EU Rules ‘Hindering Banks’ In Tech Advances, Study Warns

Law360, London (November 17, 2020, 5:12 PM GMT) — Increasing regulatory requirements are hindering progress as the banking sector adopts emerging technology and new ways of working, according to a study by audit firm PwC and the Association for Financial Markets in Europe.

The study was published on Monday as new regulations that will govern use of technology loom — including the European Union’s proposed Regulation on Markets in Crypto Assets and the Digital Operational Resilience Act — the report’s authors said.

The proposed EU legislation package, which was published in September, focuses on regulating digital currencies and ensuring that banks can resist cyberattack.

“Innovation is crucial for banks to…

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