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Brussels, 20 January 2020
WK 570/2020 INIT
LIMITE
EF
ECOFIN
FSC
WORKING PAPER
This is a paper intended for a specific community of recipients. Handling and
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WORKING DOCUMENT
From:
General Secretariat of the Council
To:
Financial Services Committee
Subject:
FSC meeting on 22 January 2020
Item 2: FinTech/Digital Finance Strategy and cyber risks, including crypto assets
and digital operational resilience
- Presentation by the Commission's DG FISMA
WK 570/2020 INIT
LIMITE
EN



Digital 
Finance
Presentation at 
the FSC 
22 January
Jan Ceyssens, DG FISMA



Background
• Key priority for von der Leyen Commission: 
“Making Europe fit for the Digital Age”
• EVP Dombrovskis was tasked to “put forward a 
FinTech Strategy to support new digital 
technologies in our financial system”


State of play
• Almost two years after the Commission adopted 
the Fintech Action Plan in 2018, the actions set 
out in it have largely been implemented.
• ROFIEG report published in December
• Since adoption of the Action Plan, new challenges 
have arisen


Work towards Digital Finance 
Strategy (1)
• Making sure the EU remains among the leading
jurisdictions in the digital development of the 
financial sector, while addressing related risks.
• Supporting key EU financial services policies (eg
CMU, sustainable finance, international role of the 
Euro).
• Work across different files, units and 
departments within the Commission.
• Broad and upfront stakeholder consultations and 
outreach.


Work towards Digital Finance 
Strategy (2)
• Key areas of reflection
• Deepening the Single Market for digital financial 
services, 
• Promoting a data-driven financial sector in the EU while 
addressing its risks and ensuring a true level playing 
field, 
• Making the EU financial services regulatory framework 
more innovation-friendly, and 
• Enhancing the digital operational resilience of the 
financial system.


Legislative work: crypto  assets
• Consultation launched, open until 19 March.
• Basis: ESAs advice on crypto assets;  
Council/COM statement on stablecoins; int work.
• Broad scope & proportionate approach
commensurate to risk.
• Crypto assets covered by existing legislation:
• Need for adjustment to ensure legal clarity and make
legislation work?
• Crypto assets not covered by existing legislation: 
• New framework? 


Legislative work: digital operational
resilience
• Consultation launched, open until 19 March
• Basis: ESAs advice; int. work.
• Four areas of consultation, based on ESAs:
• ICT requirements
• Incident reporting
• Testing
• Third party providers
• Close work with DG CNECT (interaction with NIS 
Directive, cloud service providers).


Thank you!

Document Outline