EU Steps Back From Major Legislative Reforms on Fintech, For Now

The European Commission is set to step back from introducing a raft of new laws to account for changes in the financial technology (fintech) market, according to a leaked document. According to a draft copy of a fintech action plan currently under development, the Commission said “the case for broad legislative or regulatory action or reform at EU level” on fintech issues is “limited”.

However, according to the draft, the Commission will confirm plans to develop new EU laws for investment-based and lending or loan-based crowdfunding platforms in its finalised fintech action plan, due for publication in the spring.

Source: Out-Law

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