EU Supervisory Digital Finance Academy

❓ Why is #MiCA (Markets in Crypto-Assets Regulation) important? 📽️ In this new HDIW video, Andrew Whitworth, PhD, visiting fellow European University Institute, provides an in-depth overview of MiCA, the European Union’s first comprehensive regulatory framework for #blockchain-based financial activities and #crypto-assets. 💶 Andrew discusses how MiCA aims to harmonize crypto regulations across #EU member states, creating a unified market that promotes legal #clarity and #consumer protection. 🏛️ MiCA establishes clear guidelines for the issuance of crypto assets, service provider operations, and #stablecoins, distinguishing these from traditional financial instruments. It introduces requirements for #transparency, #governance, and #market integrity while ensuring financial #stability. 🌐 The video explores the broader context in which MiCA was developed, including the rise of initial coin offerings (#ICOs), the emergence of stablecoins like #Libra (later Diem), and global developments such as China’s #digital #yuan initiative. While MiCA does not currently regulate decentralized finance (#DeFi), it sets the stage for future regulatory discussions in this area. Watch 📽️ https://lnkd.in/dm4i4tWh European Commission DG REFORM, European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), Florence School of Banking & Finance, Robert Schuman Centre for Advanced Studies

🙌 This week, we conclude the journey of the #Foundational #Trainings, which since September has brought together over 200 supervisors from 37 National Competent Authorities. Guided by experts from academia, institutions, and the private sector, these sessions have been an opportunity to learn, collaborate, and grow together.   👩💻 Over the past three years, these foundational trainings - the cornerstone of the #Academy - have aimed to strengthen supervisory convergence across the EU’s internal #market while supporting the shift toward a competitive, #digital #financial sector.   👏 Designed in collaboration with the European Supervisory Authorities (#ESAs) and the European Commission (DG REFORM and DG FISMA), the programme has been made it possible thanks to the invaluable contributions of participants and speakers. Thank you for being part of this journey!   💪 In 2025, the EU-SDFA will move forward with #advanced training weeks, diving deeper into key areas of digital finance and practical skills. These will empower supervisors to effectively oversee digital technologies and adopt innovative supervisory tools (#SupTech).   🔍 Explore the upcoming programme here 👉 https://lnkd.in/dXb8GUqW European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), European University Institute, Robert Schuman Centre for Advanced Studies, Florence School of Banking & Finance

🌎 How can #crossborder collaboration drive the future of #supervisory #technology? Next week, the EU Supervisory Digital Finance Academy (EUSDFA) will be featured during #SupTech Week, hosted by Cambridge SupTech Lab with the World Economic Forum as content partner. Join Nicola Bilotta (Florence School of Banking & Finance), Giuseppe Sciascia (European Commission DG REFORM), Iman van Lelyveld (De Nederlandsche Bank), and Marine Krasovska (Latvijas Banka) for an insightful discussion on how cross-border collaboration addresses SupTech adoption challenges and drives innovation. Drawing on the #EUSDFA initiative, they will share specific examples highlighting how collaborative efforts are essential in overcoming barriers to SupTech implementation and advancing supervisory technology. ---- Taking place 9-13 December, SupTech Week is the largest, global, virtual gathering of leading experts in financial supervision! It brings together a community of innovation leaders who are committing to using #SupTech to help solve the critical challenges of today’s economies and societies. 👉 Register to be part of the conversation! https://lnkd.in/dGGXcnMU 📅 Explore the agenda and learn more https://lnkd.in/geTHKRSn European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), Robert Schuman Centre for Advanced Studies, European University Institute

❓ How will the EU's #AI regulation impact financial markets? In this #HDIW video, Giulia Schneider Assistant Professor in Economic Law at Università Cattolica del Sacro Cuore, as she dives into the key implications of the European Artificial Intelligence Act for the financial sector. Designed to promote innovation while safeguarding #citizens' and #consumers fundamental #rights, the AI regulation spans across various sectors of the internal markets. Discover: ✅ How the regulation balances innovation and consumer protection ✅ The risk-based approach and its impact on financial AI systems ✅ New requirements for transparency, documentation, and AI literacy ✅ Gaps in the regulation, including economic risks and the path forward for financial supervisors Watch 📽️ https://lnkd.in/dfiAUSbd European Commission DG REFORM, European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), Robert Schuman Centre for Advanced Studies, European University Institute, Florence School of Banking & Finance

