The Next Generation of Financial Conglomerates: BigTech and Beyond
Butterworths Journal of International Banking and Financial Law, Forthcoming
12 Pages Posted: 6 Nov 2020
Date Written: September 16, 2020
The structure of the EU financial sector is changing as a result of regulatory reforms and firms, including so-called BigTechs, increasingly leveraging data access, analytical capability and innovative delivery mechanisms to market and distribute new bundles of financial and non-financial services.
This paper considers the implications for supervision, reflecting on the rationale for, and scope of, Directive 2002/87/EC (the financial conglomerates directive - FICOD). It concludes that an urgent review of FICOD is needed taking account of the emergence of increasingly significant mixed activity groups: the next generation of financial conglomerates.
Keywords: BigTech, financial conglomerate, supervision, FinTech
JEL Classification: K1, K20, K22
Suggested Citation: Suggested Citation