EU Digital Finance Package
The future of finance is digital.
In September 2020, the European Commission published a new digital finance package, comprising a digital finance strategy, a retail payments strategy, legislative proposals for an EU regulatory framework on crypto-assets, and proposals for an EU regulatory framework on digital operational resilience. The finance package was formed on basis of a mission statement that, “The future of finance is digital”, with the European Commission seeking to establish an innovative digital single market for finance that will benefit Europeans and will be key to Europe's economic recovery in the wake of the Covid-19 crisis.
In these pages we will be exploring the key proposals in this package, and will include materials offering practical tips, market-leading insights and comparative pan-EU reflections to enable firms to understand the key implications of these far-reaching proposals for them and their future business. Allen & Overy has been recognised in Band 1 in the Chambers Fintech Legal Guide 2020 and the Legal 500 UK 2021 Fintech chapter.
Our insights
Key proposals
Digital Operational Resilience Regulation (termed DORA)
As part of its Digital Finance Strategy, the European Commission has published a draft Digital Operational Resilience Regulation, termed DORA. The draft regulation (alongside a draft amending directive) aims to enhance the operational integrity of all EU “financial entities”, including banks and other financial institutions, insurance/reinsurance undertakings and intermediaries, and fund managers.
Read more Digital Operational Resilience Regulation (termed DORA)Markets in Crypto-Assets Regulation (MiCA)
The European Commission has proposed two regulations – the Markets in Crypto-Assets Regulation (MiCA) and the pilot regime for market infrastructures using distributed ledger technology (MiDLT). The EU is proposing a far reaching regulatory regime for crypto assets, which will bring many crypto players within regulation for the first time.
Read more Markets in Crypto-Assets Regulation (MiCA)