👀 Curious about EU Supervisory Digital Finance Academy activities in 2025?  Take a look at the #advanced #programme we designed for EU supervisors from NCAs beneficiary authorities!   🎯 Through our advanced training courses, online modules, and workshops, we will cover #SupTech, #Cyber #risks, #AI, #Datadriven #businessmodels, #DistributedLedgerTechnology, #MiCAR, #DORA, and more.    📚 Each training activity will provide practical insights and foster a deeper understanding of these critical areas, equipping supervisors to address emerging #challenges and #opportunities effectively.   🔎 Explore the Advanced Courses programmes for the 2024-25 cycle and discover the focus areas that will define our activities. Find more on our website 👉 https://lnkd.in/dEaWhSuQ European Commission DG REFORM, European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), Florence School of Banking & Finance, Robert Schuman Centre for Advanced Studies, European University Institute

⚙ #AI regulatory sandboxes have taken centre-stage in our Innovation Facilitators' Group activity, led by Arianna Brina, MBA European Insurance and Occupational Pensions Authority (EIOPA). The session actively involved participants in exploring #innovationfacilitators - a term that includes #regulatory #sandboxes, innovation #hubs, and other mechanisms such as AI sandboxes envisioned under the AI Act. 🔍 A key focus of the discussion was Article 57 of the #AIAct, which mandates that Member States must ensure their competent authorities establish at least one AI regulatory sandbox at the national level by 2 August 2026. These sandboxes may also be developed collaboratively with competent authorities from other Member States, promoting cross-border innovation and harmonization. 🙏 A heartfelt thank you to all participants and instructors for contributing to yet another successful foundational training week! Alessia Benevelli, LL.M., Amandine Cordier, Paolo Giudici, Meglena Grueva, Juraj Hledík, Raymond Kleijmeer, Laura Macchioni, Cristina Pacella, Nikolas Passos Genoveva Pérez Lijó, Tarik Roukny, Giulia Schneider, Patryk Seremak, Anne Stevens, Andrea Vetrone, Vasiliki Yiatrou More on the Foundational Training 👉 https://lnkd.in/dHWtdbNG European Commission DG REFORM, European Banking Authority (EBA), European Securities and Markets Authority (ESMA), Florence School of Banking & Finance, Robert Schuman Centre for Advanced Studies, European University Institute

📢 Our video series #VoicesfromNCAs is back! 🛫 Julia Cillikova Národná banka Slovenska shared with us their #FinTech journey as integrated supervisors overseeing financial #supervision, #education, #consumerprotection, and #innovation in the financial market. She highlights their efforts to address fintech challenges, beginning with internal structures and preparation for #PSD2 directives before 2019. 📌 Key milestones include establishing a #FintechInnovationHub in 2019 to support #openbanking, #API standards, and internal education. Julia emphasizes the importance of #transparency, #collaboration, and #integration in fostering fintech innovation. Strategies include organizing #sandbox initiatives, engaging in dialogue with the fintech community, and leveraging tools like pre-licensing Q&A and fintech-specific webpages. Efforts also focus on improving financial and #digital #literacy, addressing fraud risks, and building partnerships with the media. 🌍 Julia concludes by underlining the need for cooperation, adaptability, and education to strengthen oversight and integration into the global fintech ecosystem. 📺 Watch https://lnkd.in/depH_G6y European Commission DG REFORM, European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), Florence School of Banking & Finance, Robert Schuman Centre for Advanced Studies, European University Institute

