ESMA RegTech Enhancements
On May 16, ESMA Patrick Armstrong spoke on RegTech enhancements.
- ESMA has developed framework to analyse financial innovation and impact on consumers.
- Framework provides principles-based approach to work on range of financial innovations.
- End-goal of data-driven supervision is to shit from retrospective to forward-looking action.
- ESMA also acts as a facilitator to encourage digitalization of the entities it interacts with.
- Works with member state regulators to develop tools to ensure digital delivery of data.
- The extensive regulatory reforms over the past 10 years are key motivators for RegTech.
- But firms to be wary to delegate tasks only and not delegate regulatory responsibilities.
- Firms also face mitigation risks if they do not adapt to newer digitalized infrastructures.
||Bank; BS; CNSM; Depo; Exch; HF; IA; Ins; Pension
||Sp, 05/16/2017, Fintech
||Banking; Insurance; Investment Bank; Pensions; Wealth Mgt
Last substantive update on 05/18/2017