EU Watchdogs Urge Crackdown On Fintech Outsourcing

Law360, London (February 10, 2021, 12:32 PM GMT) -- Europe's financial regulators are backing proposed legislation to boost the sector's capacity to embrace digital finance, but stressed it should go further to crack down on the use by the banking industry of of third-party tech giants such as Google and Amazon.

The group of watchdogs, known as the European Supervisory Authorities, wrote to European Union lawmakers on Tuesday expressing their support for the proposed Digital Operational Resilience Act. This proposed law would force all financial businesses to establish systems to resist cyberattacks and avoid disruption to information communication technology.

"We fully support the aim of establishing a comprehensive framework on digital...

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