What does a level playing field look like for tech regulation?
The Financial Stability Institute (FSI) has published an Occasional Paper by Fernando Restoy on how regulation should encourage fair competition between traditional banks and new fintech and big tech players. He notes the limitations of an activity-based regulatory approach for all, and argues the case for relying more, not less, on entity-based rules. By developing entity-based requirements for example, for big tech in areas such as competition and for fintechs on operational resilience, regulators can not only address risks and foster financial stability, but also mitigate competitive distortions. A topical issue for many regulators to say the least.
Read the paper here.