欧洲央行-数字创新与银行监管（英）

EUROPEANCENTRALBANK

EUROSYSTEM

OccasionalPaperSeries

ChryssaPapathanassiouDigitalinnovationandbankingregulation

No351

Disclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).The

viewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB.

Digitalinnovationandbankingregulation

1

Contents

Abstract2

Non-technicalsummary3

1Introduction5

2Thepromisesandperilsofdigitalinnovation6

3TheEUfostersdigitaltrends8

3.1AlevelplayingfieldforprovidersanddeployersofAIsystems8

3.2Cross-sectoralregulationofmarketsforcrypto-assets10

3.3Oversightofcriticalcloudcomputingserviceproviders11

4Bankingregulationanddigitaltrends14

4.1Gapsinbankingregulation14

4.2Howtofosterarisk-basedprudentialframework15

4.3MarketdisciplinethroughharmonisedPillar3disclosures17

5Conclusion18

6References20

ECBOccasionalPaperSeriesNo351

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Abstract

TheEuropeanUnionisaimingtofosterdigitaltransformationinallsectorsby2030.Ithaspioneeredcross-sectorallegislationonartificialintelligence,cloudcomputingservicesandcrypto-assetsforthispurpose.YetcomparedwiththeworkdoneonESG,theprospectivebankingregulationregimehasstilltoarticulatemore

purposefullyhowtheindustryshouldmanagetherisksfromdigitaltrendsandhowsupervisorsshouldassessthem.Thispaperdiscussesdigitalinnovationinthe

bankingsectorinthecontextoftheacademicliteratureonfinancialinnovationandnon-banks.Italsoconsidershowtofosterarisk-basedPillar2prudentialframework,aswellasmarketdisciplinethroughharmonisedPillar3disclosures.Thepaper

concludesthattheselattertwopropositionscanhelpreconcilethechallenges

stemmingfromtheshort-termhorizonappliedinprudentialassessmentandthelonger-termhorizonoverwhichdigitalinnovationwilltakeplaceinthebankingsector.

Keywords:digitalisation,artificialintelligence,crypto-assets,cloudcomputing,supervision

JEL:K23,K24

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Non-technicalsummary

TheDigitalFinanceStrategysetsouttheEuropeanUnion’scommitmenttofosteringthedigitaltransformationofcompaniesby2030.ThispaperdiscussestheinterplaybetweenthreeEUlegalactsthatimplementthisstrategyandbankingregulation.

ThepaperexaminesthedigitaltransformationofEuropeanbanksinthecontextofbroaderacademicresearchintofinancialinnovationandnon-banks.The“dual

natureoffinancialinnovation”theorypositsthatcyclesofprosperityarisingfrom

financialinnovationarefollowedbycyclesofseveredisruption.Thenovelaspect

withdigitaltechnologiesisthatanydifficultyabankmayfacecanbedisseminatedinstantlyviasocialmedia,whichhasthepotentialtoamplifyitsimpactworldwide.

Thechallengesarenotnew,butthequestionremains:howshoulddigitalinnovationinthebankingsectorberegulated?

Someresearchersadvocateadaptiveprobingofbankingregulationbasedon

experiencegarneredfromashortperiodofregulatoryexperimentation.ThefutureArtificialIntelligenceActpromotesthistrendintheEUbymeansofregulatory

sandboxes.Theseconstituteaculturalshiftinbankingregulation,whichisprimarilyrule-based.

Moreover,thephenomenonofre-intermediationfollowstheuseofdigitaltrends,withbanksexitingcertainmarketsegmentspopulatedbynew,technologicallysavvy,

entrants.

TheEUisencouragingdigitaltrendsbyenactinganinnovativeframework.The

ArtificialIntelligenceAct(AIAct)1

willpromotealevelplayingfieldforbanksand

non-banksasprovidersordeployersofAIsystems.The

DigitalOperational

ResilienceAct(DORA)2

strengthenscooperativeoversightofcriticalcloud

computingserviceprovidersbybringingtogetherallrelevantauthorities,includingprudentialsupervisors.The

MarketsinCrypto-AssetsRegulation(MiCa)3

isa

dedicatedandharmonisedframeworkintroducingaproportionatetreatmentofcrypto-assetissuersandprovidersinatechnologyneutralway.

