Activities of Cătălin Sorin IVAN related to 2016/2243(INI)
Plenary speeches (1)
FinTech: the influence of technology on the future of the financial sector (debate) RO
Shadow reports (1)
REPORT on FinTech: the influence of technology on the future of the financial sector PDF (372 KB) DOC (85 KB)
Amendments (26)
Amendment 12 #
Motion for a resolution
Recital A
Recital A
A. whereas FinTech should be understood as finance enabled by or provided via new technologies, affecting the whole financial sector, from banking to insurance, pension funds, investment advice and market infrastructures;with all its components
Amendment 17 #
Motion for a resolution
Recital A a (new)
Recital A a (new)
Aa. whereas financial and digital literacy programmes in the EU should be encouraged;
Amendment 25 #
Motion for a resolution
Recital C
Recital C
C. whereas a broad range of FinTech developments are underpinned by new technologies, such as distributed ledger technology (DLT) applications, innovative payments, robo-advice, Big Data, the use of cloud computing, innovative solutions in customer identification, crowdfunding platforms and many more;
Amendment 36 #
Motion for a resolution
Recital D
Recital D
D. whereas FinTech developments should contribute to the competitiveness of the European financial system and economy, without hampering financial stability and while maintaining the highest possible level of consumer protection;
Amendment 60 #
Motion for a resolution
Recital G
Recital G
G. whereas FinTech can serve as an effective tool for financial inclusion, if it openings up tailor-made financial services to those who could not access them before, it also bears the risk of increasing exclusion for example in case access to FinTech services is not equally granted to all citizens or if the use of big data challenges the mutualisation of risk particularly in insurance;
Amendment 66 #
Motion for a resolution
Recital G a (new)
Recital G a (new)
Ga. whereas without the establishment of a true single legislative framework for startups with standardised rules across Member States including a harmonised tax system, the EU will not be able to fill the competition gap vis-à-vis other economic areas in the world, notably the US and Asia.
Amendment 71 #
Motion for a resolution
Recital I
Recital I
I. whereas InsurTech refers to insurance enabled by or provided via new technologies, for example through automated advice, risk assessment and Big Data, but also through insuring against new risks such as cyber-attacks;
Amendment 77 #
Motion for a resolution
Recital J a (new)
Recital J a (new)
Ja. whereas innovation is in constant change and legislation must adapt to that;
Amendment 79 #
Motion for a resolution
Recital K
Recital K
K. whereas cyber-attacks are an increasing threat to all digital infrastructure, and therefore alsoespecially to financial infrastructure; whereas, the financial sector facesing three times more attacks than any other sector;
Amendment 80 #
Motion for a resolution
Recital K a (new)
Recital K a (new)
Ka. whereas connected devices are an integral part of the FinTech services; whereas the Internet of Things (IoT) is especially vulnerable to cyber-attacks and therefore poses a particular challenge for cyber security; whereas a connected system is only as safe as its weakest element;
Amendment 98 #
Motion for a resolution
Paragraph 1
Paragraph 1
1. Calls on the Commission to draw up a FinTech Action Plan, which should boost its in the framework of the Capital Markets Union (CMU) and Digital Single Market (DSM) strategies and aim at a competitivewith the overall aim to achieve an efficient, deeper, competitive and more integrated European financial system, financial stability and consumer and investor protection;
Amendment 156 #
Motion for a resolution
Paragraph 6
Paragraph 6
6. Highlights that some central banks are already experimenting with virtual currencies as well as other new technologies; encourages the relevant authorities in Europe to experiment as well, in order to keep up with market developments; recommends that the European Central Bank conduct experiments with a ‘'virtual euro’'; Stresses the importance of consumer protection, awareness and transparency when using this type of currencies;
Amendment 164 #
Motion for a resolution
Paragraph 7
Paragraph 7
7. Emphasises the importance of supervisors having sufficient technical expertise to adequately scrutinise increasingly complex FinTech services; recommends in this respect a close cooperation of supervisors with national and European agencies which have the required technological know-how; considers it to be essential that the Union, together with the Member States by virtue of public funding, supports research in the area of FinTech; calls on the Commission and the Member States to strengthen financial instruments for research projects in this area, including public-private partnerships, and to implement in their research policies the principles of open science and responsible ethical innovation; emphasises that sufficient resources need to be devoted to the search for solutions to the social, ethical, legal and economic challenges that the technological development and its applications raise;
Amendment 177 #
Motion for a resolution
Paragraph 9
Paragraph 9
9. Recalls that innovative financial services should be available throughout the EU; calls on the Commission and Member States to apply, where applicable, passporting regimes for new financial services offered across the Union; stresses that FinTech innovation and its integration within the economy and the society require digital infrastructure that provides ubiquitous connectivity; calls on the Commission to guarantee a framework that will meet the connectivity requirements for the Union's digital future and to ensure that access to broadband and 5G networks is fully in line with the net neutrality principle;
Amendment 187 #
Motion for a resolution
Paragraph 9 a (new)
Paragraph 9 a (new)
9a. Calls on the Commission to investigate to what extent FinTech can help providing consumers with better quality financial advice and whether the EU regulatory framework dealing with advice is sufficient to accommodate this;
Amendment 196 #
Motion for a resolution
Paragraph 10
Paragraph 10
10. Stresses the need for consistent, technology-neutral application of existing data legislation, including the General Data Protection Regulation (GDPR), the Revised Payment Service Directive (PSD2), the eIDAS Regulation, the 4th Anti-Money Laundering Directive (AMLD4) and the Network and Information Systems (NIS) Directive; stresses that, in order to scale up innovative finance in Europe, a free flow of data within the Union is needed; Calls on the Commission to take measures to ensure that only objective and relevant data elements are used in the context of the provision of financial services;
Amendment 210 #
Motion for a resolution
Paragraph 11
Paragraph 11
11. Notes that there are no clear, comprehensive European guidelines for outsourcing data to the cloud with regard to the financial sector; stresses the need for the development of such guidelines; Considers the need for further harmonization of rules across member states to support the financial services industry move towards the use of cloud.
