The Netherlands

Topic: Fintech

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EBA publishes report on innovative uses of consumer data

The European Banking Authority (EBA) has published a report setting out its conclusions following an assessment of innovative uses of consumer data by financial institutions. The report looks at both risks and potential benefits of this innovation and identifies a number of requirements under EU law applying to financial institutions, which mitigate many of the … Continue Reading

Joint reaction on European FinTech Consultation Paper

On 16 June 2017, the Dutch Minister of Finance published a joint reaction from the Netherlands Authority for Consumers and Markets (Autoriteit Consument en Markt), the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten), the Dutch Central Bank (De Nederlandsche Bank) and the Ministry of Finance, on the consultation paper ‘Fintech: a more competitive … Continue Reading

FCA update on regulatory sandbox

The FCA has published on its website an update on the regulatory sandbox. In particular the FCA unveils the list of firms that were successful in their application to begin testing in the second cohort of the sandbox. The range of firms testing in the second cohort is diverse, covering a variety of geographies and … Continue Reading

ESMA response to European Commission consultation on fintech

On 24 March 2017, we blogged that the European Commission (Commission) published a consultation paper, Fintech: a more competitive and innovative European financial sector (consultation paper). The consultation paper was seeking input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. It was also seeking input in terms of … Continue Reading

FATF Fintech and Regtech forum 2017

The Financial Action Task Force (FATF) has published a summary of its Fintech and Regtech forum, which was held on 25 and 26 May 2017. At the forum over 150 representatives discussed significant trends and developments in Fintech and Regtech and shared their experiences in adapting their practices to continue to identify and mitigate the … Continue Reading

EBA consults on its guidance for the use of cloud computing

The European Banking Authority (EBA) has launched a consultation on draft recommendations on outsourcing to cloud service providers by financial institutions. In December 2006 the Committee of European Banking Supervisors published general outsourcing guidelines that remain applicable. The draft recommendations provide additional guidance for the specific context of institutions that outsource to cloud service providers.… Continue Reading

Top cyber security blogs you might have missed

In case you missed it, here’s a pick of some of the most interesting blogs on cyber security: FCA speech on managing cyber security threats (25 April 2017): G7 principles on cyber security for the financial sector (13 October 2017) Our approach to cyber security in financial services (23 September 2017) Cyber security Directive published … Continue Reading

ECON report on Fintech

The European Parliament’s Committee on Economic and Monetary Affairs (ECON) has published a report entitled FinTech: influence of technology on the future of the financial sector.  The report includes a motion for a European Parliament Resolution. The report discusses defining an EU framework for FinTech, innovative uses of data, cyber security, interoperability and digital skills. … Continue Reading

ECP rules for operating, joining and participating in the standardised proxy lookup service for P2P mobile payments

The European Payments Council (EPC) has reported that the Steering Committee of the Mobile Proxy Forum (MPF) has approved the rules for operating, joining and participating in the Standardised Proxy Lookup (SPL) service. The MPF focuses on pan-European interoperability of person-to-person (P2P) mobile payments. The SPL service will allow the exchange of the data necessary … Continue Reading

Commission consults on developing its policy approach to FinTech

The European Commission (Commission) has published a consultation paper, Fintech: a more competitive and innovative European financial sector. The consultation paper seeks input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. It seeks input in terms of stakeholders’ perspectives on new technologies’ impact on the European financial services … Continue Reading

CPMI report on DLT in payment, clearing and settlement

The Committee on Payments and Market Infrastructure (CPMI) has published a report on distributed ledger technology (DLT) in payment, clearing and settlement. The report aims to provide an analytical framework for central banks and other authorities to review and analyse DLT arrangements with the objective of helping market participants understand the uses of DLT and, … Continue Reading

ESMA report on DLT

The European Securities and Markets Authority (ESMA) has published a report that analyses the key benefits and risks of distributed ledger technology (DLT) applied to securities markets. The report also looks at how DLT interacts with the existing EU regulatory framework. ESMA believes that DLT could bring a number of benefits to securities markets, notably … Continue Reading