WhiletheEUhaspioneeredaregulatoryframeworkfordigitaltrends,thebanking

packagedevelopedinparallel

4

remainslargelyagnostic,exceptforafewdefinitions.

1On21May2024,theCouncilapprovedthe

RegulationoftheEuropeanParliamentandoftheCouncil

layingdownharmonisedrulesonartificialintelligenceeandamendingRegulations(EC)No300/2008,

(EU)No167/2013,(EU)No168/2013,(EU)2018/858,(EU)2018/1139and(EU)2019/2144and

Directives2014/90/EU,(EU)2016/797and(EU)2020/1828(ArtificialIntelligenceAct)(

notyet

publishedintheOfficialJournal).

2Regulation(EU)2022/2554ofTheEuropeanParliamentandoftheCouncilof14December2022ondigitaloperationalresilienceforthefinancialsector(OJL333,27.12.2022,p.1).

3Regulation(EU)2023/1114oftheEuropeanParliamentandoftheCouncilof31May2023onmarketsincrypto-assets(OJL150,9.6.2023,p.40).

4

Regulation(EU)No575/2013

oftheEuropeanParliamentandoftheCouncilof26June2013on

prudentialrequirementsforcreditinstitutionsandinvestmentfirms(OJL176,27.6.2013,p.1)and

Directive2013/36/EU

oftheEuropeanParliamentandoftheCouncilof26June2013onaccesstotheactivityofcreditinstitutionsandtheprudentialsupervisionofcreditinstitutionsandinvestmentfirms

(OJL176,27.6.2013,p.338)(CRRIII/CRDIV)(revisionsnotyetpublishedintheOfficialJournal).

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BycontrastwiththeapproachtakentoESGinthefutureCRRIIIandCRDVI,thebankingregulationregimesetoutinCRRIIIandCRDVIdoesnotarticulatespecificguidanceonhowbanksshouldidentify,monitor,evaluateandmanagerisksfromdigitaltrends,norhowsupervisorsshouldassessthem.Areviewofthedata

currentlyprovidedbyrandomlyselectedsignificantinstitutionsshowstheyarealreadydisclosinginformationontheirinvestmentsinanduseofdigitaltrendsvoluntarily,butnotinawaythatiscomparableacrosspeers.

DigitalinnovationwillbeapriorityforEuropeanbanksoverthenextdecade,butthislongerhorizonneedstobereconciledwiththeshorterhorizonusedforprudential

assessment,whichtypicallyspansonetofiveyears.Tomeetthisneed,thepapersuggestsinitiatingdigitalinnovationplansdrawnupbybanksforfiveyears,but

updatedannually.

Thesewouldofferacomprehensiveoverviewofalltheriskstowhichabankisexposedfromvariousdigitaltrendsandallowforarisk-basedPillar2prudentialassessmentofhowtheymightaffectthebusinessmodel,governance/risk

management,capitalandliquidity.Atthesametime,thispapersuggeststheEU

couldconsiderharmonisingPillar3disclosuressoinvestorsareabletoassesstheimpactofdigitalinnovationonthebusinessmodelandprofitabilityoflargelistedbanks.

Thesetwopropositionscallforconcertedactiononthepartofsupervisors,theEUandtheEBAtoadequatelycapturetherisksandopportunitiesstemmingfromthedigitalinnovationthatistakingplaceinthebankingsector.

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1Introduction

Banksareusingdigitaltrendstooptimisecustomerexperienceandreapefficiencygains.Thedigitaltrendsdiscussedinthispaperincludeartificial

intelligence(AI),crypto-assetsandcloudcomputingservices,whichareallcontemporaryformsoffinancialinnovation.

ΤheDigitalFinanceStrategysetsouttheEU’scommitmenttocreatingasafe

environmentfordigitalfinancialserviceprovidersandtheircustomersby

attainingfourobjectivesby2030:(i)removefragmentationinthedigitalsingle

market,(ii)adapttheregulatoryframeworktofacilitatedigitalinnovation,(iii)promotedata-driveninnovationbycreatingacommonfinancialdataspace,and(iv)address

thechallengesandrisksfromdigitaltransformation.

