Source: European Banking Authority
The European Banking Authority (EBA) launched today a RegTech industry survey to invite all relevant stakeholders, such as financial institutions and ICT third party providers, to share their views and experience on the use of RegTech solutions, on a best effort basis.
The aim of the survey is to better understand the ongoing activity in this area, raise awareness on RegTech within the regulatory and supervisory community, and inform any relevant future policy discussion. The EBA is also seeking ways to facilitate the adoption and scale up of RegTech solutions across the EU whilst acknowledging and looking to address the underlying risks. The consultation runs until 30 September 2020.
Feedback from financial institutions and ICT third party providers is essential to better understand the extent and the impact of the use of technology-enabled innovation (RegTech) for regulatory, compliance and reporting requirements by regulated institutions. In its survey, the EBA is focusing in particular on (i) mapping and understanding the existing RegTech solutions; (ii) identifying the main barriers and risks related to the use of RegTech solutions; and (iii) identifying potential ways to support the uptake of RegTech across the EU.
Consultation and next steps
The EBA has prepared two separate RegTech questionnaires. One is to be completed by the financial institutions, and the other one by ICT third party providers. The questionnaires are available at the following links:
Survey addressed to financial institutions
Survey addressed to ICT third party providers
Both questionnaires are composed of a general part, aimed at collecting an aggregate information on all types of RegTech solutions in use, and a more detailed part, aimed at having a closer look at individual RegTech solutions in four specific areas of focus:
Anti Money-Laundering /Combating the Financing of Terrorism (AML/CFT) - on going monitoring of the business relationship and/or transaction monitoring
Compliance with security requirements and standards (information security, cybersecurity, payment services) and/or
The surveys should be completed online, in accordance with the instructions available in the section of the EBA website dedicated to the RegTech industry survey.
After the review of the responses, the EBA may further investigate specific areas of RegTech via follow-up interviews with financial institutions and ICT third party providers.
The responses to the survey will not be published on a stand-alone basis, but will be only referred to in an aggregate form, in compliance with confidentiality requirements.
The EBA expects to report on the use of RegTech solutions in the first half of 2021.
Legal basis and background
Article 31 of the EBA Founding Regulation Regulation (EU) No 1093/2010 mandates the Authority to promote supervisory convergence and facilitate entry into the market of actors or products relying on technological innovation, in particular through the exchange of information and best practices. The aim of this mandate is to contribute to the establishment of a common European approach towards technological innovation. In this context, the EBA identified RegTech as an area to be explored and better understood, taking into account the relevant risks and opportunities. The results of this RegTech industry survey will inform the EBA’s work, with the aim of building and sharing knowledge on RegTech and, if relevant, of providing recommendations.