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AmCham EU hosts plenary meeting on financial services
On Tuesday, 24 November AmCham EU hosted a Plenary meeting on financial services. The discussion focused on future challenges and trends of EU financial services, looking at the effects of the COVID-19 pandemic and how the financial services industry can play a key role in Europe’s economic recovery.
The keynote address was delivered by Almorò Rubin de Cervin, Acting Director of General Affairs, DG FISMA, European Commission. In his remarks Mr Rubin de Cervin highlighted the relevance of future trends for financial services such as digitisation and sustainable finance alongside important ongoing initiatives such as Capital Market Union and Banking Union.
The keynote was followed by a panel discussion on digital finance. Moderated by Nick Reinhardt (Afore Consulting), the panel featured representatives from both industry and the institutions. Ondřej Kovařík, Member of the European Parliament (RE, CZ), opened the floor stressing the timely discussion and necessity for harmonization in an international sphere. Jan Ceyssens, Head of Unit, Digital Finance, DG FISMA, European Commission elaborated on the international dimension of the Digital Operational Resilience Act (DORA) and how crucial it is in current times to have a regulatory system that matches the changes of digital finance. Maria Tsani, Head of Financial Services Public Policy EMEA, Amazon Web Services and Jan Frederic Eger, Head of International Government and Regulatory Affairs, Refinitiv, underscored the importance of open and internationally competitive markets as critical for digital finance. Building on this Matthew Field, Head of Cyber and Technology Policy and Partnerships EMEA, JP Morgan stressed the difficult balance between security and competitiveness that DORA will need to address.