14th August 2020

EBA consults on the use of RegTech solutions and ways to support its uptake

The European Banking Authority(EBA) has launched a RegTech industry survey to invite all relevant stakeholders, such as financial institutions and ICT third party providers, to share their views and experience on the use of RegTech solutions, on a best effort basis. The aim of the survey is to better understand the ongoing activity in this area, raise awareness on RegTech within the regulatory and supervisory community, and inform any relevant future policy discussion. The EBA is also seeking ways to facilitate the adoption and scale up of RegTech solutions across the EU whilst acknowledging and looking to address the underlying risks. The consultation runs until 30th September 2020.

Feedback from financial institutions and ICT third party providers is essential to better understand the extent and the impact of the use of technology-enabled innovation (RegTech) for regulatory, compliance and reporting requirements by regulated institutions. In its survey, the EBA is focusing in particular on(i) mapping and understanding the existing RegTech solutions; (ii) identifying the main barriers and risks related to the use of RegTech solutions; and (iii) identifying potential ways to support the uptake of RegTech across the EU.