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www.era.int
Banking, Financial Markets
and Company Law
european.law
FinTech: Challenges
for Regulators and
Legal Professionals
London, 15-16 March 2018
Speakers Jonathan Fisher QC, Visiting Professor, LSE; Partner, Bright Line
Law, London Thomas Frick, Partner, Niederer Kraft & Frey AG, Zurich
Misa Labarille, Policy Officer, Directorate-General for Financial
Stability, Financial Services and Capital Markets Union, European Commission, Brussels Marc Pussar, Rechtsanwalt and Senior Manager, Legal Financial
Services, KPMG Law, Frankfurt Maria Gracia Rubio de Casas, Founder, Rubio de Casas, Madrid
Key topics
Systemic stability in a FinTech environment
The European Banking Authority’s conclusions for the way forward
FinTech and consumer protection
Language English Event number 218DP51 Organiser ERA (Maria Todorof) in cooperation with the European Banking Authority
With the support of the Erasmus+
programme of the European Union
FinTech: Challenges for Regulators and Legal Professionals
Thursday, 15 March 2018
8:45 Arrival and registration of participants 9:15 Opening of the seminar: welcome and overview ERA/EBA 9:25 Overview of the EBA Discussion Paper on FinTech: preliminary conclusions
and next steps EBA
I. RISKS AND OPPORTUNITIES FOR FINTECH FIRMS, CREDIT INSTITUTIONS, PAYMENT INSTITUTIONS AND ELECTRONIC MONEY INSTITUTIONS
9:45 Regulatory treatment and regulatory status of FinTech firms
Is a level playing field possible across the EU?
Staying outside regulatory grasp: what are the risks to consumer protection and financial stability?
Is it viable or necessary to level the playing field in sandboxing/innovation hub approaches?
EBA/Misa Labarille 10:30 Discussion 10:45 Coffee break 11:15 Potential and current risks to credit, payment and e-money institutions
arising from FinTech and the impact on their business models
Overall operational risk: managing the compliance, fraud and cybersecurity risk related to FinTech
Moving towards harmonisation of supervisory practices in respect to cybersecurity risk
Managing business risk, competition pressure and solvency risk: is there a potential for systemic contagion?
EBA guidance on risk control management and regulatory compliance (e.g. cloud services, ICT security, availability and continuity risks)
The proposed way forward EBA 12:15 Discussion 12:30 Lunch
II. CONSUMER PROTECTION IN THE FINTECH CONTEXT
14:00 FinTech jargon explained:
What to understand by FinTech, Robo Advice, Artificial Intelligence / Big Data and Distributed Ledger Technology?
What are alternative payment services (e.g. bitcoin)?
Virtual and digital currencies: definitions Marc Pussar
14:45 Discussion 15:00 Are consumers adequately protected in the new environment?
Brief analysis of the potential benefits and risks linked to the use of virtual currencies, crowdfunding, automated (robo-) advice and innovative uses of consumer data: EBA input to date and proposed next steps
Problem areas: how to achieve regulatory and supervisory convergence in the post-FinTech environment
Clarification of consumers’ rights in a non-regulated or under-regulated environment and in a cross-border context
EBA 15:45 Discussion
Objective
To introduce participants to the regulatory challenges presented by FinTech.
Who should attend?
National supervisors, banking lawyers, consumer protection lawyers, compliance officers
You will learn…
About FinTech’s implications for systemic stability
About potential risks and opportunities to credit and payment institutions generated by FinTech
About consumer protection issues related to FinTech
How the EU approaches virtual currencies
How the new legislative developments in the EU link to FinTech
To understand the FinTech jargon
Venue
European Banking Authority (EBA) One Canada Square (Floor 46) Canary Wharf London E14 5AA
Your contact persons
Maria Todorof Course Director E-Mail: [email protected]
Nathalie Dessert Assistant E-Mail: [email protected]
16:00 Coffee break 16:30 Issues with virtual and digital currencies: a closer look
EBA input: bringing virtual currencies into the scope of the AML regime
Trends to watch in the virtual currencies space: Initial Coin Offerings EBA/Thomas Frick/Maria Gracia Rubio de Casas 17:15 Discussion 17:30 End of first seminar day 18:00 Drinks reception
Friday, 16 March 2018
III. THE IMPACT OF FINTECH ON THE RESOLUTION AND AML REGIMES
09:00 The impact of FinTech on the resolution of financial firms
The possible direct and indirect impact of FinTech on the resolvability of credit institutions
Potential resolution implications of instant payments
Deposit runs: FinTech impacting consumers’ behaviour in times of crisis
How can resolution powers be applied to Blockchain and business-to-business platforms?
EBA 09:45 Discussion 10:00 The impact of FinTech on AML
Will the lack of designation under the AMLD regime lead to competition failures, money laundering incidents and/or regulatory arbitrage?
Clarifying the concepts of freedom to provide services and right of establishment in the FinTech and AML/CFT context: regulatory compliance at national level
The proposed way forward Jonathan Fisher 10:45 Coffee break 11:15 Innovative payment methods: aspects debated under PSD2
Regulation of third-party payment providers
The new requirements on strong customer authentication
Bank-TTP communication: new challenges Maria Gracia Rubio de Casas 12:00 The mandates conferred on the EBA by the PSD2: guidelines and
Regulatory Technical Standards EBA
12:30 Discussion and closing of the event
For programme updates: www.era.int
Programme may be subject to amendment.
CPD
ERA’s programmes meet the standard requirements for recognition as Continuing Professional Development (CPD). This event corresponds to 9 CPD hours.
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e-Learning
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www.era.int/elearning
Registration
FinTech: Challenges for Regulators and Legal Professionals
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