On 3 April 2020, the EC launched two consultations:
Both consultations are open for comments until 26 June 2020.
Consultation on DFS / fintech
In the Commission's own words:
"It is crucial that Europe grasps all the potential of digital age across the economy, including in the financial sector.
As set out in the Commission work programme, given the broad and fundamental nature of the challenges ahead for the financial sector, the Commission will propose in Q3 2020 a new digital finance strategy / FinTech action plan that sets out a number of areas that public policy should focus on in the coming five years.
This new strategy will build on the work carried out during the previous mandate, in particular in the context of the FinTech action plan. It will take into consideration all the recent market and technological developments that are likely to impact the financial sector in the near future.
Responses to this consultation will inform forthcoming work on a digital finance strategy / FinTech action plan."
This consultation is structured in three sections:
The consultation seeks to avoid duplications with two other consultations that the EC launched on 19 December 2019 on "an EU framework for markets in crypto-assets" available here and on "Digital Operational Resilience Framework for financial services: making the EU financial sector more secure" available here.
In addition to the new DFS/fintech action plan that the EC announced for Q3 2020, the EC indicated that we may also expect new policies and strategies on:
Consultation on retail payments
Again, in the EC's own words:
"Digitalisation and new technologies have prompted the emergence of innovative payments, but Europeans are not fully benefitting, as faster, more innovative payments remain domestic, or are not yet available on a large or European scale. In the face of this and the challenges brought by big techs, Europe needs a strategic vision to ensure that consumers and companies fully reap the benefits of an integrated market, offering secure, fast, convenient, accessible and affordable payment services.
This public consultation … is a key step towards the adoption of a retail payments strategy for Europe.
The outcome of this public consultation will help the Commission prepare its retail payments strategy to be published in Q3 of 2020."
The questionnaire is focused on four key objectives:
As mentioned above, the outcome of this consultation will help the Commission prepare for its RPS, to be published in Q3 2020.
Should you have any questions about the above, please do not hesitate to contact one of the members of the Bird & Bird global payments team.
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