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Is EU regulation fit for new financial technologies?

Technology is transforming the financial sector. As the world's largest user of IT products and services, finance stands to benefit from new generations of processing, storage, mobile and authentication technologies as well as social networks, artificial intelligence or distributed systems.  New business models are emerging that could help turn our single financial services market into a practical reality – one where the relationship between customers and suppliers is no longer restricted by physical distance or even linguistic differences. This raises important policy and regulatory questions for EU financial services policy. In organising this conference, the Commission hopes to feed into the debate on whether the EU is ready for this digital transformation and identify which specific measures and overall approach will contribute to creating a vibrant EU technology enabled finance sector.

 
1: How is technology transforming finance?

Which technologies are driving the financial technology revolution? Cloud computing, distributed ledgers, artificial intelligence, automated services, big data analytics, social platform based finance… are they really changing the game for the financial sector? And if so, how? Which opportunities - and risks - do they present for market participants, both those that are long established as well as others trying to break into the market as alternative providers? Last but not least, how should regulators react to, and anticipate, those changes in order to make the EU as fintech-friendly as possible?

2: Regulatory and supervisory innovation
Is the current policy and regulatory framework for a technology-driven financial marketplace the right one?  How can we ensure that EU regulation and supervision support innovation, while preserving financial stability and guaranteeing fair markets that serve investor and consumer interests? Is the EU an environment in which a technology enabled and empowered marketplace can thrive?

3: Security
Trust and confidence are the bedrocks of finance. Financial services are, in essence, a promise. Trust and confidence require security. Assurances that the data held by financial institutions are safe, that the integrity of data and assets is preserved and that the availability of assets and infrastructures is guaranteed. The value of the data and assets held by the financial sector make it a primary target for attacks. How is the financial sector performing on cybersecurity? What are the challenges and what practical and concrete steps can the EU take to contribute to preserving cybersecurity in the financial sector?

Besides presentations and panel discussions with recognise experts, the conference left room for questions and input from participants. The conference was held in English.


Practical information

When
23 March 2017, 8.45 - 17.00 (CET)
Where
Rue de la Loi, 170, Charlemagne building, Room Alcide de Gasperi, 1040 Brussels, Belgium