5

Inthepast,financialinnovationhasoftencreatedafragileequilibrium,withcyclesofprosperityfollowedbyseverefailures.Toaddressthepossibilityofoverrelianceondigitalinnovation,thispaperprovidesrecommendationsto

shapeasystemofbankingregulationthatisfitforpurpose.Thepaper

concludesthatEUbankingregulationshouldmorepurposefullyreflectdigitaltrendsandtheneedforastate-of-the-artprudentialanddisclosureframeworktopromotethegoalofadaptingtheregulatoryframeworktofacilitatedigitalinnovation.

Thispaperisstructuredasfollows:Section2discussestheEUDigitalFinance

Strategyinlightoftheacademicliteratureonfinancialinnovation,non-banksandre-intermediationfromnewentrantsinthevaluechain.Section3discusseshowtheEUisfosteringdigitaltrendsinthreespecificregulations(theAIAct,MiCaandDORA).Section4discussesthelimitationsofthecurrentbankingregulatoryframeworkwhenitcomestoreflectingrisksfromdigitaltrends.ItfurthermakesrecommendationsonhowtofostereffectivePillar2risk-basedsupervision,aswellasPillar3disclosuresonbanks’useofdigitaltrends.Thepaperconcludesthatdigitaltrendshavethe

potentialtorevolutionisethewayprudentialsupervisionisperformed,goingbeyondtraditionaloff-siteandon-siteworkandcreatingnewformsofreal-timeembeddedsupervision.

5See

DigitalFinanceStrategyfortheEU

and

2030DigitalCompass:theEuropeanwayfortheDigital

Decade.

TheCommissionhasexpressedtheambitionthatby203075%ofEuropeanenterpriseswill

havetakenupcloudcomputingservices,bigdataandArtificialIntelligence.See

alsoFinTechAction

plan:ForamorecompetitiveandinnovativeEuropeanfinancialsector.

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2Thepromisesandperilsofdigitalinnovation

Banksareapplyingdigitaltechnologiestooptimisecustomerexperienceandreapefficiencygains.Thesamelogichasfosteredalltypesoffinancialinnovation

throughouttheages.Yet,thereisadualityinthenatureoffinance(Goetzmann,

2016),becauseinnovationsfollowarecurrentcycle;phasesofprosperitymade

possiblethankstotechnologicaladvancementsarefollowedbyseverefailuresandfinancialcollapse.

Thesefailureshavenotbeenpreventedinthepastowingtoregulatorycaptureandoverrelianceonthepromisesofinnovation(Hellwig,2009).Analysisofthe2008

financialcrisishasshowntheconnectionbetweenincreaseddemandforcollateralinunregulatedshadowbankingmarketsandthefinancialinnovationofsecuritised

subprimemortgages(Gorton,2010).Thefactthatshadowbankingwasallowedtoblossomandcompetewithcommercialbankingwithoutappropriateregulationandsupervisionwasoneoftherootcausesofthefinancialcrisis.

6

MetrickandTarullo(2021)usetheconceptof“congruentregulation”ofnon-bankfinancialinstitutionstoadvocatesimilarregulationforsimilarriskstostability–

irrespectiveofanentity’slegalformorbusinessmodel.Seriousconcerns

surroundingdataprivacyhavegivenrisetocallstodemocratisetheprivatepowerbehind“informationalcapitalism”(Kapczynski,2020).Newformsoftechnologycanrevolutionisehowprudentialsupervisionisperformed.Forexample,distributed

ledgertechnology(DLT)canmakeembeddedsupervisionpossible,allowing

complianceoftokenisedmarketstobemonitoredautomaticallyandtransparently(Auer,2019).

Bettercapitalisedbanksareasourceofstrength(Enria,2022;Laevenetal.,2016).Yetitisequallytruethatseriousflawsinfinancialsystemarchitecturegreatly

magnifiedtheeffectsofthefinancialcrisis,especiallytheprocyclicalityofcapitalrequirementsandtheparadoxofbankingregulation(Hellwig,2009).Thelatter

meansthatminimumcapitalrequirementsaretheretoavoidatechnicalbank

insolvency.Nevertheless,onlycapitalheldinexcessoflegalrequirementsmaybeavailableasreservesinacrisis.

7

Thereforecapitalmeasuresalonecannotbetheonlyresponsetoanyrisks,includingthosefromdigitaltrends.