Amendment 223 #
Motion for a resolution
Paragraph 12 a (new)
Paragraph 12 a (new)
12a. Highlights that smart connected systems and AI which are needed for FinTech are becoming increasingly complex and autonomous; points out that those systems can fail and that the probable increasing difficultly to trace responsibility for damage caused by such failures back to a human agent questions the capacity of the current liability framework to deal with these situations; calls therefore on the Commission to address the issue of liability in order to prepare our society for the upcoming challenges and guarantee safety and trust in FinTech;
Amendment 232 #
Motion for a resolution
Paragraph 13
Paragraph 13
13. Emphasises the need for end-to-end security across the whole financial services value chain; points to the large and diverse risks posed by cyber-attacks, targeting our financial markets infrastructure, currencies and data; stresses that connected devices and the Internet of Things are an integral part of the infrastructure used to offer FinTech services and that they are especially vulnerable to cyber-attacks and therefore pose a particular cyber security challenge; recalls the fact that a connected system is only as safe as its weakest element; calls therefore for global security standards for connected and connectable devices; calls on the Commission to make cyber security the number one priority in the FinTech Action Plan;
Amendment 240 #
Motion for a resolution
Paragraph 14
Paragraph 14
14. Calls on the ESAs to regularly review operational standards covering ICT risks of financial institutions; calls furthermore, owing to the varying level of protection in the cyber security strategies of Member States, for ESA guidelines on the supervision of these risks; Appreciates that existing legislation like NIS directive and GDPR covers operational guidelines in this area and is already being worked on at member states level to prepare for implementation in 2018;
Amendment 263 #
Motion for a resolution
Paragraph 17
Paragraph 17
17. Flags the need for better education and awareness about the positive impact on day to day life of FinTech but also about cyber risks both for citizens and businesses;
Amendment 279 #
Motion for a resolution
Paragraph 19 a (new)
Paragraph 19 a (new)
19a. Believes that remote identification means that are not set out in the e-IDAS regulation should also be acceptable, as long as they are of a security level equivalent to the substantial assurance level of e-IDAS, and are thus both safe and interoperable;
Amendment 287 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Calls on the ESAs to continue their ongoing work on monitoring technological developments and analysing their benefits and potential risks, in particular as regards consumer and investor protection; stresses that technological know-how is needed to fulfill these tasks; suggests that the ESAs cooperate closely and effectively with national and European agencies which have the required know-how in order to duly incorporate technological expertise;
Amendment 289 #
Motion for a resolution
Paragraph 21
Paragraph 21
21. Calls on the ESAs to continue their ongoing work on monitoring technological developments and analysing their benefits and potential risks, in particular as regards consumer and investor protection; Stress the importance of allowing consumers to access the full benefits of the knowledge sharing economy without compromising their security.
Amendment 299 #
Motion for a resolution
Paragraph 21 a (new)
Paragraph 21 a (new)
21a. Asks the Commission to ensure that an adequate level of safeguards and effective remedies are in place for consumers who might face some of the aforementioned risks linked to the use of virtual currencies;
Amendment 308 #
Motion for a resolution
Paragraph 22
Paragraph 22
22. Underlines the need for increased digital skills in society as a whole; calls on the Commission to present best practices in the context of its Digital Skills and Jobs Coalition; Stresses that consumers should be able to rely on secure and user-friendly technologies and services; Stresses the need for solutions to provide consumers with guidance to access financial services, to improve access to people with disabilities or disadvantaged communities to financial services ;