The European Banking Authority will publish a roadmap on the regulation of financial technology, defining a series of priorities concerning the sector for two years, EBA Chair Andrea Enria said March 9.
A day earlier, the European Commission launched a fintech strategy that included several mandates for the EBA, including developing the roadmap for regulation. The EBA will publish the roadmap, reflecting the results of a public consultation, in the week of March 12.
Enria said a public consultation identified two key themes in regulating fintech. The first is to analyze the types of services provided and their regulatory treatment to ensure consistency in the regulation of similar services, entailing comparable risks, across the EU. The EBA expects to report its assessment by 2018-end.
The second is to further analyze so-called sandboxes, which are designed to create a "safe space" for experimentation, to assess their characteristics and identify best practices, and if required develop guidelines.
