This document discusses recent and upcoming regulations in the financial sector, data economy, cybersecurity, and technology. It notes regulations including the Digital Operational Resilience Act, Markets in Crypto-Assets Regulation, and Digital Services Act. The document argues that regulations can create opportunities for innovative business models by adapting to regulations, establishing industry stability and trust through compliance, and enabling cross-border efficiency through harmonization. It provides examples of how the Data Act and Financial Data Access framework could facilitate data sharing and new business opportunities in a regulated manner.

1. 1
Regulation
as an opportunity
Joan Carette
Partner / Fintech Lawyer
Digital Finance Summit 2023

2. Recent and upcoming
regulations
▪ Financial sector (1)
▪ Regulation 2022/2554 of 14 December 2022 on
digital operational resilience for the financial sector
(DORA)
▪ Regulation 2023/1114 of 31 May 2023 on markets
in crypto-assets (MiCAR)
▪ Directive 2023/2225 of 18 October 2023 on credit
agreements for consumers (CCD2)
▪ Directive 2023/2673 of 22 November 2023
amending Directive 2011/83/EU as regards
financial services contracts concluded at a
distance
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3. Recent and upcoming
regulations
▪ Financial sector (2)
▪ Proposal for a Directive on payment services
and electronic money services in the Internal
Market (PSD3) (2023/0209)
▪ Proposal for a Regulation on payment services
in the internal market (PSR) (2023/0210)
▪ Proposal for a Regulation on a framework for
Financial Data Access (FIDA) (2023/0205)
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4. Recent and upcoming
regulations
▪ Financial sector (3)
▪ Proposal for a Regulation establishing the
Authority for Anti-Money Laundering and
Countering the Financing of Terrorism (AMLA
Regulation) (2021/0240)
▪ Proposal for a Directive on mechanisms to be
put in place by the Member States for the
prevention of the use of the financial system for
the purpose of money laundering or terrorist
financing (AMLD6) (2021/0250)
▪ Proposal for a Regulation on the prevention of
the use of the financial system for the purposes
of money laundering or terrorist financing
(AMLR) (2021/420)
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5. Recent and upcoming
regulations
▪ Data economy
▪ Regulation 2022/868 of 30 May
2022 on European data governance
(Data Governance Act)
▪ Proposal for a Regulation on
harmonised rules on fair access to
and use of data (Data Act)
(2022/0047)
▪ Proposal for a Regulation on a
framework for Financial Data
Access (FIDA) (2023/0205)
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6. ▪ Cybersecurity
▪ Directive 2022/2555 of 14 December
2022 on measures for a high common
level of cybersecurity across the Union
(NIS 2 Directive)
▪ Regulation 2022/2554 of 14 December
2022 on digital operational resilience
for the financial sector (DORA)
▪ Proposal for a Regulation on horizontal
cybersecurity requirements for products
with digital elements (Cyber Resilience
Act) (2022/0272)
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Recent and upcoming
regulations

7. Recent and upcoming
regulations
▪ Tackling tech & innovation
▪ Regulation 2022/2065 of 19 October 2022 on a Single Market
For Digital Services (Digital Services Act)
▪ Regulation 2022/1925 of 14 September 2022 on contestable
and fair markets in the digital sector (Digital Markets Act)
▪ Proposal for a Regulation amending Regulation 910/2014 as
regards establishing a framework for a European Digital
Identity (eIDAS II) (2021/0136)
▪ Proposal for a Regulation laying down harmonised rules on
artificial intelligence (AI Act) (2021/0106)
▪ Proposal for a Directive on adapting non-contractual civil
liability rules to artificial intelligence (AI Liability Directive)
(2022/0303)
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8. Can regulation pave the
way for opportunities?
✓ Make way to innovative business models
Explore new avenues for business through
regulatory adaptation
✓ Give credibility to an industry
Utilize regulations to establish stability in
rapidly evolving sectors & building trust
through compliance
✓ Create efficiency through harmonisation
Make cross-border services easier
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9. Embracing regulation:
Regulation on Markets in
Crypto Assets
▪ Regulates (i) issuance of crypto assets and
(ii) crypto related services
▪ Different rules for different types of assets
 Harmonisation
 Trust
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10. Embracing regulations:
Data Act - FIDA
▪ Facilitate data exchange between
data holders and data users so
that not only data holders can
leverage data
▪ FIDA: customer data relating to
products and services in the financial
sector
▪ Data Act: data generated with
connected products and related
services
 New business opportunities
 Innovation
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joan.carette@simontbraun.eu
philippe.deprez@simontbraun.eu
Digital Finance team