Page 40 - 期货和衍生品行业监管动态（2023年12月刊）

期货和衍生品行业监管动态

Through the European Forum for Innovation Facilitators (EFIF) framework, the

ESAs can provide recommendations for future EU-wide initiatives that focus on

experimentation. To improve the functioning of this framework the ESAs should:

 re-evaluate the procedural framework for cross-border testing established by

the EFIF in 2021,

 formalise the EFIF’s process to raise co-legislators’ attention to issues

identified via innovation hubs or regulatory sandboxes.

Finally, the ESAs propose that the European Commission undertake a

comprehensive reflection on the EU-wide strategy to support financial innovation and

the operation of innovation facilitators, in particular regulatory sandboxes.

Background

The EFIF provides a platform for supervisors to regularly share experiences from

their engagement with firms through innovation facilitators, to exchange technological
expertise, and to reach common views on the regulatory treatment of innovative

products, services and business models.

The EFIF was established following the 2019 Joint ESAs report on regulatory

sandboxes and innovation hubs which identified the need for greater coordination and

cooperation between innovation facilitators to support the scaling up of FinTech across

the EU single market. Members of the EFIF include representatives of each innovation

hub and regulatory sandbox established by national and European supervisors within

the EEA. The EFIF unites representatives from all 30 countries in the EEA, covering

the banking/payments, insurance and securities/markets sectors.

The Report published today updates the findings of the 2019 Joint ESAs Report

on the same topic by taking stock of innovative developments that take place within

innovation facilitators in EEA financial markets, analysing the activities of existing

innovation facilitators, and identifying related challenges and limitations.

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