Dr Philipp Paech was recently appointed Chairman of the new European Commission Expert Group on Regulatory Obstacles to Financial Innovation (ROFIEG).
Over the next 18 months, the Group will develop a proposal for the future regulatory strategy of the EU in respect of FinTech, Blockchain and AI.
Its work has three prongs: identifying current obstacles within current EU financial services legislation that may prevent financial innovation; second, identifying potential gaps in EU financial services legislation that hinder the uptake of innovative FinTech solutions (such as blockchain and artificial intelligence.) Thirdly, looking to the future to identify regulatory challenges that the implementation of new or emerging technologies may bring in the upcoming months and years (for example, sandboxes).
The Expert Group will hold its first meeting on 12 June 2018. Its work is part of the EU Commission’s FinTech Action Plan.