The regulation of enormous platforms
Lately, the entry of latest gamers within the monetary sector (fintechs and bigtechs) has triggered regulatory and supervisory imbalances, as these platforms aren’t topic to the identical guidelines and controls as monetary establishments. “Now we have all the time advocated that the identical exercise that generates the identical kind of danger ought to be topic to the identical regulation. On the whole, banking regulation tends to be bank-based, i.e, it’s utilized because of the reality of being a financial institution, whereas different gamers, nevertheless, are solely topic, at greatest, to particular activity-based laws, even when they mix a number of important actions,” explains Fernández de Lis. For this reason BBVA believes it’s vital to maneuver in direction of a extra degree enjoying area.
Fernández de Lis believes that the controversy on the regulation of those new gamers in 2023 ought to give attention to two features. On the one hand, the distinction when it comes to supervision ought to be decreased, as though some laws are the identical, banks have a really highly effective supervisor – the ECB – which is answerable for guaranteeing that the regulation is complied with, and different entities don’t. Then again, progress have to be made within the design of new regulatory buildings for these non-bank gamers that, on account of their measurement and mixture of actions, require some kind of regulation and supervision at a consolidated degree.” Lastly, past monetary regulation, this 12 months will likely be key for the implementation of the new European Digital Markets regulation, which is able to guarantee a fairer aggressive setting for big digital platforms.