Back in 2020, the French Competition Authority (“FCA”) had announced, in its annual priorities, its interest in the competition implications of the digital revolution in the financial sector, notably in the context of the growth of FinTech, the introduction of blockchain technology and the emergence of “digital giants” in payment services. Shortly after this announcement, on 13 January 2020, the FCA started an ex officio investigation to assess the competitive situation in the sector of new technologies applied to financial activities and, more specifically, to payment activities.

More than a year later, in a public opinion of over 120 pages, the French Competition Authority (“FCA”) provides its initial conclusions (i) noting the emergence of new services, initiation channels and alternative payment methods, (ii) reporting on a new market dynamic with the arrival of new players and the impact on traditional banking groups and (iii) addressing some of the competition issues facing the sector.


Continue Reading The French Competition Authority gives its views on the competition issues arising from Fintech

Introduction

On December 3, 2018, the Dutch Authority for Consumers & Markets (“ACM”) published a speech from its board member, Cateautje Hijmans van den Bergh, regarding potential competition law concerns in the financial technology (“FinTech”) sector.

In particular, further to the European Parliament’s study on FinTech and competition law (the “Study”) – as discussed in a previous blog post – Hijmans van den Bergh voiced concerns regarding potential FinTech foreclosure, following the adoption of Technical Standards. She also provided some guidance regarding access to essential inputs held by firms in the sector.
Continue Reading The ACM’s guidance to address competition law concerns for FinTech in the creation of technical standards

The Financial Conduct Authority (“FCA”) has published its third Annual Competition Report which focusses on its proposals for promoting competition and innovation, particularly with respect to the impact of FinTech on UK financial services. It also addresses the FCA’s ongoing role in supporting the UK Government prepare for Brexit, and uphold an orderly transition as part of the withdrawal process – avoiding any cliff edges – for UK financial markets.

Continue Reading UK’s Financial Conduct Authority gives guidance on future priorities, FinTech and Brexit