최신자료
Neo-conglomerates and EU regulatory perimeter challenges - state of play and evaluation of policy options
- This paper examines the implications of the provision, in the European Union, of bank-like services, including payment services, by large non-bank groups (i.e. groups that do not comprise entities with a banking licence), and evaluates policy options to address the emergence of so-called neo-conglomerates by recalibrating the regulatory perimeter.
- Drawing on five EU case studies (a messaging app white-label arrangement, a complex multi-partner “super-app” model, a systemic payment group, a borderless financial technology firm (fintech) and a bank) - this paper illustrates how financial services may be delivered through digital unbundling and re-bundling, embedded distribution and white-label partnerships. It maps the business models, licensing structures, fintech partnership chains and data frictions that may obscure group-wide risks and complicate home-host supervisory cooperation. The cases were included for illustrative purposes only, and implying no judgement at all on the soundness or governance of the firms concerned, nor on the effectiveness or adequacy of the actions taken by the relevant supervisory authorities. The paper also identifies potential “blind spots” in the regulatory frameworks applicable at the time of writing and misalignments in prudential, conduct and operational objectives.
- Building on guidance from standard-setting bodies and international organisations on supervisory approaches to financial innovation, fintech and Big Tech, the paper identifies four priority areas for consideration, with a view to limit regulatory arbitrage and systemic interdependencies, while at the same time preserving innovation. In particular, the paper proposes (i) improving the monitoring of bank-like activities, harmonising definitions and calibrating intervention powers (“perimeter governance”); (ii) enhancing transparency and supervisory reach for complex multi-partner and white-label distribution models by direct licensing, on-site supervisory powers over agents and disclosure; (iii) introducing group-wide oversight for neo-conglomerates, in the form of a European Union financial holding structure for large and complex non-bank groups, with holistic and risk-based prudential requirements, reporting and supervisory colleges; and (iv) improving cooperation, coordination and information-sharing across authorities, supported by EU-level sandboxes and forward-looking risk assessments.
- Drawing on five EU case studies (a messaging app white-label arrangement, a complex multi-partner “super-app” model, a systemic payment group, a borderless financial technology firm (fintech) and a bank) - this paper illustrates how financial services may be delivered through digital unbundling and re-bundling, embedded distribution and white-label partnerships. It maps the business models, licensing structures, fintech partnership chains and data frictions that may obscure group-wide risks and complicate home-host supervisory cooperation. The cases were included for illustrative purposes only, and implying no judgement at all on the soundness or governance of the firms concerned, nor on the effectiveness or adequacy of the actions taken by the relevant supervisory authorities. The paper also identifies potential “blind spots” in the regulatory frameworks applicable at the time of writing and misalignments in prudential, conduct and operational objectives.
- Building on guidance from standard-setting bodies and international organisations on supervisory approaches to financial innovation, fintech and Big Tech, the paper identifies four priority areas for consideration, with a view to limit regulatory arbitrage and systemic interdependencies, while at the same time preserving innovation. In particular, the paper proposes (i) improving the monitoring of bank-like activities, harmonising definitions and calibrating intervention powers (“perimeter governance”); (ii) enhancing transparency and supervisory reach for complex multi-partner and white-label distribution models by direct licensing, on-site supervisory powers over agents and disclosure; (iii) introducing group-wide oversight for neo-conglomerates, in the form of a European Union financial holding structure for large and complex non-bank groups, with holistic and risk-based prudential requirements, reporting and supervisory colleges; and (iv) improving cooperation, coordination and information-sharing across authorities, supported by EU-level sandboxes and forward-looking risk assessments.
많이 본 자료
- AI의 위로가 사람을 대신할 수 없습니다「정신건강 목적 생성형 AI 이용 가이드라인」 발표
- 관계부처 합동 일자리전담반 회의 개최 3대 핵심 사회정책인 일자리 분야 주요 현안 논의·점검
- 2026년 9월 10일부터 자동차보험 치료비 보상 절차가 개편됩니다
- “개인간 중고거래 신용카드 안전결제 서비스” 등 혁신금융서비스 24건 신규 지정 의결
- ‘혁신조달 탑티어’ 1호에 엔젤로보틱스 선정
- 반도체가 자라는 ‘시작점’까지 설계… 고집적·저전력 AI 반도체 구현의 새 길
- 금융분쟁조정위원회, 금융회사 직원의 착오로 잘못 해지된 예탁금에 대해 금융회사의 예탁금 반환 책임을 인정
- AI의 위로가 사람을 대신할 수 없습니다「정신건강 목적 생성형 AI 이용 가이드라인」 발표
- 관계부처 합동 일자리전담반 회의 개최 3대 핵심 사회정책인 일자리 분야 주요 현안 논의·점검
- 2026년 9월 10일부터 자동차보험 치료비 보상 절차가 개편됩니다
- “개인간 중고거래 신용카드 안전결제 서비스” 등 혁신금융서비스 24건 신규 지정 의결
- ‘혁신조달 탑티어’ 1호에 엔젤로보틱스 선정
- 반도체가 자라는 ‘시작점’까지 설계… 고집적·저전력 AI 반도체 구현의 새 길
- 금융분쟁조정위원회, 금융회사 직원의 착오로 잘못 해지된 예탁금에 대해 금융회사의 예탁금 반환 책임을 인정
