance by creating and maintaining a level playing field where between incumbent operators and new entrants, withe rules are as technology- and business- model-neutral as is feasible; points out, that such an approach is necessary, not least in order to give new and innovative SMEs a fair chance;
Amendment 77 #
Motion for a resolution
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Stresses the importance of the simplification of regulatory standards, the harmonised and coherent enforcement of retail finance legislation across Member States and the need for an efficient dispute resolution mechanism as well as the possibility for collective redress;
Amendment 115 #
Motion for a resolution
Paragraph 7 a (new)
Paragraph 7 a (new)
7a. Points out that a wide range of EU laws relevant for the single market in retail financial services has already been adopted, such as PSD2, the MIFs regulation, PAD, AMLD, the Mortgage Credit directive, IDD, IORP2; calls for full and harmonised implementation and application, avoiding duplication and overlaps;
Amendment 118 #
Motion for a resolution
Paragraph 8
Paragraph 8
Amendment 167 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Observes that the EU-level capacity for data collection and analysis in this field will probably need to be strengthened; notes that it will be necessary to give some of the most promisingsome of the ideas in the Green Paper a broad and adequatemay require further empirical underpinning before it is possible to move on to legislative processes;
Amendment 212 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission, inter alia with reference to the PAD, to map the rules, practices and non-practices that apply to domestic and cross-border switching in all parts of the European retail financial services market, and to present a coherent and comprehensive strategy for making EU wide cross-border switching easier for the consumer;
Amendment 221 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Urges the Commission and the Member States, by working carefully on the implementation of the eIDAS Regulation and the new anti-money laundering legislation, inter alia, to create – as should be entirely feasible – a general environment in which robust security requirements are combined with fair and simple procedures for consumers to identify themselves, and facilitate EU wide cross-border digital onboarding;
Amendment 240 #
Motion for a resolution
Paragraph 18 a (new)
Paragraph 18 a (new)
18a. Urges the Commission to put forward proposals for harmonisation and cross border applicability of the assessment procedure for creditworthiness conducted by the lender;
Amendment 242 #
Motion for a resolution
Paragraph 18 b (new)
Paragraph 18 b (new)
18b. Urges the Commission to clarify the use of the general good provisions, which currently could be vicariously used by Member States to block new products into their market, and to empower the ESAs to become an active mediator between Member States when there are countering interpretations on its use;
Amendment 244 #
Motion for a resolution
Paragraph 18 c (new)
Paragraph 18 c (new)
18c. Calls on the Commission to ensure the independence of national ADR schemes and that financial service providers adhere to one or more ADR bodies in each Member State; furthermore, urges the Commission, following the planned evaluation of the implementation of Recommendation on collective redress to look into the possibility for introducing European system of collective redress;
Amendment 246 #
Motion for a resolution
Paragraph 18 d (new)
Paragraph 18 d (new)
18d. Urges the Commission to map the obstacles to internal market in retail finance stemming from different consumer protection, taxation and labour law provisions across Member States; furthermore, urges the Commission following the assessment to come up with concrete proposals for eliminating identified barriers by July, 2017;
Amendment 247 #
Motion for a resolution
Paragraph 18 e (new)
Paragraph 18 e (new)
18e. Urges the Commission to investigate into possibility of introducing a 29th regime for retail financial products in the absence of harmonised national rules; furthermore calls on the Commission to look into the possibility of creating standardised pan-European financial products based on PEPP-model;
Amendment 248 #
Motion for a resolution
Paragraph 18 f (new)
Paragraph 18 f (new)
18f. Urges the Commission to use regulations instead of directives when formulating legislative proposals in the field of retail financial services in order to avoid 'gold plating' and protectionist national tendencies, foreclosing national markets to the detriment of both businesses and consumers;
Amendment 254 #
Motion for a resolution
Paragraph 19
Paragraph 19
19. Asks the Commission to study further the benefits and costs of guaranteeingoptions for domestic and cross- border portability in various parts of the retail financial services market (for example as regards insurance products and bank account numbers)and come up with concrete proposals until the beginning of 2018;
Amendment 269 #
Motion for a resolution
Paragraph 20
Paragraph 20
20. Encourages the Commission, while ensuring financial stability, to move forward in creating a stronger single market for mortgages and consumer credit, but to do so carefully, balancing privacy and data protection concerns withproviding improved cross-border access to better- coordinated credit databases and making surein full compliance with privacy and data protection rules, and ensuring that credit- related incidents whereby consumers have been unreasonably exposed to currency exchange risks are not repeated;
Amendment 274 #
Motion for a resolution
Paragraph 20 a (new)
Paragraph 20 a (new)
20a. Calls on the Commission to look into the possibility of introducing a European Start-up Blue Card as a way to attract best talents globally;