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European regulation update: fintech and blockchain
European regulation update: fintech and blockchain
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European regulation update: fintech and blockchain

28/04/2017

Focus on the latest European regulatory developments

On 23 March 2017, the European Commission (EC) launched a consultation on technology and its impact on the European financial services sector as part of its consumer financial services action plan. The consultation aims to gather information on the impact of innovative technology on the financial sector to aid the EU Commission in developing its policy approach and to help assess whether the regulatory and supervisory framework fosters technological innovation. The EC is consulting on the opportunities and challenges relating to its key fintech policy objectives, including:

  • Fostering access to financial services for consumers and businesses
  • Bringing down operational costs and increasing efficiency for the industry
  • Making the single market more competitive by lowering barriers to entry
  • Balancing greater data sharing and transparency with data security and protection needs.

Comments are due by 15 June 2017.

 

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On the same day, the French Treasury launched a public consultation on Blockchain Ordonnance applicable to certain Financial Securities. Article 120 of Law 2016-1691 of 9 Dec 2016 (Sapin 2) on Transparency, Anti-Corruption and Modernization of Economic Life empowers the Government to reform the Law applicable to financial securities by 9 Dec 2017. Main objective is to permit the representation and transmission by means of a distributed electronic ledger (DLT) of financial securities which are not admitted to the operations of a CSD or SSS for financial instruments. The purpose of this consultation is to gather all the views of interested stakeholders on the perimeter, principles and level of regulation to be adopted in the context of this reform. Comments are due by 19 May 2017

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