FinTech Belgium - Regulation and FinTech innovation 16 02 2016
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Transcript of FinTech Belgium - Regulation and FinTech innovation 16 02 2016
Regulation & FinTech Innovation
FinTech Belgium Meetup 16 02 2016
Regulation, a “necessary evil”?
FinTech Belgium Meetup 16 02 2016
Who are our regulators?Nationa
l Bank • License
institutions• Supervise
institutions• Financial
solidity • Economic
stability FSMA
• Financial Markets
• Investment Instruments
• Rules of Conduct
• Protecting Fin. Consumers FP
S Econ
omy
• Approval of model credit agreements
FinTech Belgium Meetup 16 02 2016
How to handle regulation?How to handle
regulation?
Be well prepared & advisedDo you actually need a license?Always think about the futureA license is only the beginning…Use your license as a brand
FinTech Belgium Meetup 16 02 2016
FinTech Ecosystem
FinTech Belgium Meetup 16 02 2016
FinTech Ecosystem
FinTech Belgium Meetup 16 02 2016
Am I receiving deposits from the public? Am I making a public offer? Am I granting a consumer loan? Am I providing a payment service? Am I giving investment advise?
5 key questions to ask…yourself !
FinTech Belgium Meetup 16 02 2016
Am I receiving deposits from the public?
bank deposits crowdfunding
?=?Banking Monopoly
Credit Institution License (BNB)
Exemption (FSMA):No free disposal of the fundsIssuing invest. instruments in exchange Comply with public offer rules
FinTech Belgium Meetup 16 02 2016
Am I making a public offer?Communication on investment instruments
(debt & equity)
containing sufficient information to allow an investment decision
Offer ˂ 100 KEUR Offer ˂ 300 KEUR Offer + 300 KEUR
Private offer Public offer Public offer
No ProspectusObligation
ProspectusObligation (FSMA)
Max 1.000 EUR / investor
+ 1.000 EUR / investor
FinTech Belgium Meetup 16 02 2016
Am I granting a consumer loan?
Regulatory consequences: Consumer Credit Provider (FSMA) Model Contract approval (FPS Economy)
FinTech Belgium Meetup 16 02 2016
Am I providing a payment service?Payment Services: Placing & withdrawing cash from accounts Executing payment services Issuing / acquiring payment instruments Money remittance Account information services (2017) Payment initiation services (2017)
FinTech Belgium Meetup 16 02 2016
Account information service provider
FinTech Belgium Meetup 16 02 2016
Payment Initiating Service Provider
FinTech Belgium Meetup 16 02 2016
Am I providing a payment service?Payment Services: Placing & withdrawing cash from accounts Executing payment services Issuing / acquiring payment instruments Money remittance Payment initiation services (2017) Account information services (2017)
Possible regulatory consequences: Payment Service Institution (BNB) Electronic money institution (BNB)
FinTech Belgium Meetup 16 02 2016
Am I providing investment advice?
Possible regulatory consequences: Investment firm license (FSMA) Subject to MiFID rules of conduct (FSMA)
Yes, if you are making a recommendation…
on a transaction of financial instruments…
which is presented as suitable… based on the person’s circumstances…
more than just a general publicity…
to a (potential) investor or to his agent
FinTech Belgium Meetup 16 02 2016
Approaching investment advice
Providing regulated investment advice
Easyvest is acting as their agent (FSMA)
Leleux Associated BrokersInvestment firm license (BNB)
Investment firm license (FCA – UK)
Random example based on public information
FinTech Belgium Meetup 16 02 2016
Don’t be afraid of it
Take it in careful consideration
Anticipate its consequences
Use it to your advantage
Take Away
Regulation…
How can we help you?Get in touchwww.simontbraun.eu
