ESMA Shows Support for Fintech, Lays Down the Law for Future Framework
- The European Securities and Markets Authority responded with regulatory guidelines to the fintech consultation paper.
Today, the European Securities and Markets Authority (ESMA) responded warmly to the consultation paper “Fintech: a more competitive and innovative financial sector”, which was written by the European Commission. ESMA welcomes the motivation to do a stock-take of the European Union’s financial technology industry.
The London Summit 2017 is coming, get involved!
ESMA, the France-based regulator, supports fintech endeavors, as the European authority deems it a step forward in evolution if businesses set themselves the goal of bettering customer service and the customer experience. This is a business model that improves financial inclusivity. ESMA, however, is also aware of the risks involved with fintech, and has addressed them in its response.
ESMA states that technology-driven savings should reach clients, and expects the European Commission to consider the efforts being made within the Joint Committee. Any legislation should pass an in-depth impact assessment.
The regulating authority called for an EU-level crowdfunding regime, which should ensure the protection of the traders within the European Union. In addition, crowdfunding platforms could then work cross-border within a shared regulatory framework.
Regulation technology (regtech) comes with certain benefits, such as analysis and data reports. ESMA adds that companies offering similar services are to be regulated with equal treatment. Fintech startups are specifically believed to benefit from regulation oriented advice when dealing with the relevant legal framework. ESMA also encourages the idea of standardized and harmonized data.
Outsourcing, such as arrangements with the cloud, should be implemented in compliance with European legislative guidelines. These include data security and protection laws. ESMA has been monitoring developments in the market around Distributed Ledger Technology (DLT Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term) since the release of the results in February 2017.
Finance Magnates recently covered ESMA’s MiFID implementation results, in which it concluded that CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term had not been meeting regulatory standards.
Today, the European Securities and Markets Authority (ESMA) responded warmly to the consultation paper “Fintech: a more competitive and innovative financial sector”, which was written by the European Commission. ESMA welcomes the motivation to do a stock-take of the European Union’s financial technology industry.
The London Summit 2017 is coming, get involved!
ESMA, the France-based regulator, supports fintech endeavors, as the European authority deems it a step forward in evolution if businesses set themselves the goal of bettering customer service and the customer experience. This is a business model that improves financial inclusivity. ESMA, however, is also aware of the risks involved with fintech, and has addressed them in its response.
ESMA states that technology-driven savings should reach clients, and expects the European Commission to consider the efforts being made within the Joint Committee. Any legislation should pass an in-depth impact assessment.
The regulating authority called for an EU-level crowdfunding regime, which should ensure the protection of the traders within the European Union. In addition, crowdfunding platforms could then work cross-border within a shared regulatory framework.
Regulation technology (regtech) comes with certain benefits, such as analysis and data reports. ESMA adds that companies offering similar services are to be regulated with equal treatment. Fintech startups are specifically believed to benefit from regulation oriented advice when dealing with the relevant legal framework. ESMA also encourages the idea of standardized and harmonized data.
Outsourcing, such as arrangements with the cloud, should be implemented in compliance with European legislative guidelines. These include data security and protection laws. ESMA has been monitoring developments in the market around Distributed Ledger Technology (DLT Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned.) In this sense, blockchain is immune to the manipulation of data making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tampe Read this Term) since the release of the results in February 2017.
Finance Magnates recently covered ESMA’s MiFID implementation results, in which it concluded that CySEC CySEC The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision The Cyprus Securities and Exchange Commission (CySEC) is a financial regulatory authority of Cyprus. CySEC is one of the key watchdog authorities for brokerages in Europe, whose financial regulations and operations comply with the European MiFID financial harmonization law.Founded in 2001, CySEC is instrumental in providing licensing and registration for forex brokers and previously binary options providers.CySEC is responsible for a variety of different functions, which includes the supervision Read this Term had not been meeting regulatory standards.