Inviewofthedualnatureoffinancialinnovation,regulatoryexperimentationwithitisamechanismforascertainingwhichstrategiesmightworkbest(Romano,2018).

Regulatoryandsupervisoryinnovationneedtoaccompanyfinancialinnovation.Regulatorysandboxesareanexampleofadynamicregulatorymodelbasedon

6See

NationalCommissionontheCausesoftheFinancialandEconomicCrisisintheUnitedStates,

(2011),p.255.

7Hellwig(2009),p.180.Regardingbanks’propensitytousecapitalbuffersandtheimpactofthe

regulatorycapitalreliefmeasuresimplementedbytheauthoritiesduringthepandemic,Couaillieretal.(2021).

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adaptiveprobing:alternativestrategiesaretestedinalegallysafeenvironment

(underwaiversfromexistingregulations)andlessonslearnedfeedintoupdatingtheregulationoffinancialinnovationsortrainingthenextgenerationofsupervisors

(Allen,2019).

Asprocessesareunbundled,customerscanchooseandcombinepartsofthevaluechainfromdifferentvendorsinanopenfinancemodeltoachievebetterpricingandcustomisation.Thiscreatesanewformofre-intermediation(Bootetal.,2020).Newentrantsincludefintechfirms.

8

Theseoperatevariousmodelswithlimitedorno

regulationandcanbeactiveindifferentsegmentsinthevaluechain.Fintechsaretakingadvantageofthegrowingdemandforvirtualfinanceandinternetpayments,

9

exploitinggapsininformationanalyticsusingmultitemporalsatellitechange

detection(“spaceaddedvalue”)forriskmanagementpurposes

10

orbringingcredittotheworld’sunbankedpopulation.

11

8

SeetheEBAwebsite;

also

CommunicationfromtheCommissiontotheEUParliament,theCouncil,the

ECB,theEuropeanEconomicandSocialCommitteeandtheCommitteeoftheRegions,FinTech

Actionplan:ForamorecompetitiveandinnovativeEuropeanfinancialsector,COM/2018/0109final.

9Forexample

WISE

and

RocketMortgage.

10Forexample

TELEKAIROS.

11Forexample

Prosperas.

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3TheEUfostersdigitaltrends

WhentheservicessectorintheEUwasfoundlaggingindigitaltrendsin2019,

12

the

EuropeanCommissionspearheadedthe2020DigitalFinanceStrategyand

pioneeredlegislationinteraliaonAI,crypto-assetsandcloudcomputingservicesthatwasuniqueworldwide.

ThetenlargestfintechfirmsintheworldwerelocatedoutsideEurope.

13

TheUS

comestopintheglobalranking,followedbyChinaandIndia,accordingtothe2021StanfordGlobalAIVibrancyTool.

ThedigitaltransformationintheEUisalreadyunderway,

14

andisestimatedtorequireinvestmentsofupto€1trillionbetween2020and2030.

15

TheDigitalFinanceStrategyfocusesonpromotinguseofcloudcomputinginfrastructure,investmentsinsoftwarebyadaptingprudentialrulesonintangibleassets

16

anduptakeofAItools.

3.1AlevelplayingfieldforprovidersanddeployersofAIsystems

AlevelplayingfieldforallprovidersofAIsystems

ThefirstAIActintheworldwillenterintoforcein2024andapplyfrom2025.NaturalandlegalpersonsprovidinganddeployingAIsystemsaresubjecttoaseriesoflegalobligations(Article16).

Consequently,theAIActwillcreatealevelplayingfieldamongbanksandnon-

bankswhichprovideand/oruseAIsystems.

17

Itcreatesthreecategories:high-riskAIsystemsaresubjecttoahigherlegalscrutiny;low-riskAIsystemsaresubjecttofewerobligations;unethicalAIsystemsareprohibited.MemberStatesmust

designateatleastanationalnotifyingauthorityandanationalmarketsurveillanceauthorityascompetentauthorities(Article59),whichwillexercisetheirpowerstoensureapplicationandimplementationoftheAct.

12

EuropeanInvestmentBank(2019).

13BarbaNavarettietal.(2020),p.11.FintechswereasupervisorypriorityoftheOfficeoftheComptroller

oftheCurrencyfor2023.

14EuropeCentralBank(2018).

15See

EuropeanCommission(2020),

Table2.

