What does the European Banking Authority's (EBA) FinTech Discussion Paper mean for existing and new entrants across the EU-27's banking sector?
The EBA launched its FinTech Discussion Paper on 4 August 2017. The consultation period runs until 6 November 2017. A public hearing is held for 4 October 2017. This Client Alert assesses the FinTech Discussion Paper and specific proposed reforms and how these interrelate to wider EU workstreams, notably the European Commission's Digital Single Market plan, EU proposals to improve blockchain and other distributed ledger technology expertise, and what this all might mean for existing and new entrants across the EU-27's banking sector. Importantly, some of the specific proposed reforms may have some “spillover effects” for “traditional” financial services activity.