nach oben

Erschienen in:

2023 | OriginalPaper | Buchkapitel

European Digital Finance

verfasst von : Janika Aben, Paula Etti

Erschienen in: Digital Development of the European Union

Verlag: Springer International Publishing

Einloggen

Aktivieren Sie unsere intelligente Suche, um passende Fachinhalte oder Patente zu finden.

search-config

KI-gestützte Suche

Aus

Abstract

The European Union policymakers are focused on establishing a well-suited environment for the digital future of Europe. As the future depends on input to the economy, and the circulation of capital, the digital era needs a new look at digital finance. For this reason, the top-down strategy, a Digital Finance Strategy, and the legislative proposals based on it are highlighted developments in the EU digital transformation. The hereby overview provides an insight into the preparatory legislative contribution in the field of digital finance and a more precise view of the EU’s efforts to frame the novel market of crypto-assets as well as to tame the risks deriving from the digital dependence, which is common to different participants of the financial market.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Springer Professional "Technik"

Online-Abonnement

Mit Springer Professional "Technik" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 390 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Maschinenbau + Werkstoffe

Jetzt Wissensvorsprung sichern!

Jetzt informieren

Vorheriges Kapitel Online Sale of Pharmaceuticals: Liberalization of EU Law in the Context of Transnational Criminal Law

Nächstes Kapitel Contract Lifecycle Management as a Catalyst for Digitalization in the European Union

FinTech is a term used to describe technology-enabled innovation in financial services that could result in new business models, applications, processes, or products and could have an associated material effect on financial markets and institutions and how financial services are provided (FSB, 2017).

As DORA and MICA are still in draft form, the legislative procedure is ongoing in Europe, although already in the stage of the provisional agreement of the co-legislators. Press release on DORA https://www.consilium.europa.eu/en/press/press-releases/2022/05/11/digital-finance-provisional-agreement-reached-on-dora/ and MICA https://www.consilium.europa.eu/en/press/press-releases/2022/06/30/digital-finance-agreement-reached-on-european-crypto-assets-regulation-mica/.

AMLD 6 package by European Commission: https://finance.ec.europa.eu/publications/anti-money-laundering-and-countering-financing-terrorism-legislative-package_en.

Directive 2014/65/EU of the European Parliament and of the Council of 15 May 2014 on markets in financial instruments and amending Directive 2002/92/EC and Directive 2011/61/EU (MIFID II). OJ L 173, 12.6.2014, (pp. 349–496), https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32014L0065&qid=1631173701341.

ESAs. (2021). Legislative proposal for a regulation on digital operational resilience for the financial sector. ESAs 2021 07, 9 February 2021, (online). [Accessed 31.08.2022]: https://www.eiopa.europa.eu/sites/default/files/publications/letters/esa-2021-07-letter_dora_oversight.pdf.

ESA. (2022). Joint European Supervisory Authority response, 2022 01 https://www.esma.europa.eu/sites/default/files/library/esa_2022_01_esa_final_report_on_digital_finance.pdf.

European Securities and Markets Authority. (2019). Advice. Initial coin offerings and crypto-assets, ESMA 50-157-1391 9.01.2019, (online). [Accessed 08.09.2022]: https://www.esma.europa.eu/sites/default/files/library/esma50-157-1391_crypto_advice.pdf.

European Securities and Markets Authority. (2022). ESMA report on trends, risks and vulnerabilities, no. 1, 2022, ESMA 50-165-2058 15.02.2022, (online). [Accessed 31.08.2022]: https://www.esma.europa.eu/press-news/esma-news/esma-warns-consumers-risk-significant-market-corrections.

ENISA. (2016). Review of cyber hygiene practices, December 2016, European Union Agency for Network and Information Security, ISBN 978-92-9204-219-6, Doi: https://doi.org/10.2824/352617, (online). [Accessed 30.08.2022]: https://www.enisa.europa.eu/publications#c3=2012&c3=2022&c3=false&c5=publicationDate&reversed=on&b_start=0.

European Commission. (2017). Consultation document. Fintech: A more competitive and innovative European financial sector. https://ec.europa.eu/info/sites/default/files/2017-fintech-consultation-document_en_0.pdf.

European Commission. (2018). Communication from the Commission, FinTech Action plan: For a more competitive and innovative European financial sector, COM/2018/0109 final. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52018DC0109.

European Commission. (2020a). Financial Stability, Financial Services and Capital Markets Union, European Commission, Communication on Digital Finance Package, 24.09.2020, https://ec.europa.eu/info/publications/200924-digital-finance-proposals_en.

