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EBA Discussion Paper on Financial Technology (FinTech) Summary

Overview

The European Banking Authority (EBA) published a Discussion Paper (DP) on its approach to financial technology (FinTech) on 4 August 2017. The consultation period closed on 6 November 2017, allowing stakeholders to provide feedback. The DP aims to enhance consumer protection, promote consistent regulation, and ensure the integrity and efficiency of financial markets in the context of FinTech's rapid growth.

Background

The EBA's regulatory responsibilities are defined by EU directives and regulations, including the Capital Requirements Directive and Regulation (CRD/CRR), the Payment Accounts Directive (PAD), the Electronic Money Directive (EMD), and the Anti-Money Laundering Directive (AMLD). The EBA is tasked with monitoring financial innovations and preventing regulatory arbitrage.

In December 2016, the EBA initiated a FinTech mapping exercise to assess the impact of FinTech on financial services. This included a detailed survey of FinTech firms across EU and EEA member states, focusing on their financial services, innovations, regulatory status, and challenges.

Mapping Data: Methodological Approach and Key Outputs

• The FinTech mapping survey aimed to identify firms using technologically enabled financial innovations.
• 24 responses were received (22 from EU Member States and 2 from EEA States).
• A total of 282 FinTech firms were reported, with a wide range of services, primarily in payments.
• The regulatory status of these firms was diverse, with 31% unregulated, 18% as payment institutions under PSD, 11% as investment firms under MiFID, and 9% under national registration regimes or CRD.

FinTech Policy Approaches

FinTech policy approaches across the EU vary. Some countries have introduced regulatory sandboxes and innovation hubs, while others have not. This diversity indicates a need for further alignment and harmonisation in regulatory frameworks.

Priority Policy Areas

The EBA identified six priority areas for analysis in 2017/2018:

1. Authorisation and Registration Regimes: Including sandboxing and innovation hub approaches.
2. Prudential Risks and Opportunities: For credit institutions (CIs), payment institutions (PIs), and electronic money institutions (EMIs).
3. Impact on Business Models: Of CIs, PIs, and EMIs due to FinTech competition.
4. Consumer Protection and Retail Conduct of Business: Addressing issues related to FinTech services.
5. Impact on Resolution: Of financial firms, especially in the context of new technologies.
6. AML/CFT Compliance: Ensuring a harmonised approach across the EU.

Key Issues and Next Steps

1. Authorisations

• FinTech services may challenge existing regulatory frameworks.
• The EBA seeks to ensure clarity and consistency in authorisation and registration regimes.

2. Prudential Risks and Opportunities

• FinTech innovations could alter risk profiles and business models of traditional financial institutions.
• The EBA plans to provide guidance to supervisors on assessing prudential risks and opportunities.

3. Impact on Business Models

• Increased competition from FinTech may force traditional institutions to adapt.
• The EBA will continue to monitor and analyze these impacts, including the evolution of relationships between incumbents and new players.

4. Consumer Protection and Conduct of Business

• The EBA is focused on ensuring that FinTech services meet high standards of consumer protection and transparency.

5. Resolution

• The EBA will examine how FinTech interacts with credit institutions and its implications for resolution processes and planning.

6. AML/CFT

• There is a lack of harmonisation in how FinTech solutions are applied in AML/CFT compliance.
• The EBA, in collaboration with ESMA and EIOPA, will draft an opinion to promote a more consistent approach across the EU.

Consultation Questions

The DP includes specific questions for stakeholders to comment on the relevance and completeness of the EBA's identified issues and proposed ways forward in each of the six priority areas.

Next Steps

• The EBA will finalize its analysis and provide guidance to supervisors.
• It will update relevant guidelines and ensure alignment with the Financial Action Task Force (FATF) approach.
• Comments can be submitted via the EBA's consultation page: https://www.eba.europa.eu/regulation-and-policy/other-topics/approach-to-financial-technology-fintech-/-/regulatory-activity/discussion-paper

Contact Information

• European Banking Authority
  Floor 46, One Canada Square, London E14 5AA
  Tel: +44 207 382 1776
  Fax: +44 207 382 1771
  E-mail: info@eba.europa.eu
  Website: http://www.eba.europa.eu