In Q3 2020 the European Commission is scheduled to propose a new Digital Finance Strategy/FinTech Action Plan that sets out a number of areas that public policy should focus on in the coming five years. A Consultation designed to gather stakeholders’ views on policies to support digital finance, which will inform that strategy, was published in April 2020. The Consultation seeks views on, inter alia, ways to remove fragmentation of the Single Market for digital financial services and how best to promote a well-regulated data-driven financial sector.
The FMLC has submitted a short response in which it has highlighted the importance of the use of identifiers such as Legal Entity Identifier (“LEI”) in helping the financial sector adopt a common language in a wide range of areas. It has also drawn attention to the work of organisations more involved in the creation and promulgation of LEIs which will be responding to the Consultation.
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