IOSCO report on fintech and securities markets regulation

The International Organization of Securities Commissions (IOSCO) has published a research report on financial technologies (fintech), including its intersection with securities markets regulation. The report describes a variety of innovative business models and emerging technologies: financing platforms: peer-to-peer lending and equity crowdfunding; retail trading and investment platforms, including robo-advisers and social trading; institutional trading platforms, … Continue Reading

ESMA speech on application of fintech in securities sector

The European Securities and Markets Authority (ESMA) has published a speech given by Patrick Armstrong, Senior Risk Analysis Officer in ESMA’s Innovation and Products Team. The speech is entitled Financial Technology: Applications within the Securities Sector. Points of interest in the speech include: the regulatory response to FinTech is critical for both regulators and market … Continue Reading

IOSCO updates report on automated advice tools survey

The International Organization of Securities Commissions (IOSCO) has updated its report on the automated advice tools survey. The updated report indicates that the market for automated investment advice has developed rapidly since IOSCO first published the report in 2014. In particular the report notes that since the 2014 survey, 14 of 17 jurisdictions have reported … Continue Reading

Minister of Finance on innovation in financial markets

On 21 December 2016, the Dutch Minister of Finance (the Minister) published a letter in which he informs the Dutch Parliament on developments around innovative initiatives undertaken by the Dutch government and financial supervisory authorities in the Dutch financial sector to achieve a more accessible regulatory regime for innovative financial services (the Letter). These initiatives … Continue Reading

Joint Committee of ESAs report on automation in financial advice

The Joint Committee of the European Supervisory Authorities (ESAs) has published a report setting out the conclusions of its assessment on automation in financial advice. In the report the Joint Committee of the ESA’s sets out seven preliminary conclusions based on an earlier discussion paper that it published in December 2015. Such preliminary conclusions include: … Continue Reading

ESMA speech on regulation and DLT

The European Securities and Markets Authority (ESMA) has published a speech given by Patrick Armstrong, Senior Risk Analysis Officer, ESMA Innovation and Products Team, on regulation and distributed ledger technology (DLT). In his speech, Mr Armstrong comments on how ESMA approaches the topic of financial innovation and the attendant regulatory challenges. Points of interest in … Continue Reading

Consultation on act implementing Payment Services Directive II

On 17 November 2016, the Dutch Minister of Finance published for consultation a draft legislative proposal implementing the revised Payment Services Directive (PSD II) (the Proposed Act). The Proposed Act will be implemented in, among others, the Act on the Financial Supervision (Wet op het financieel toezicht) and the Dutch Civil Code (Burgerlijk Wetboek). PSD … Continue Reading

Commission sets up an internal task force on financial technology

The European Commission has launched an internal task force on financial technology. The purpose of the task force is to assess and make the most of innovation in this area, while also developing strategies to address the potential challenges that FinTech poses. View Commission sets up an internal task force on financial technology, 14 November … Continue Reading

AFM publishes first results on evaluation of regulations applicable to crowdfunding platforms

On 11 November 2016, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the first results of a consumer survey it held with respect to the regulations that are applicable to crowdfunding platforms as of 1 April 2016. The consumer survey is part of a bigger evaluation of the regulations that … Continue Reading

FSB speech on global regulatory developments and their industry impact

The Financial Stability Board (FSB) has published a speech given by its Secretary General, Svein Andresen. The speech was given at the Chatham House Banking Revolution Conference and covered the FSB’s work on the G20 reforms and fintech. Key points in the speech include: a key pillar of the post financial crisis reforms is to … Continue Reading

London FinTech seminar: 8 November 2016

On 8 November 2016, the London financial services team will be holding a FinTech seminar that will explore the changing nature of financial services and how innovative products, services and business models are creating legal and regulatory opportunities and challenges for incumbent financial institutions and start-ups alike. The invitation to the seminar and how to … Continue Reading
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