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AFME outlines the regulatory framework needed to support banks as they adopt new technologies such as crypto-assets, artificial intelligence and cloud computing, harness the value from data, and address the challenges of cybersecurity and operational resilience.
The “European Capital Markets in the Digital Age” paper calls on the European Commission to promote innovation, competitiveness, and resilience across Europe’s capital markets by providing:
- A competitive and level playing field: Ensuring all firms involved in financial services, including technology firms, adhere to the ‘same risk, same activity, same regulation’ principle
- Technology neutral legislation: Providing flexibility for firms to adopt new technologies in a risk based and proportionate manner
- Global consistency: Promoting regulatory harmonisation across the EU, and global cooperation and consistency to reduce the barriers for technology adoption