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The International Organization of Securities Commissions (IOSCO) has published its Workplan updated to 2024, with the organisation’s overall two-year Work Programme (Work Program 2023/24)

The Bank for International Settlements (BIS) has published a Working paper by the Economic and Monetary Department on the so-called “Finternet” financial system

The published document outlines a vision of the Finternet as that of a multiple and interconnected financial ecosystem, just like Internet: in particular, it advocates a user-centred approach that lowers the barriers between financial services and systems, thus promoting access for all.

The envisioned system leverages innovative technologies such as tokenisation and unified ledgers, underpinned by a robust economic and regulatory framework, to dramatically expand the range and quality of financial services.

This integration aims to foster greater participation, offer more personalised services and improve speed and reliability, all while reducing costs for end users.

Most of the technology needed to achieve this vision exists and is fast improving, driven by efforts around the world.

This paper provides a blueprint for how key technical characteristics like interoperability, verifiability, programmability, immutability, finality, evolvability, modularity, scalability, security and privacy can be incorporated, and how varied governance norms can be embedded.

Delivering this vision requires proactive collaboration between public authorities and private sector institutions.

The realisation of this vision requires a proactive collaboration between public authorities and private sector institutions: the document is therefore a call to action for these entities to create a solid foundation that can pave the way for a universal, unified and user-centric financial ecosystem that enters the digital age and is inclusive, innovative, participatory, accessible and affordable, leaving no one behind.

EBA, EIOPA and ECB have set up a Data Point Model (DPM) alliance, establishing a common governance framework for the collaboration on the DPM 2.0 Standard

Together with the establishment of a Joint Bank reporting Committee (JBRC) between the EBA and ECB, this alliance is another step in the process of building an integrated reporting system.

The Data Point Model (DPM) is the data dictionary providing the structured representation of the data required for regulatory purposes by the EBA. It encompasses its regulatory processes and integrates the data of different EBA Technical Standards and Guidelines.

The DPM ALLIANCE aims to:

  • facilitate the definition and exchange of regulatory data within the financial sector;
  • increase efficiencies and avoid duplication of efforts;
  • promote more efficient processes for defining and communicating reporting requirements, and for collecting and exchanging data and metadata amongst reporting entities, national authorities and European authorities; and
  • facilitate good practices in the definition and exchange of regulatory reporting data and information.