16CommissionDelegatedRegulation(EU)2020/2176of12November2020amendingDelegated

Regulation(EU)No241/2014asregardsthedeductionofsoftwareassetsfromCommonEquityTier1items(OJL433,22.12.2020,p.27).

17TheAIActdefinestheseasmachine-basedsystemsthataredesignedtooperatewithvaryinglevelsofautonomyandthatmayexhibitadaptivenessafterdeployment,andthat,forexplicitorimplicit

objectives,infers,fromtheinputitreceives,howtogenerateoutputssuchaspredictions,content,recommendations,ordecisionsthatcaninfluencephysicalorvirtualenvironments.

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Arisk-basedapproach:AIsystems

OnewidespreaduseofAIinthefinancialsectorrelatestocreditscoring,

Upstart

forcreditscoringarecategorisedashigh-risk

beinganexample.

18

Creditscoringsystemsareclassifiedashigh-riskAIsystems(Article6(2)).Thesearesubjecttoaconformityassessmentperformedbeforehandbytheprovider.

19

EchoingRomano’sadaptiveprobing,theEUadvancesregulatorysandboxes

20

forfintechandAItopromoteinnovation,andencouragesnationalcompetentauthoritiestoestablishandoperatethem(Articles57-59)tofacilitatethesafedevelopment,

testingandvalidationofinnovativeAIsystemsforalimitedtimebeforetheyare

placedonthemarketorputintoservicepursuanttoaspecificplanunderregulatorysupervision.

21

TheArtificialIntelligenceOffice

22

(Article3(47))developsUnion

expertiseandcapabilitiesattheEuropeanCommissionandcontributestothe

implementationoftheAIAct.

23

TheEuropeanArtificialIntelligenceBoardshall

supporttheCommissiontopromoteAIliteracyandshallbecomposedofMemberStatesrepresentatives,ascientificpanelandanadvisoryforum(recital149).

Regulatorysandboxesneedtobeoflimiteddurationnotexceedingafewmonths,toaddresstheconcernthatfintechfirmsorAIsystemsmayshiftintotoaparallelworldwithoutappropriateregulationandsupervision(Allen,2019).

Since2019severalsupervisoryauthoritieshavesetupinnovationoffices,strategichubsforfinancialtechnologyandregulatorysandboxes

24

toconsolidatethelessonslearnedfromthetestingandpilotingthattakesplaceinsandboxesandassess

innovativedigitaltechnologiesfromarisk-basedperspective.InJuly2023,the

EuropeanBlockchainRegulatorySandbox

forcasesinvolvingDLTbecame

operationalandselecteditsfirst20casesacrossindustries,themajorityofwhichinvolvefinancialservicesandcapitalmarkets.

Bankingsupervisorsshouldalso

GiventheinterestinAItoolsforbankingservices,Europeanbankingsupervisorswill

considerusingregulatory

sandboxestoremain

needtoconsidersettingupregulatorysandboxestoensuretheyremain

technologicallyup-to-date

technologicallysavvyabouttherisksandopportunitiesassociatedwithsupervisedbanks’useofdigitaltrends.

18LangenbucherandCorcoran(2021),p.16.

19SeeArticles19(2),and43(2)AIAct;also

OpinionoftheEuropeanCentralBankof29December2021

onaproposalforaregulationlayingdownharmonisedrulesonartificialintelligence(OJC115,

11.3.2022,p.5),para2.2.5.

20

CounciloftheEuropeanUnion(2020),

para.8;EuropeanCommissionwebsite;

Allen(2022),p.136..21

MadiegaandVandePol(2022).

22

CommissionDecisionof24January2024establishingtheEuropeanArtificialIntelligenceOffice

(C/2024/1459),

OJC14.2.2024,pp.1-5.

23Articles25(4),53and56.

24Cf.the

CFPBdisclosuresandbox

in2019;theSEC’sFinHub

since2019;theOCC’sinnovationpilot

programsince2019;theUKFCA

’s

regulatorysandbox.

Seealsotheargumentsforregulatorybeacheswherethesupervisorhasthepositionofalifeguardinsteadofapartnersittinginthesandbox,

Peirce

(2018).

AnSSM-wideFinTechHubwassetupin2017.Seealsoth

eSSMDigitalisationBlueprint2023-

2028.

