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
further distribution are under the sole responsibility of community members.
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