💪 The fifth EU-SDFA foundational training week has started, welcoming 41 participants coming from 37 financial supervisory NCAs across 26 EU Member States.   💻 On the second day of the training participants deep dive into the topics of #cybersecurity and operational resilience in the context of #digital #finance.   ⚖ Our speakers Andrea Vetrone (European Insurance and Occupational Pensions Authority (EIOPA) and Raymond Kleijmeer have provided insightful presentations during the session about the Digital Operational Resilience Act (#DORA).   💠 Andrea Vetrone highlighted DORA’s key deliverables, requirements (pillars), oversight framework and governance as well as the European Supervisory Authorities (#ESAs) oversight function. The cross-sectoral component of DORA is based on the fact that technology is at the core of financial services provision, leading to a high correlation between financial entities operations and the need for efficient #ICT risk management.   DORA aims to harmonise the rules regarding #operational #resilience at EU level, making sure the financial sector is able to stay resilient in the event of a severe operational digital disruption.   💠 Raymond Kleijmeer provided practical examples from a #governance, #strategy and #riskmanagement perspective highlighting the main challenges the industry is facing when it comes to the implementation of DORA, which will apply as of 17 January 2025. More on the Foundational Training 👉 https://lnkd.in/dHWtdbNG European Commission DG REFORM, European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), Florence School of Banking & Finance, Robert Schuman Centre for Advanced Studies, European University Institute

📽 New HDIW video! ⚙ Today, we resume our video series “How does it work” with Paolo Giudici, Professor of #Machine #Learning and #Artificial #Intelligence at the Florence School of Banking & Finance and the University of Pavia, who discusses measuring the opportunities and risks of AI using AI itself. #AI is, by definition, a machine-based systems that autonomously convert inputs into outputs, influencing both physical and digital environments. While AI brings novel opportunities, it also introduces significant #risks, prompting the development of global #regulations. 👩💻 Paolo introduces a model inspired by the European #AIAct, structured around four key principles that form the acronym #SAFE: #Sustainability: AI outputs (e.g., predictions and recommendations) should be stable and robust, not influenced by unexpected data manipulation. Sustainability also involves limiting energy consumption for environmental protection. #Accuracy: AI should deliver accurate predictions, evaluated through statistical metrics to ensure reliability. #Fairness: The impact on the public should be non-discriminatory, promoting equal treatment across different groups. #Explainability: Human oversight is essential, so AI outcomes should be interpretable and understandable. 📊 This model allows AI to measure its own risk levels, creating a comprehensive risk assessment. The resulting score helps identify how risky an AI application is: the higher the score, the greater the risk. 📺 Watch https://lnkd.in/dQsfmiKG 📘 Also check Paolo Giudici's paper available at this link: https://lnkd.in/dcjUuZei European Commission DG REFORM, European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), Robert Schuman Centre for Advanced Studies, European University Institute

📽 New video! We are pleased to offer you a glimpse into the EU-SDFA Foundational Trainings experience, through the keynote speech by Susana Delgado from Swift. 🌍 In her talk, Susana explores the evolving landscape of #crossborder #payments, highlighting the 2008 financial crisis as a pivotal moment that reduced trust in traditional financial institutions. This shift opened the door for new entrants such as #FinTechs, #neobanks, and #techgiants offering faster and lower-cost solutions. 💳 She also discusses the rise of digital #moneytransfer operators and the growing popularity of #digitalwallets, which have transformed customer behaviour. The keynote further covers the emergence of digital currencies—including cryptocurrencies, central bank digital currencies (#CBDCs), and blockchain-based payment systems. 📈 Key trends driving these changes include #technological advancements, evolving #customer expectations, #regulatory shifts, and #geopolitical influences. 📽 Watch here https://lnkd.in/dCjtmct7 👉 Subscribe to our Youtube channel https://lnkd.in/dg5sWeAE European Commission DG REFORM, European Banking Authority (EBA), European Insurance and Occupational Pensions Authority (EIOPA), European Securities and Markets Authority (ESMA), Florence School of Banking & Finance, Robert Schuman Centre for Advanced Studies, European University Institute