9 Amendments of Marc TARABELLA related to 2016/2243(INI)
Amendment 4 #
Draft opinion
Paragraph 1
Paragraph 1
1. Recognises the transformative nature that Financial Technology (FinTech) has in the global financial sector; stresses that developments in FinTech have the potential to yield benefits for both consumers and businesses by means of efficiency gains, accessibility and, cost reductions and increased transparency;
Amendment 6 #
Draft opinion
Paragraph 2
Paragraph 2
2. Believes that innovation in the financial sector can create jobs and growth within the EU, and contribute towards a wider choice of services for consumers opportunities and potential growth within the EU; calls on the Commission to identify the policy changes necessary to enable the EU to reap the benefits of FinTech to the fullest, without hampering financial stability and maintaining a high level of consumer and investor protection;
Amendment 23 #
Draft opinion
Paragraph 4
Paragraph 4
4. Highlights that FinTech-related services can play a major role in the development of a future-proof European Digital Single Market, for example by making existing channels more cost- efficient and by offering innovative, more transparent and rapid payment solutions; believes that the Commission should take a technology- neutral approach in its policy initiatives;
Amendment 24 #
Draft opinion
Paragraph 4 a (new)
Paragraph 4 a (new)
4a. Notes the potential risks of new payment solutions, such as fraud risk, misuse of consumer´s data, weak authentication requirements and lack of transparent and clear terms and conditions; therefore, asks the Commission and Member States to ensure that an adequate level of safeguards and effective remedies are provided for consumers who might face the aforementioned risks;
Amendment 32 #
Draft opinion
Paragraph 5 b (new)
Paragraph 5 b (new)
5b. Moreover, calls on the Commission to set up a horizontal Fintech Action Plan, based on the policy recommendations and measures which will be presented by the internal Task- force on Financial Technologies (FTTF);
Amendment 37 #
Draft opinion
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Invites the Commission to monitor the increased use of algorithms in the financial sector, in particular of robo- advice products and services; asks the Commission and the European Supervisory Authorities to examine errors and biases in algorithms that might be harmful for market participants and assess the liability aspects of data use while enhancing algorithmic accountability and awareness of consumers;
Amendment 40 #
6b. Moreover, emphasises the need to examine a potential harm to privacy caused by the increased volume, variety and velocity of data used in the financial sector; calls on the Commission and Member States to take all the necessary measures to ensure that citizen´s rights to privacy are fully respected and their personal data is protected in Fintech sector, and calls on the Commission to step up in the enforcement of the current EU law, especially by ensuring t timely application of the General Data Protection Regulation; and underlines, in particular, the importance to guarantee the user’s right to data portability;
Amendment 44 #
Draft opinion
Paragraph 6 c (new)
Paragraph 6 c (new)
6c. Notes the need to promote digital and financial education amongst consumers and operators across the EU; underlines the importance of adequate competences and new digital skills and encourages the Commission, Member States and Fintech industries to enable life-long learning training and skills development which are the key requirements to enable as many individuals as possible to have full access to financial services and Fintech tools;
Amendment 47 #
Draft opinion
Paragraph 6 d (new)
Paragraph 6 d (new)
6d. Calls on the Commission, Member States and Fintech industries to effectively cooperate by sharing information, preventing and responding to cyber- threats in order to guarantee a safe and more secure cyber environment in the EU for citizens and businesses, which is a precondition for unleashing all the benefits of the Fintech innovation; calls on Member states to timely transpose the “NIS Directive” and welcomes the new public-private partnership on cybersecurity recently launched by the European Commission with the participation of the industry; asks the Commission to develop a series of new and concrete initiatives to strengthen resilience of businesses in this sector, especially SMEs and start-ups, against cyber-attacks;