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Creating the FinTech, Innovation and Competitiveness division (FIC) was just the beginning. France regulator The Autorité des Marchés Financiers (AMF) has announced that is has started a new FinTech Forum. The AMF and Autorité de Contrôle Prudentiel et de Résolution (ACPR) will coordinate its work.
The FinTech Forum is a new body for consultation and dialogue with the FinTech industry. The forum, whose goal is to gain a clearer picture of the regulatory and supervisory challenges linked to financial innovation, met for the first time today.
A joint AMF/ACPR initiative, the FinTech Forum today held its inaugural meeting, which was attended by Axelle Lemaire, Minister and Special Advisor on Digital Affairs to the Minister for the Economy, Industry and Digital Affairs.
Bringing together fintechs, public authorities and supervisors, the forum will act as a venue for monitoring developments, engaging in dialogue and making proposals. The goal is to more effectively identify the challenges associated with the development of fintechs in terms of opportunities but also potential risks. The forum may be consulted on proposed changes to domestic or European regulations and on amendments to AMF or ACPR policy. It will also keep supervisors abreast of concerns within the industry.
Speaking at the inaugural meeting, Axelle Lemaire, Minister with responsibility for Digital Affairs, said:
Appropriate regulation is crucial to making the Paris financial centre attractive to fintechs, particularly following the Brexit vote”.
AMF Chairman Gérard Rameix had this to say:
The accelerated pace of digital transition in financial services is bringing deep-seated changes to our frame of reference. As regulator, we can see many benefits for traceability and transparency. We want to aid innovators by enabling them to set up shop in a secure environment that can support their growth while also delivering effective protection for retail investors, who need to be confident in the new products and services on offer”.
François Villeroy de Galhau, Governor of the Banque de France and ACPR Chairman, added:
Our goal is to be a financial centre of excellence in terms of security and appropriate rule-making. That will allow us to attract the most outstanding fintechs and financial innovation initiatives”.
The forum comprises 34 members appointed for two-year terms, renewable once. Experts may also be invited to assist in the forum’s work. The AMF and the ACPR will jointly handle coordination.
List of members: