EU Struggles To Oversee Cross-Border Digital Products
Law360, London (July 9, 2019, 2:09 PM BST) -- Europe's national regulators are struggling to determine which country is responsible for supervising financial services firms that offer products digitally to consumers based in a different member state, the European Union's banking, markets and insurance regulators said Tuesday.
The European Supervisory Authorities said that regulators are finding it difficult to supervise banks, investment firms and insurers that serve overseas consumers through digital platforms.
Financial companies are supervised by their home regulator when they use so-called passporting rules to offer services to customers located in another EU country under the "freedom to provide services." And firms that set up shop in another...
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