Tag Archives: European Union

A New Vision for Europe’s Capital Markets

 – Final Report of the High Level Forum on the Capital Markets Union – I. Capital Markets Union The Capital Markets Union seeks to remove regulatory and non-regulatory obstacles to the free movement of capital across borders, thus creating new opportunities across the Single Market for businesses, savers and investors and increasing the financial and … Continue Reading

European Union Takes Step Toward Cohesive Global Regulatory Framework for Central Counterparties

On June 11, the European Commission (the “EC”) opened for feedback a trio of draft delegated acts that, if adopted, would constitute a major step toward cohesive global regulation of international securities and derivatives markets.  Specifically, the delegated acts (see here, here, and here) would allow certain central counterparties in non-EU Member States (“third-country CCPs”) … Continue Reading

Federal Financial Supervisory Authority Publishes English Version of Guidance on Outsourcing to Cloud Service Providers

In November 2018 the Federal Financial Supervisory Authority (“Bundesanstalt für Finanzdienstleistungsaufsicht”, “BaFin”) and Deutsche Bundesbank published a guidance on outsourcing of services to cloud service providers (“Guidance on Cloud Services”). According to BaFin and Deutsche Bundesbank the Guidance on Cloud Services has not stipulated any new requirements, but has condensed the already existing general requirements … Continue Reading

ESA Report Outlines Strategies on Facilitating Cross-Border EU Fintech Innovation

In a joint report (the “Report”) published on 7 January 2019, the EU’s three financial industry watchdogs considered the need for potential strategies to help coordinate and promote innovation in the EU fintech space. The Report by the European Securities and Markets Authority (“ESMA”), European Banking Agency (“EBA”) and European Insurance and Occupational Pensions Authority … Continue Reading

The European Parliament publishes a study on financial technology and competition law

On July 9, 2018, the Economic Affairs Committee of the European Parliament (the “EP”) published a study identifying potential competition law concerns in the financial technology (“FinTech”) sector (the “Study”). This Study follows the Consumer Financial Services Action Plan launched by the European Commission in March 2017, which aimed to promote greater choice and better access to financial services … Continue Reading

European Data Protection Board Provides Clarification On PSD2

In response to questions from a Member of the European Parliament, the European Data Protection Board (EDPB) has provided much needed clarification on the overlap between the General Data Protection Regulation (GDPR) and the EU Payment Services Directive (PSD2) in an open letter.  As we identified in a previous blog post on this topic, the … Continue Reading

The GDPR and Blockchain

Blockchain technology has the potential to revolutionise many industries; it has been said that “blockchain will do to the financial system what the internet did to media”.  Its most famous use is its role as the architecture of the cryptocurrency Bitcoin, however it has many other potential uses in the financial sector, for instance in … Continue Reading
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