Neutrality, proportionality and integrity of the market will be the essential principles of the supervisor with the new Fintech. This is according to Sebastián Albella, president of the National Securities Market Commission. Albella displayed an interesting reflection of the current landscape of Fintech regulation and supervisory actions, after being presented by Fernando Zunzunegui, president of Zunzunegui Abogados and director of the course. Who was accompanied by Paloma Corbal, deputy director of the course.
Sebastián Albella took a deep tour of this subject and especially highlighted the role of the Initial Coin Offers, or ICO. He said, the CNMV is very present in the debate on cryptoactives. However, he recalled the risks involved in the commercialization of cryptocurrencies, since they can trigger custody or money laundering problems. In this regard, he informed that the CNMV is making numerous efforts to favor the existence of regulation in this area.
Different initiatives in the supervision of new Fintech activities
In recent years, the CNMV has developed different initiatives in the supervision of new Fintech activities. An example of this is the creation of the Fintech Portal. Which, as Albella recalled, already has hundreds of queries that are published once resolved in the question and answer section. In addition, the president of the CNMV was favorable to the Sandbox project as a testing space for the new Fintech. The CNMV will continue to promote Regtech and Suptech initiatives.
After Albella’s speech, Fernando Zunzunegui gave the floor to Werner Bijkerk, Founder and partner of Simplexxis and formerly Head of Research Department at IOSCO, who gave the inaugural lecture on the impact of new technologies on the regulation and supervision of markets financial.
First, the former IOSCO research director developed an in-depth analysis of the history of financial regulation, from its beginnings in Amsterdam in 1602 to the present. From self-regulation to regulation, to then deregulate and re-regulate after the financial crisis. Also, Bijkerk noted that financial technology is changing operations. He also stressed the importance of the role of the regulator in the prevention of crises and the placement of toxic financial products. In this line, Bijkerk noted that the supervisor must act as referee and be above the game, know the rules and players, and take preventive actions.
Also published on Medium.