Committee on Economic and Monetary Affairs (ECON)

European Parliament Adopts Resolution on FinTech

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On May 17, 2017, the European Parliament voted in plenary to adopt a resolution on FinTech and the influence of technology on the future of the financial sector. The provisional text (P8_TA-PROV(2017)0211) of the resolution has been published.

The Parliament’s Committee on Economic and Monetary Affairs (ECON) published a report on FinTech, which included the resolution, on May 3, 2017.

The Parliament has instructed its president to forward the resolution to the Council of the EU and the European Commission.

European Parliament Votes to Adopt ECON Report on MMF Regulation

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On April 29, 2015, the European Parliament adopted a report by its Committee on Economic and Monetary Affairs (ECON) containing amendments to the European Commission’s proposed Regulations on Money Market Funds (MMF Regulation). The ECON  report proposes:

  • limiting constant net asset value (CNAV) MMFs to two types (retail CNAV MMFs and public debt CNAV MMFs);
  • introducing low volatility net asset value MMFs, requiring MMFs to divest their asset portfolios and have in place sound stress-testing processes;
  • preventing MMFs from receiving external support from third parties, including their sponsors;
  • requiring MMFs to report certain information to their investors on a weekly basis; and
  • requiring public debt and retail CNAV MMFs and low volatility net asset value MMFs to apply “liquidity fees” and “redemption gates” to help stem sudden outflows.