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3.2

MiCaregulatestheissuanceandtradingofcrypto-assetsandthusfosterslegalcertainty

Cross-sectoralregulationofmarketsforcrypto-assets

Severalbankshaveinvestedintokenisedcrypto-assets,butthecollapseof

algorithmicstablecoinTerraUSDinMay2022showedboththemagnitudeof

cryptocurrencies(Milne,2022;FSB,2022a)andtheirvolatility(Gortonetal.,2022).MiCaintroducedprudential,marketconduct,andmarketabusepreventionrulesforissuersandprovidersofcrypto-assets

25

andasset-referencedtokens.

26

Thisprovidesaworldwideparadigmofaproprietaryregulatoryframeworkwhich

safeguardslegalcertaintyconcerningtheissuanceandtradingofcrypto-assets.Bycontrast,theSEC’spoweroverdigitaltokenshasbeenrecentlychallengedincourtinasuitthatinvolveswhetherdigitalassetsareclassifiedassecuritiesunderUS

federallaw.

27

MiCawasadoptedaftertheBCBSdevelopedthePillar1treatmentofcrypto-assetexposures(BCBS,2022)andwhilerecommendationsforcryptoanddigitalassetmarketswerebeingfinalised(IOSCO,2023).

MiCaregulatestheissuingandtradingofcrypto-assets,whicharecategorisedintothreegroups,andimposesprudentialrequirementscommensuratetotherisks

associatedwitheachofthethreecategories.Issuersofcrypto-assets(otherthan

asset-referencedtokensande-money)admittedtotradingaresubjecttoalighterregime,mainlyconsistingofpublishingawhitepaper(equivalenttoaprospectus).

28

Issuersofasset-referencedtokensaresubjecttomorestringentauthorisationfromdesignatedcompetentauthorities,includingprudentialrequirementsrelatedto

governance,ownfunds,reserverequirementsandqualifyingholdingpermissions.

29

TheEBAisempoweredtosupervisethosethatitdesignatessignificant,withthe

helpofaconsultativesupervisorycollegeincludingESMAandtheECB.

30

Crypto-assetserviceprovidersauthorisedintheEUshouldhavearegisteredofficeintheEU,ESMAmaintainsaregister,

31

theyaresubjecttoprudentialrequirementsandgovernancerequirements,

32

andcompetentauthoritiesareempoweredto

imposeadministrativepenalties.

33

Significantcrypto-assetserviceprovidersaresupervisedbythenationalcompetentauthorities.

TheEBAandESMA,whereappropriateincooperationwitheachotherandtheECBforcreditinstitutions,areintheprocessofdevelopingtherequisiteregulatory

technicalstandardsforthemtoexercisetheirnewsupervisorycompetenceunderMiCa.

25Adigitalrepresentationofavalueorarightthatisabletobetransferredandstoredelectronicallyusingdistributedledgertechnologyorsimilartechnology.

26Atypeofcrypto-assetthatisnotane-moneytokenandthatpurportstomaintainastablevaluebyreferencinganothervalueorrightoracombinationthereof,includingoneormoreofficialcurrencies.

27

SECvBinanceHoldingsLtd,23-cv-01599,

USDistrictCourtfortheDistrictofColumbia.28Article5MiCa.

29Articles34-36MiCa.

30Articles117-138MiCa.

31Articles109MiCa.

32Articles67-68MiCa.

33Article111MiCa.

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Giventheglobalnatureofcrypto-assetactivities,coordinationbetweentheEBA,nationalcompetentauthorities,andprudentialsupervisorsisnecessary

34

tolinkbankingregulatoryrequirementswiththoseunderMiCa(FSB,2022).

TwoimportantfieldsareexcludedfromthescopeofMiCa.First,thePillar1

treatmentofclaimsfromdigitalassets;itisfortheBCBStolayoutthetreatmentoftokenisedclaimsonabankandthecriteriabywhichthesemayconstitutedeposits(BCBS,2023).Second,MiCadoesnotregulateproprietaryaspects(transfersandsecurityrights)relatingtocrypto-assets;thesearestillsubjecttouncertaintiesandlegalrisk.

TheUNIDROITPrinciplesonDigitalAssetsandPrivateLawofferamodelforhowtodeterminetheapplicablelawconcerni