The Netherlands

Topic: Fintech

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ESMA highlights ICO risks for investors and firms

The European Securities and Markets Authority (ESMA) has issued two statements on initial coin offerings (ICOs), one on the risks of ICOs for investors and one on the rules applicable to firms involved in ICOs. In the statement for firms, ESMA states that depending on how they are structured, ICOs may fall outside the regulatory … Continue Reading

FSB considers financial stability implications of artificial intelligence and machine learning

The Financial Stability Board (FSB) has published a report that considers the financial stability implications of the growing use of artificial intelligence (AI) and machine learning in financial services. The FSB’s analysis reveals a number of potential benefits and risks for financial stability that should be monitored as the technology is adopted in the coming … Continue Reading

FSB stocktake on cybersecurity regulatory and supervisory practices

The Financial Stability Board (FSB) has published a report setting out its conclusions following a stocktake on cybersecurity regulations, guidance and supervisory practices which were recently delivered to G20 Finance Ministers and Central Bank Governors. The conclusions from the FSB’s stocktake of members include the following: FSB member jurisdictions have been active in addressing cybersecurity … Continue Reading

Commission summary of contributions to its consultation on FinTech

The European Commission (Commission) has published a summary of the contributions to its March 2017 consultation, FinTech: a more competitive and innovative European financial sector. The purpose of the consultation was to seek input from stakeholders to further develop the Commission’s policy approach towards technological innovation in financial services. Key messages from the feedback to … Continue Reading

Basel Committee consults on the implications of Fintech for the financial sector

The Basel Committee on Banking Supervision (Basel Committee) has published a consultative document that is intended to provide a forward-looking perspective on Fintech and its potential impact on the banking industry. The consultative document combines historical research, analysis of current media and industry periodicals, surveys on Basel Committee members’ activities, Fintech product analysis and scenario … Continue Reading

EBA discussion paper on approach to Fintech

To gain a better insight into the financial services offered and financial innovations applied by fintech firms in the EU, and their regulatory treatment, in spring 2017 the European Banking Authority (EBA) undertook a fintech mapping exercise. Competent authorities in 22 member states and 2 EEA states provided estimates on the current number and expected … Continue Reading

AFM publishes report on crowdfunding

On 25 July 2017, the Netherlands Authority for the Financial Markets (Autoriteit Financiële Markten, the AFM) published the results of a consumer survey it held with respect to the regulations that are applicable to crowdfunding platforms (the Evaluation Report). The Evaluation Report describes the most important findings from two consumer surveys the AFM conducted in … Continue Reading

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
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