On March 8, 2018, the European Commission (“EC“) published a communication (COM(2018) 109 final) setting out its FinTech action plan, which includes measures to create a more competitive and innovative European financial sector. A set of FAQs and a factsheet have been published alongside the action plan.

The Commission decided that there was no need at this stage for sweeping legislative or regulatory changes at EU level but it is aware that no intervention at all may threaten the prosperity of EU financial services providers.

The FinTech action plan initiatives are set out in a workplan, available here, annexed to the communication, many of which invite the European Supervisory Authorities (“ESAs“) to carry out specific work. They include:

• Blockchain and distributed ledger technology (“DLT“)
• Cyber resilience
• Crowdfunding
• Outsourcing to the cloud
• Regulatory framework
• Regulatory soundboxes