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ARTICLE · 12 JUNE 2017

EU-Wide 'Passporting' System For Fintech To Be Considered Later This Year

Pinsent Masons
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A new EU-wide system to help financial technology (fintech) firms expand cross-border across the trading bloc is to be considered by policy makers later this year.

European UnionTechnology
Yvonne Dunn
Yvonne Dunn
Luke Scanlon
Luke Scanlon

A new EU-wide system to help financial technology (fintech) firms expand cross-border across the trading bloc is to be considered by policy makers later this year.

The European Commission has confirmed that it will "assess the case for an EU licensing and passporting framework for fintech activities in the fourth quarter of 2017".

The assessment will involve a review of feedback the Commission has received to a fintech consultation it held earlier this year.

The Commission said that feedback would provide "valuable input on: whether new, more proportionate licensing arrangements for fintech activities and firms in areas such as crowdfunding are needed", as well as "how to support fintech firms, registered in one EU country, doing cross-border business without requiring further authorisation in each EU country", which is known as 'passporting'.

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