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

Abstract

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

Noble, Elisabeth, The Next Generation of Financial Conglomerates: BigTech and Beyond (September 16, 2020). Butterworths Journal of International Banking and Financial Law, Forthcoming, Available at SSRN: https://ssrn.com/abstract=3693870 or http://dx.doi.org/10.2139/ssrn.3693870

Elisabeth Noble (Contact Author)

European Banking Authority

Paris
France

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