On Friday 4 August, the European Banking Authority (EBA) launched a consultation on the approach it plans to adopt for its future work on financial technologies - an approach that will be based on the impact of 'FinTech'' on the financial markets as well as on its supervision and regulation.
The working document that is the subject of the consultation sets out the results of the first mapping exercise carried out at EU level, which was launched by the EBA in spring 2017. 22 member states and 2 states of the EEA participated in the exercise alongside 282 'FinTech' companies, which agreed to provide detailed information on their activities.
On the basis of this exercise, the EBA has identified six areas for its future work: - authorisation regimes and 'sandboxing' (the use of information security mechanisms to diminish the risks to an operating system when implementing a software); - consumer protection; - the impact of FinTech on prudential and operational risks to banks, electronic currency institutions and payment establishments; - the impact on the commercial models of these institutions; - the impact on the resolution of financial companies; - the impact on the fight against money laundering and the financing of terrorism.
A public hearing will furthermore be held at the EBA headquarters on 4 October of this year. All interested parties are invited to submit their written comments online by 6 November using the following address: http://bit.ly/2velrAK. (Original version in French by Marion Fontana)