In 2020, nearly all Deposit Guarantee Schemes (DGS) in the EU, Iceland, Lichtenstein and Norway have increased their available financial means (AFM) for reimbursing depositors in case of bank failures by more than 12%. In the same period, covered deposits in the EEA grew by 8.6%, which is twice the annual growth rate of the four preceding years.
The strong increases in covered deposits in the pandemic year raise the likelihood of higher contributions from the industry in the coming years to meet the target level of 0.8% of AFM to covered deposits. This is because despite the increase in DGSs’ AFM, the relative amount of AFM to covered deposits has in aggregate increased only slightly.
EBA has published the phase 1 of its reporting framework v3.1.
The technical package supports the implementation of the reporting framework by providing standard specifications and includes the validation rules, the Data Point Model (DPM) and the XBRL taxonomies for v3.1. In particular, the technical package covers the new reporting requirements for investment firms (ITS on investment firms reporting).
The Notebook aims to analyse the Data space from the point of view of the object (the data), the subjects (old and new), the responsibilities and the rights, but only after focusing on the relevant regulatory framework, which is the essential and unavoidable pivot to map and express policy lines also on the subject of data portability.
In Part One, the Notebook focuses on the regulatory framework, addressing the limits of the regulatory matrix designed in the 1990s and the regulatory technology profiles needed to grasp the changes and rethink the regulatory framework with a view to cooperation between national authorities and coordination between different national systems, and with the aim of balancing the interests at stake and protecting fundamental rights. In Part Two, on the other hand, the issues of data portability and sharing are analysed with reference to information flows and the actors involved, from the dual perspective of the actors’ areas of responsibility and the consequences in terms of client and investor protection.
The Notebook proposes a solid reconstructive and systematic approach to framing the new challenges and intercepting the risks associated with digital transformation, with particular reference to the discipline of data flows. In fact, the migration of financial services towards an increasingly digital environment characterised by fragmented and sectorial regulation risks leading to gaps in protection, which in turn may undermine confidence in the financial system and its stability.
This booklet provides tools to avert such eventualities in the interests of constructive clarity, legal certainty and general principles, thus safeguarding investor protection and market integrity.
