This session will focus on discussing the policy approach that is needed for supporting digital developments in the financial sector and the changes that may be needed in the existing EU financial regulatory framework for facilitating digital innovation in the interest of consumers and market efficiency, which is one of the key priorities of the Digital Finance Strategy (DFS).
The panel will first identify the main changes brought by digitalisation that need considering from a policy perspective and the current regulatory obstacles to further digitalisation in the financial sector. Secondly, the panel will assess whether EU digital policies provide an appropriate policy approach for leveraging the opportunities associated with digitalisation in the financial sector and which changes may be needed in existing EU financial frameworks in this regard.
Points of discussion
- What are the main changes brought by digitalisation that may require adapting the financial framework? What are the main potential regulatory obstacles to the further digitalisation of the EU financial sector that need tackling?
- What is the policy approach needed for seizing the opportunities of digitalisation in the financial sector? Do existing and proposed EU digital policies (DFS, DLT pilot regime, EU horizontal digital frameworks) provide an adequate way forward in this regard? Which existing financial regulations may need adjusting to make them “fit for the digital age”? Are the timeframe and the action plan proposed by the Commission in the DFS for adapting the financial framework adequate?