Mandiant cybersecurity experts: The APT (aka UNC2452) also shows two distinct clusters of activity, UNC3004 and UNC2652.
EU wants to become a global hub for FinTech
The European Commission bets on the FinTech. EU has unveiled an Action Plan on how to harness the opportunities presented by technology-enabled innovation in financial services (FinTech). At first it has been stated that Europe should become a global hub for FinTech, with EU businesses and investors able to make most of the advantages offered by the Single Market in this fast-moving sector. As a first major deliverable, the Commission is also putting forward new rules that will help crowdfunding platforms to grow across the EU’s single market. The goal of the Action Plan is enable the financial sector to make use of the rapid advances in new technologies, such as blockchain, artificial intelligence and cloud services. At the same time, it seeks to make markets safer and easier to access for new players. This will benefit consumers, investors, banks and new market players alike.
The EU Action Plan is part of the efforts to build a Capital Markets Union (CMU) and a true single market for consumer financial services
The EU Action Plan “is part of the Commission’s efforts to build a Capital Markets Union (CMU) and a true single market for consumer financial services – is reported in a press release -. It is also part of its drive to create a Digital Single Market. The Commission aims to make EU rules more future-oriented and aligned with the rapid advance of technological development”. Moreover, in addition to the Plam, the Commission is proposing a pan-European label for platforms, so that a platform licensed in one country can operate across the EU.
The EU FinTech Plan
The financial sector is the largest user of digital technologies and a major driver in the digital transformation of the economy. The EU Action Plan sets out 23 steps to enable innovative business models to scale up, support the uptake of new technologies, increase cybersecurity and the integrity of the financial system. To catch the goal the Commission will host an EU FinTech Laboratory where European and national authorities will engage with tech providers in a neutral, non-commercial space; It has already created an EU Blockchain Observatory and Forum. It will report on the challenges and opportunities of crypto assets later in 2018 and is working on a comprehensive strategy on distributed ledger technology and blockchain addressing all sectors of the economy. A distributed ledger is an information database that is shared across a network. The best-known type of distributed ledger is blockchain.
The European Commission looks at the digitisation of information published by listed companies
Furthermore, thanks to the EU Action Plan on FinTech, the Commission will consult on how best to promote the digitisation of information published by listed companies in Europe, including by using innovative technologies to interconnect national databases. This will give investors far easier access to key information to inform their investment decisions. It will run workshops to improve information-sharing when it comes to cybersecurity and it will present a blueprint with best practices on regulatory sandboxes, based on guidance from European Supervisory Authorities. “A regulatory sandbox – EU state in the press release – is a framework set up by regulators that allows FinTech startups and other innovators to conduct live experiments in a controlled environment, under a regulator’s supervision. Regulatory sandboxes are gaining popularity, mostly in developed financial markets.
Crowdfunding in EU is underdeveloped as compared to other major world economies
European Commission reminds that the Crowdfunding improves access to funding especially for start-ups and other small businesses. A start-up can present its project on an online platform and call for support in the form of a loan (‘peer-to-peer lending’) or equity. Investors receive a financial return for their investment. It is currently difficult for many platforms to expand into other EU countries. This is why crowdfunding in the EU is underdeveloped as compared to other major world economies, and the EU market is fragmented. One of the biggest hurdles is the lack of common rules across the EU. This considerably raises compliance and operational costs and prevents crowdfunding platforms from expanding across borders.
The new rules on Crowdfunding in Europe
The new European Commission’s proposal will make it easier for these platforms to offer their services EU-wide and improve access to this innovative form of finance for businesses in need of funding. Once adopted by the European Parliament and the Council, the proposed Regulation will allow platforms to apply for an EU label based on a single set of rules. This will enable them to offer their services across the EU. Investors on crowdfunding platforms will be protected by clear rules on information disclosures, rules on governance and risk management and a coherent approach to supervision.