{"id":5248,"date":"2017-09-23T12:14:26","date_gmt":"2017-09-23T12:14:26","guid":{"rendered":"https:\/\/insights.invyo.io\/europe\/?p=5248"},"modified":"2019-04-12T17:14:02","modified_gmt":"2019-04-12T17:14:02","slug":"the-eba-says-31-of-fintech-in-europe-are-not-regulated","status":"publish","type":"post","link":"https:\/\/insights.invyo.io\/europe\/industries\/finance\/regtech\/the-eba-says-31-of-fintech-in-europe-are-not-regulated\/","title":{"rendered":"The EBA says 31% of FinTech in Europe are not regulated"},"content":{"rendered":"<div class=\"entradilla \">\n<p><strong>In the spring of 2017, the European Banking Authority (EBA) began its first attempt to create a map of fintech players in Europe in order to better understand the regulatory framework of the sector.<\/strong><\/p>\n<p>The results were published in this <a href=\"http:\/\/www.eba.europa.eu\/documents\/10180\/1919160\/EBA+Discussion+Paper+on+Fintech+%28EBA-DP-2017-02%29.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" class=\"broken_link\"><strong>Discussion Paper<\/strong><\/a>. The EBA found that there are more than <strong>1,500 fintech companies in the European Union<\/strong>. They have detailed information about 282 of these, and <strong>31% are not subject to any sort of regulation<\/strong>.<\/p>\n<\/div>\n<p><a href=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2017\/09\/Techfoliance_fintech-regulation-in-europe_the-eba.png\"><img decoding=\"async\" loading=\"lazy\" class=\"alignleft wp-image-5249 \" src=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2017\/09\/Techfoliance_fintech-regulation-in-europe_the-eba-300x205.png\" alt=\"\" width=\"382\" height=\"261\" srcset=\"https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2017\/09\/Techfoliance_fintech-regulation-in-europe_the-eba-300x205.png 300w, https:\/\/insights.invyo.io\/europe\/wp-content\/uploads\/2017\/09\/Techfoliance_fintech-regulation-in-europe_the-eba.png 627w\" sizes=\"(max-width: 382px) 100vw, 382px\" \/><\/a>The EBA predicts that investments in fintech will increase in the coming years, as\u00a0<strong>regulatory changes in the EU are expected to facilitate the sector\u00b4s development<\/strong>. Some of these changes include the payment directive\u00a0<a href=\"https:\/\/www.bbva.com\/en\/psd2-access-customer-data-spotlight\/\" target=\"_blank\" rel=\"noopener noreferrer\">PSD2<\/a>\u00a0and the introduction of policies for regulatory sandboxes in several countries.<\/p>\n<p>The EBA highlights that <strong>18% of companies are payment institutions<\/strong>\u00a0regulated by the current payment directive, PSD, and <strong>11% are investment companies<\/strong> under the <strong>MiFID<\/strong> (Markets in Financial Instruments Directive). However,\u00a0<strong>31% are not subject to any EU or national regulations<\/strong>\u00a0and <strong>14% are only subject to national legislation<\/strong>.<\/p>\n<p>Specifically, of the 31% of fintech companies that are not subject to regulation, the EBA estimates that\u00a0<strong>33% provide payment services<\/strong>, <strong>20% credit<\/strong>, <strong>deposits<\/strong> and <strong>raising capital<\/strong>, while <strong>11% provide investment services<\/strong> or <strong>investment management<\/strong>.<\/p>\n<h3>Six priorities for FinTech regulation<\/h3>\n<p>The EBA also identified<strong>\u00a0six priorities for action <\/strong>to avoid the risks of a lack of regulation:<\/p>\n<p>(i) authorization and sandbox regimes<\/p>\n<p>ii) prudential and operational risks for credit institutions, electronic money institutions and payment institutions<\/p>\n<p>(iii) the impact of fintech on these institutions\u2019 business models<\/p>\n<p>(iv) consumer protection<\/p>\n<p>(v) the impact of fintech on the resolution of financial companies<\/p>\n<p>(vi) the fintech companies\u2019 performance in the fight against money laundering and financing of terrorism<\/p>\n<p>A secure regulatory environment can be a factor in fostering a\u00a0<strong>competitive fintech sector in Europe<\/strong>, which is one of the EU\u2019s priorities, as was recently reported by\u00a0<a href=\"http:\/\/www.reuters.com\/article\/us-eu-ecofin-fintech\/eu-weighs-strategy-to-compete-in-fintech-with-global-rivals-idUSKCN1BM1XL\" target=\"_blank\" rel=\"noopener noreferrer\">Reuters<\/a>. The European Commission is currently developing and introducing two regulations that greatly impact financial technology:\u00a0<strong>the PSD2 directive<\/strong>, which regulates the payment sector; and consumer data protection through GPDR (General Data Protection Regulation), which enters into force in May 2018.<\/p>\n<div class=\"right-aside related-article\"><\/div>\n<p>&nbsp;<\/p>\n<hr \/>\n<p>This article was first published in <a href=\"https:\/\/www.bbva.com\/en\/fintech-map-europe-31-companies-unregulated\/\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>BBVAnews<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the spring of 2017, the European Banking Authority (EBA) began its first attempt to create a map of fintech players in Europe in order to better understand the regulatory framework of the sector. The results were published in this Discussion Paper. The EBA found that there are more than 1,500 fintech companies in the [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":5252,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[2184],"tags":[1205,185,138,1682,929,1287,1684,280,1685,3,1681,1683,1201,808,809,586,813,1680],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The EBA says 31% of FinTech in Europe are not regulated - INVYO Insights Europe : Media Fintech<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insights.invyo.io\/europe\/industries\/finance\/regtech\/the-eba-says-31-of-fintech-in-europe-are-not-regulated\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The EBA says 31% of FinTech in Europe are not regulated - INVYO Insights Europe : Media Fintech\" \/>\n<meta property=\"og:description\" content=\"In the spring of 2017, the European Banking Authority (EBA) began its first attempt to create a map of fintech players in Europe in order to better understand the regulatory framework of the sector. 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