European Commission. (2020b). Communication from the Commission, A Capital Markets Union for people and businesses-new action plan, COM/2020/590 final. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=COM:2020:590:FIN.

European Commission. (2020c). Communication from the Commission, on a Digital Finance Strategy for the EU, COM/2020/591 final. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020DC0591.

European Commission. (2020d). Communication from the Commission, on a Retail Payments Strategy for the EU, COM/2020/592 final. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020DC0592.

European Commission. (2020e). Proposal for a Regulation of the European Parliament and of the Council on Markets in Crypto-assets, and amending Directive (EU) 2019/1937, COM/2020/593 final, (MICA) https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020PC0593&qid=1631004470482.

European Commission. (2020f). Proposal for a Regulation of the European Parliament and of the Council on a Pilot Regime for market infrastructures based on distributed ledger technology, COM/2020/594 final, https://data.consilium.europa.eu/doc/document/ST-11055-2020-INIT/EN/pdf.

European Commission. (2020g). Proposal for a Regulation of the European Parliament and of the Council on digital operational resilience for the financial sector and amending Regulations (EC) No 1060/2009, (EU) No 648/2012, (EU) No 600/2014 and (EU) No 909/2014, COM/2020/595 final, (DORA) https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020PC0595&qid=1631004876985.

European Commission. (2020h). Proposal for a Directive of the European Parliament and of the Council amending Directives 2006/43/EC, 2009/65/EC, 2009/138/EU, 2011/61/EU, EU/2013/36, 2014/65/EU, (EU) 2015/2366 and EU/2016/2341, COM/2020/596 final, https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A52020PC0596.

European Commission. (2021). Request to EBA, EIOPA and ESMA for technical advice on digital finance and related issues, 02.02.2021. https://ec.europa.eu/info/sites/default/files/business_economy_euro/banking_and_finance/documents/210202-call-advice-esas-digital-finance_en.pdf.

European Commission. (2022). Disclosure, inducements, and suitability rules for retail investors study. Final report, ISBN 978-92-76-53660-4 Doi: https://doi.org/10.2874/647061, (online). [Accessed 31.08.2022]: https://www.ceps.eu/download/publication/?id=37186&pdf=sEV0922286ENN.en_.pdf.

Financial Stability Board (FSB) and Bank for International Settlements (BIS) Committee on the Global Financial System (CGFS) report “FinTech credit. Market structure, business models and financial stability implications”, 22 May 2017., https://www.fsb.org/wp-content/uploads/CGFS-FSB-Report-on-FinTech-Credit.pdf.

International Criminal Police Organization, Cybercrime: Covid-19 Impact. (2020). (Online). [Accessed 30.08.2022]: https://www.interpol.int/News-and-Events/News/2020/INTERPOL-report-shows-alarming-rate-of-cyberattacks-during-COVID-19.

Laidroo, L., Tamre, A., Kukk, M.-L., Tasa, E., Avarmaa, M. (2021). In cooperation with finance Estonia, FinTech report Estonia, https://doi.org/10.13140/RG.2.2.34303.74408. Affiliation: Tallinn University of Technology (2021). [Accessed: 03.09.2022]: http://financeestonia.eu/wp-content/uploads/2021/06/FinTech-report-2021-final.pdf.

Regulation (EU) 2020/1503 of the European Parliament and of the Council of 7 October 2020 on European crowdfunding service providers for business, and amending Regulation (EU) 2017/1129 and Directive (EU) 2019/1937 (ECSPR). OJ L 347, 20.10.2020, (pp. 1–49). https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32020R1503&qid=1631014625091.

The Organisation for Economic Co-operation and Development. (2019). Measuring the digital transformation: A roadmap for the future. OECD Publishing. https://doi.org/10.1787/9789264311992-en. [Accessed 30.08.2022]: https://www.oecd-ilibrary.org/science-and-technology/measuring-the-digital-transformation_9789264311992-enCrossRef

Abidi, N. & Miquel-Flores, I. (April 22, 2022). Too Tech to Fail?. European Banking Institute Working Paper Series 2022—no. 124, Available at SSRN: https://ssrn.com/abstract=4149787 or https://doi.org/10.2139/ssrn.4149787.

Ahern, D. M. Regulatory Friction and Regulatory Transition as FinTech Disenablers: Calibrating an EU Response to the Regulatory Sandbox Phenomenon (September 22, 2021). European Banking Institute Working Paper Series 2021—no. 102, Available at SSRN: https://ssrn.com/abstract=3928615 or https://doi.org/10.2139/ssrn.3928615.

