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Keeping up with Innovation: Designing a European Sandbox for Fintech. CEPS ECMI Commentary no 58 | January 2019

Ringe, Wolf-Georg and Ruof, Christopher (2019) Keeping up with Innovation: Designing a European Sandbox for Fintech. CEPS ECMI Commentary no 58 | January 2019. [Policy Paper]

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    Abstract

    In the aftermath of the 2007-09 global financial crisis, regulators in all major jurisdictions introduced significant new requirements for financial firms. Certainly justified in purpose, these regulations have increased market barriers, both directly through specific obligations, and indirectly through the sheer magnitude and complexity they involve. Regulators primarily focused on bolstering financial stability and consumer protection, while frequently disregarding their objective of promoting financial innovation. Ten years after the crisis, we believe that it is time to reconsider the appropriate balance between those objectives. In this commentary, we show how EU financial regulation may stifle the innovation of financial services. We use the example of automated investment advice, so-called ‘robo-advisors’, and we show how a proper balance between regulatory objectives could be achieved through establishing a ‘guided’ regulatory sandbox.

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    Item Type: Policy Paper
    Subjects for non-EU documents: EU policies and themes > Policies & related activities > innovation policy
    Subjects for EU documents: UNSPECIFIED
    EU Series and Periodicals: UNSPECIFIED
    EU Annual Reports: UNSPECIFIED
    Series: Series > Centre for European Policy Studies (Brussels) > ECMI Commentaries
    Depositing User: Phil Wilkin
    Official EU Document: No
    Language: English
    Date Deposited: 07 Feb 2019 16:46
    Number of Pages: 6
    Last Modified: 08 Feb 2019 08:34
    URI: http://aei.pitt.edu/id/eprint/95830

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