Banking Watchdog Asks EU For Clearer Fintech Rules

Law360, London (October 29, 2019, 1:47 PM GMT) -- The European Union is failing to take advantage of technological innovations that allow financial services to be offered easily across borders, and the bloc's executive should step in, the EU banking regulator said Tuesday.

The growth of digital banking and payment services should make it easier for consumers in Europe’s single market to make choices when it comes to financial services, a report published by the European Banking Authority said.

But regulatory confusion across member states has impeded the potential for a smooth flow of financial services in the EU, the regulator said.

The authority called on the European Commission — the...

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