EBA欧洲银行-EBA-BS-2018-053-28Draft-Minutes-BoS_BSG-meeting-18-April-201829_3页_160kb

EBA BS 2018 053 Joint Meeting Summary

Core Content

The Joint Meeting of the Board of Supervisors (BoS) and the Board of Stakeholders (BSG) took place on 18 April 2018, from 9:00 to 12:00. It was the last joint meeting of the current BSG, and the main topic discussed was FinTech. The meeting aimed to align the perspectives of regulators and stakeholders on the challenges and opportunities posed by the financial technology sector, with a focus on regulatory frameworks, innovation, consumer protection, and competition.

Main Viewpoints

1. Welcome and Agenda Approval

• The EBA and BSG Chairpersons welcomed the members.
• The EBA Chairperson emphasized the importance of the last joint meeting and thanked BSG members for their contributions.
• The only agenda item was the discussion on FinTech, with the CEO of Fintech4Europe as an external presenter.

2. Report on BSG Activities

• The BSG Chairperson provided an update on recent activities, including the joint letter with EIOPA and ESMA regarding the ESA's review.
• The EBA Chairperson reminded BSG members about the upcoming renewal process and encouraged eligible members to apply.
• He also highlighted the importance of their support for the Call for Advice from the Commission.

3. Discussion on FinTech

3.1 EBA's FinTech Roadmap

• The EBA Director presented the FinTech Roadmap, published in March 2018, outlining priorities for 2018/2019 and an indicative timeline.
• The EBA is establishing a FinTech Knowledge Hub, primarily virtual, to promote knowledge sharing and a technologically neutral approach to new technologies in finance.

3.2 Fintech4Europe's Perspective

• The CEO of Fintech4Europe outlined the growth of FinTech companies by customer segments and products.
• He emphasized the disruptive nature of FinTech and its customer benefits, while noting the challenges of scalability.
• He stressed the need for an ambitious EU FinTech agenda to avoid falling behind the US and Asia in FinTech adoption and funding.

3.3 Regulatory Approaches

• Licensing: A pan-European approach is needed to facilitate new entrants and the adoption of FinTech.
• Sandboxing and Innovation Hubs: These mechanisms were discussed as tools to support innovation and regulatory dialogue. However, there was divergent opinion on the need for harmonization.
• Consumer Protection and AML/CFT: The importance of harmonizing consumer protection and AML/CFT rules was highlighted, with a call for proportionality and less formalistic compliance.

3.4 Competition and Consumer Choice

• A BSG Member emphasized the importance of competition in allowing consumers to benefit from better services.
• However, concerns were raised about platform-based access potentially limiting choice.
• The BoS Vice-Chair acknowledged the need for transparency and proportionality in regulation, without overstepping into promoting competition.

3.5 Risks and Challenges

• Several members highlighted risks associated with FinTech, particularly in AML and CFT.
• There were concerns about data decentralization and the visibility of risk in bank-Fintech partnerships.
• The BSG Chairperson noted the challenges of implementing 'same risk, same treatment' and the connection to shadow banking.

Key Information

• EBA's FinTech Roadmap outlines priorities for 2018/2019 and includes a virtual knowledge hub.
• Fintech4Europe highlights the growth and disruption of FinTech and the need for an EU-wide strategy.
• Regulatory sandboxes and innovation hubs were discussed as key tools, with innovation hubs being more widely supported.
• Consumer protection and AML/CFT are central to the regulatory discussion, with a focus on proportionality.
• Competition and data transparency are seen as important for consumer benefit, but regulatory mandates are primarily aimed at consumer protection.
• The challenge of harmonization across the EU remains significant, especially in the context of cross-border services and risk management.

Conclusion

The meeting underscored the importance of FinTech in reshaping the financial sector and the need for a balanced regulatory approach that fosters innovation while ensuring consumer protection and risk management. It highlighted the divergence in opinions between BSG and BoS members on the role of sandboxes and the importance of coordination across the EU to support the digital transformation of financial services.