Aldasoro, I., Frost, J., Gambacorta, L., & Whyte, D. Covid-19 and cyber risk in the financial sector, BIS Bulletin no 37 (14.01.2021), (online). [Accessed on 28.09.2021]: https://www.bis.org/publ/bisbull37.pdf.

Arner, D. W., Buckley, R. P., Charamba, K., Sergeev, A., & Zetzsche, D. A. Governing FinTech 4.0: BigTech, Platform Finance and Sustainable Development (September 1, 2021). Forthcoming Vol XXVII of the Fordham Journal of Corporate & Financial Law, UNSW Law Research Paper No. 21–57, University of Hong Kong Faculty of Law Research Paper No. 2021/043, Available at SSRN: https://ssrn.com/abstract=3915275 or https://doi.org/10.2139/ssrn.3915275.

European Banking Federation (EBF). (2021, Jun 6). European Commission’s proposal for a revised Directive on Security of Network and Information Systems (NIS2): EBF key messages, 17.06.2021, (online). [Accessed 08.09.2022]: https://www.ebf.eu/innovation-cybersecurity/proposal-for-a-revised-directive-onsecurity-of-network-and-information-systems-nis2-ebf-key-messages/

Hamulák, O. (2018). La carta de los derechos fundamentales de la union europea y los derechos sociales. Estudios constitucionales, 16(1), 167–186.CrossRef

van Gestel, R., Micklitz, H.-W., & Maduro, L. M. P. P. Methodology in the New Legal World (May 1, 2012). EUI Working Papers LAW No. 2012/13, Available at SSRN: https://ssrn.com/abstract=2069872 or https://doi.org/10.2139/ssrn.2069872.

He, C., Llewellyn, D. T., & Milne, A. K. L. Financial Technologies and Financial Regulation (May 12, 2022). European Banking Institute Working Paper Series 2022—no. 123, Available at SSRN: https://ssrn.com/abstract=4112406 or https://doi.org/10.2139/ssrn.4112406.

Kerikmae, T., & Troitiño, D. R. (2021). El mercado digital europeo y los acuerdos comerciales con Iberoamérica: Problemas y oportunidades de seguridad. In La integración europea e iberoamericana II: Las relaciones de la Unión Europea (UE) y el Mercado Común del Sur (MERCOSUR) con el Sistema de Integración Centroamericano (SICA) (pp. 139–155). Thomson Reuters Aranzadi.

Lannoo, K. Regulating crypto and cyberware in the EU, European Capital Markets Institute Policy Brief no 31 | September 2021., Available at https://www.ecmi.eu/sites/default/files/ecmi_pb_no_31_kl_regulating_crypto_and_cyberware_in_the_eu.pdf.

Lehmann, M. National Blockchain Laws as a Threat to Capital Markets Integration (June 7, 2021). European Banking Institute Working Paper Series 2021—no. 95, Available at SSRN: https://ssrn.com/abstract=3861519 or https://doi.org/10.2139/ssrn.3861519.

McNulty, D., Miglionico, A., & Milne, A. K. L. Technology and the ‘New Governance’ Techniques of Financial Regulation (March 10, 2022). European Banking Institute Working Paper Series 2022—no. 118, Available at SSRN: https://ssrn.com/abstract=4054300 or https://doi.org/10.2139/ssrn.4054300.

Troitiño, D. R., & Kerikmäe, T. (2021). Europe facing the digital challenge: Obstacles and solutions. IDP: revista d'Internet, dret i política, (34), 1–3.

Zetzsche, D. A., Annunziata, F., Annunziata, F., Arner, D. W., Buckley, R. P. The Markets in Crypto-Assets Regulation (MICA) and the EU Digital Finance Strategy (November 5, 2020). European Banking Institute Working Paper Series No. 2020/77, University of Luxembourg Law Working Paper Series No. 2020-018, University of Hong Kong Faculty of Law Research Paper No. 2020/059, Available at SSRN: https://ssrn.com/abstract=3725395 or https://doi.org/10.2139/ssrn.3725395.

Titel: European Digital Finance
verfasst von: Janika Aben
Paula Etti
Verlag: Springer International Publishing
Buch: Digital Development of the European Union
Print ISBN: 978-3-031-27311-7

Electronic ISBN: 978-3-031-27312-4

Copyright-Jahr: 2023
DOI: https://doi.org/10.1007/978-3-031-27312-4_5

Springer Professional

Abstract

Bitte loggen Sie sich ein, um Zugang zu Ihrer Lizenz zu erhalten.

Sie haben noch keine Lizenz? Dann Informieren Sie sich jetzt über unsere Produkte:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Springer Professional "Technik"

Premium Partner