European Financial Supervisory Authorities Issue Public Consultation on Big Data

    Jan 10, 2017

    A joint committee consisting of the European Banking Authority, the European Securities and Markets Authority, and the European Insurance and Occupational Pensions Authority on December 19 released a discussion paper for public consultation on the potential benefits and risks of big data for consumers and financial firms to determine whether any further regulatory or supervisory actions may be needed. The group, collectively known as the European Supervisory Authorities (ESAs), was established to monitor and coordinate responses to emerging risks for consumers and financial institutions.

    “Existing EU legislation on data protection, competition and consumer protection, which share the common goals of promoting economic growth, innovation and the welfare of individual consumers, are relevant for financial firms while not explicitly addressing Big Data,” the ESAs wrote in a press release. “The Discussion Paper asks whether the existing regulatory framework is sufficiently flexible to cover Big Data, has gaps which need to be filled and how it impacts the use of Big Data technologies.”

    The public is encouraged to submit comments by March 17.  The discussion paper includes a specific set of questions on the big data phenomenon, the regulatory framework applicable to big data, the potential benefits and risks for consumers and financial institutions, and how big data will impact the evolution of the financial services market.

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