Activities of José GUSMÃO 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 (23)
Amendment 26 #
Motion for a resolution
Recital A
Recital A
A. whereas digital finance is a consistently evolving and booming area of the financial sector which deserveneeds ongoing monitoring and consideration both on an industry and regulatory level;
Amendment 30 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas one key lesson from the financial crisis is that regulation must keep pace with financial innovation, otherwise new systemic risks may emerge;
Amendment 53 #
Motion for a resolution
Recital I
Recital I
Amendment 59 #
Motion for a resolution
Recital I a (new)
Recital I a (new)
Ia. whereas the shadow banking sector, which includes investment funds, money market funds, FinTechs and other financial intermediaries, has been growing in the Union and poses significant risks to the stability of the financial system, given its high degree of interconnectedness with insurance companies and pension funds, its procyclical nature and its lack of regulation;
Amendment 68 #
Motion for a resolution
Recital J
Recital J
Amendment 85 #
Motion for a resolution
Recital P a (new)
Recital P a (new)
Pa. whereas the Wirecard scandal has shown that supervisory authorities have once more failed to keep track with the level of complexity of the financial sector;
Amendment 122 #
Motion for a resolution
Paragraph 2
Paragraph 2
2. ConsidExpresses serious concerns over the role that FinTech will be integral to the successplay in the context of the Capital Markets Union (CMU) and encourages the Commission to consider how to harness the benefits of FinTech in driving forward capital market integration in the Unionthe risks of this emerging sector;
Amendment 124 #
Motion for a resolution
Paragraph 2 a (new)
Paragraph 2 a (new)
2a. Is further concerned about the recent Wirecard scandal as well as the role and potential shortcomings of Germany's financial supervisory authority BaFin in this case; notes that the classification of this FinTech company as a ‘technology’ company instead of as a payments service provider played a central role in the regulatory failures and calls on the Commission to address this problem urgently by ensuring payments companies are classified correctly; notes that while the major responsibility for this regulatory scandal lies with the failure by BaFin and the Bundesbank to properly supervise and regulate the Wirecard group, many EU institutions also have a role in supervising and regulating the various actors involved in this case, including the ECB, ESMA, EIOPA, and the European Commission; calls on the EU and national competent authorities to start an inquiry on the €1.9 billion missing and the potential impact of the group’s insolvency on pensions in the EU; demands that ESMA open an investigation into the failure by regulators to identify and stop fraudulent activity and market manipulation committed by Wirecard in its EU companies, including those based in Germany and Ireland;
Amendment 152 #
Motion for a resolution
Paragraph 6 – point a a (new)
Paragraph 6 – point a a (new)
aa. ensuring financial stability and a high level of consumer protection;
Amendment 160 #
Motion for a resolution
Paragraph 6 a (new)
Paragraph 6 a (new)
6a. Recalls its commitment to privacy and data protection rights in the EU, in line with Articles 7 and 8 of the EU Charter of Fundamental Rights; stresses that these rights need to be integral to any changes in the financial regulatory framework;
Amendment 161 #
Motion for a resolution
Paragraph 7
Paragraph 7
Amendment 192 #
Motion for a resolution
Subheading 3
Subheading 3
Defining a Regulatory Framework for Crypto-Assets
Amendment 198 #
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; recommendsthe crypto-assets sector must be subject to robust regulation and recommends the Commission to takinge 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 segmentnotes the speculative nature of various crypto-assets and the financial risks that arise from lack of regulation; calls for a repeal of cryptocurrencies;
Amendment 211 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Believes, therefore, that any further categorisation should be balanced and flexible in order to give space for innovation in the sector while ensuringin order to ensure that risks can be identified at an early stage;
Amendment 263 #
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 is becoming more pronounced; is concerned about the growing shadow banking sector in Europe, which includes investment funds, money market funds, FinTechs and other financial intermediaries, given the fact that current banking regulations do not apply to these institutions; stresses that shadow banking is characterised by liquidity and maturity mismatches; high leverage; lack of regulation and lack of access to public backstops;
Amendment 275 #
Motion for a resolution
Paragraph 15
Paragraph 15
15. Calls on the Commission to propose legislative changes in the area of ICT and cyber security requirements for the Union financial sector in order to address anyexisting inconsistencies, gaps and loopholes that are found to exist in relevant lawin relevant law, particularly when it comes to consumer data protection;
Amendment 279 #
Motion for a resolution
Paragraph 16 – point a
Paragraph 16 – point a
a. modernisation and compliance with international standards regarding risk assessment and reporting;
Amendment 298 #
Motion for a resolution
Paragraph 18
Paragraph 18
18. Recalls that the collection and analysis of data play a central role for FinTech, and therefore highlights the need for consistent, technology-neutral application of existing data laws;
Amendment 346 #
Motion for a resolution
Annex I – part A – point 2
Annex I – part A – point 2
2. To ensure that digital finance can continue to be an innovative driver of growth and jobs across the single marketdoes not pose any systemic threats to the economy;
Amendment 348 #
Motion for a resolution
Annex I – part A – point 2 a (new)
Annex I – part A – point 2 a (new)
2a. To ensure that the classification of FinTech companies and payment companies is correct;
Amendment 350 #
Motion for a resolution
Annex I – part A – point 3
Annex I – part A – point 3
3. To foster a common understanding of the key issues concerning digital finance and encourage the harmonisation of relevant provisions, which will lead to enhanced cross border activityin order to increase financial stability in the EU;
Amendment 359 #
Motion for a resolution
Annex I – part B – point 1 a (new)
Annex I – part B – point 1 a (new)
1a. To ban all cryptocurrencies from the Union, given their highly speculative nature and the risks they pose to the stability of the financial system;
Amendment 363 #
Motion for a resolution
Annex I – part B – point 2
Annex I – part B – point 2
2. To make a legislative proposal on cyber resilience, which ensures consistent standards of ICT security across the Union financial sector. Such a framework should be future-oriented and focus on modernising the current rules applicable concerning cyber resilience, while also closing any regulatory loopholes and gaps, which may put taxpayers, businesses, investors and consumers at risk;