EMA response to EC targeted consultation of AI in finance
The EMA responded to the EC’s Targeted consultation on artificial intelligence in the financial sector.
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EU
Industry Call To Reconsider Approach On Virtual IBANs
The EMA co-signed a joint industry letter on virtual IBANs:
The EU digital payment industry urges Member States to reconsider the Belgian Presidency proposal to assimilate virtual IBANs to traditional IBANs, and to mandate payment service providers to open a payment account with a credit institution in each Member State they operate in. The result will be to materially reduce the ability of payment service providers operating cross-border to help consumers and merchants manage their payments and overcome IBAN discrimination. More evidence is needed on the risks implied by virtual IBANs, and the potential risk mitigation measures should be assessed against their impact on competition, innovation and consumer choice in the EEA.
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EMA letter to European Commission regarding implementation of CESOP
The EMA sent a letter to the European Commission regarding the implementation of CESOP in the EU, which is proving hugely challenging for our industry. The letter emphasises that EMA members are fully on board with assisting EU tax authorities in identifying VAT avoidance, and recovering funds. However, the lack of practical arrangements to allow implementation of CESOP within the timescales set out in the Directive are simply not possible at this stage.
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EMA response to ESAs second batch of DORA policy mandates
The EMA submitted responses to the ESAs joint consultation on second batch of policy mandates under the Digital Operational Resilience Act.
Read the response here:
- EMA response to ESAs Joint draft technical standards on major incident reporting under DORA
- EMA response to ESAs Joint draft RTS specifying elements related to threat led penetration tests under DORA
- EMA response to ESAs Joint draft RTS on subcontracting ICT services supporting critical or important functions under DORA
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EMA response to EBA consultation on The Fund Transfer Guidelines
The EMA submitted a response to the EBA CP on Guidelines on preventing the abuse of funds and certain crypto-assets transfers for money laundering and terrorist financing purposes.
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EMA responds to EBA MiCAR prudential consultations
The EMA submitted responses to a number of EBA consultations on draft Regulatory Technical Standards and Guidelines under the Markets in Crypto-Assets Regulation:
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