Financial Innovation Standing Committee
CHAIR: Anneli Tuominen, Director General of the Finnish Finanassivallvonta
RAPPORTEUR: Patrick Armstrong
ESMA’s Financial Innovation Standing Committee (‘FISC’) coordinates the national supervisory authorities’ treatment and response to new or innovative financial activities and provides advice to ESMA to when to act. In monitoring financial activities, FISC may advise ESMA to adopt guidelines and recommendations with the aim of promoting regulatory convergence, to issue alerts and warning or conduct any regulatory action needed to prevent financial innovation from causing customer detriment or threatening financial stability. As part of its activities, FISC also collects, analyzes and reports on investor trends.
While aware of when localized financial innovation issues are best addressed by a national authority, when those issues are more widely shared, FISC may make proposals for the co-ordination of national responses.
FISC also contributes to the Joint Committee of European Supervisory Authorities’ work on financial activities, financial innovation and consumer related issues (through the JC Sub-committee on Consumer Protection).
Any correspondence regarding the work of this Standing Committee should be sent to the Rapporteur.