European Banking Authority (EBA) launches report on regulatory approaches for FinTech
One of EBA’s main responsibilities as outlined within the Commission’s FinTech Action Plan refers to monitoring the regulatory perimeter of national CAs (Competent Authorities) under its remit. This exercise was performed by addressing CAs specific questions, covering the period between 1st September 2017 and 22nd March 2019.
This report was issued as a result of the 2017 FinTech Discussion Paper outcomes, which underlines the fact that the majority of FinTech firms (31%) are not subject to any regulatory regime. Moreover, only 5% are subject to authorization under national law, and only 9% are subject to national registration requirements.
This article provides further insight on key findings of the analysis of regulatory status and whether the innovative business models of FinTech firms pose challenges towards the current EU regulatory framework (CRD IV, PSD2 and EMD2).