The Association for Financial Markets in Europe (AFME) today shares its support for the publication of the European Commission’s (Commission) ‘Digital Finance Package’. The package takes an important step towards addressing regulatory fragmentation, supporting cross-border activity, improving digital operational resilience, and encouraging technology adoption and innovation in European wholesale capital markets.
James Kemp, Managing Director, Head of Technology and Operations at AFME, said: “This publication is an important step forward in creating a regulatory environment that is fit for purpose, promotes the application of “same activity, same risk, same regulation’‘, and ensures that Europe leads in the digital age.”
“In the current global climate, the importance of technology in enabling connected, secure, and resilient financial markets is set to grow. To help support this growth, a strong framework for crypto-assets along with a harmonized framework for digital operational resilience will be key in underpinning innovation in the EU.”
“Yet, whilst the package is a positive step forward for Europe, we must continue to ensure the focus is on developing a harmonised and globally coherent approach. This will allow market participants to innovate, in a risk and principles-based manner, and best serve the needs of their clients.”
Notes for Editors:
The Digital Finance Package will help in the delivery of the Capital Markets Union (CMU) that today also saw its Action Plan released.
We welcome that the Commission’s Digital Finance Package aims to harmonise rules on digital operational resilience by improving the efficiency, coordination, and consistency of Information and Communications Technology risk management across Europe:
Further, we welcome the Commission in bringing forward a harmonised EU framework for crypto-assets as a vital step in providing regulatory certainty for market participants and ensuring a level playing field:
For more information, please see our recent paper “European Capital Markets in the Digital Age” here.
Interim Head of Media Relations
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