Third-Country Regime and Equivalence: FinTechs

IF 2.1 4区社会学 Q3 BUSINESS European Business Organization Law Review Pub Date : 2024-02-19 DOI:10.1007/s40804-024-00310-z

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Abstract

While equivalence decisions are a well-known feature of EU/EEA financial regulation, EU/EEA regulatory law has not yet introduced FinTech-specific equivalence assessments. This article develops a new policy approach that allows to build on the tied-agent concept and extends it to third-country FinTechs in accordance with equivalence principles. This new regime is built on the premise that, within its scope, third-country FinTechs should only be granted market access to an EU/EEA Member State if the advantages of granting such access are so great that they can compensate for the possible risks of reduced direct access by the competent supervisory authorities in the EU/EEA to third-country FinTechs. This requires a substantial interest in the promotion of the corresponding technical solution of the third-country FinTech in connection with the provision of regulated services in an EU/EEA Member State, provided that the European Commission has adopted an equivalence decision with regard to the FinTech’s home country, the FinTech acts as a tied agent of an EU/EEA-based investment firm or credit institution, and the supervisory authority competent for the supervision of such investment firm or credit institution has entered into a cooperation agreement with the competent supervisory authority of the FinTech’s home country.

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第三国制度与等效性：金融科技公司

摘要虽然等效决定是欧盟/欧洲经济区金融监管的一个众所周知的特点，但欧盟/欧洲经济区的监管法律尚未引入针对金融科技的等效评估。本文提出了一种新的政策方法，允许在附带代理概念的基础上，根据等效原则将其扩展到第三国的金融科技公司。这一新制度的前提是，在其范围内，第三国金融科技公司只有在获得欧盟/欧洲经济区成员国市场准入的优势巨大，足以弥补欧盟/欧洲经济区主管监管机构减少对第三国金融科技公司的直接准入可能带来的风险时，才应获准进入该成员国市场。这就要求第三国金融科技公司在欧盟/欧洲经济区成员国提供受监管服务时，在推广相应的技术解决方案方面具有重大利益，条件是欧盟委员会已就该金融科技公司的母国通过了等效决定，该金融科技公司作为总部设在欧盟/欧洲经济区的投资公司或信贷机构的绑定代理人行事，且负责监管此类投资公司或信贷机构的监管当局已与该金融科技公司母国的主管监管当局签订了合作协议。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

European Business Organization Law Review Multiple-

CiteScore

4.60

自引率

9.50%

发文量

期刊介绍： The European Business Organization Law Review (EBOR) aims to promote a scholarly debate which critically analyses the whole range of organizations chosen by companies, groups of companies, and state-owned enterprises to pursue their business activities and offer goods and services all over the European Union. At issue are the enactment of corporate laws, the theory of firm, the theory of capital markets and related legal topics.