欧洲央行数字创新与银行监管（英）2024

ChryssaPapathanassiou OccasionalPaperSeries Digitalinnovationandbankingregulation No351 Disclaimer:ThispapershouldnotbereportedasrepresentingtheviewsoftheEuropeanCentralBank(ECB).TheviewsexpressedarethoseoftheauthorsanddonotnecessarilyreflectthoseoftheECB. 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 Abstract TheEuropeanUnionisaimingtofosterdigitaltransformationinallsectorsby2030.Ithaspioneeredcross-sectorallegislationonartificialintelligence,cloudcomputingservicesandcrypto-assetsforthispurpose.YetcomparedwiththeworkdoneonESG,theprospectivebankingregulationregimehasstilltoarticulatemorepurposefullyhowtheindustryshouldmanagetherisksfromdigitaltrendsandhowsupervisorsshouldassessthem.Thispaperdiscussesdigitalinnovationinthebankingsectorinthecontextoftheacademicliteratureonfinancialinnovationandnon-banks.Italsoconsidershowtofosterarisk-basedPillar2prudentialframework,aswellasmarketdisciplinethroughharmonisedPillar3disclosures.Thepaperconcludesthattheselattertwopropositionscanhelpreconcilethechallengesstemmingfromtheshort-termhorizonappliedinprudentialassessmentandthelonger-termhorizonoverwhichdigitalinnovationwilltakeplaceinthebankingsector. Keywords:digitalisation,artificialintelligence,crypto-assets,cloudcomputing,supervision JEL:K23,K24 Non-technicalsummary TheDigitalFinanceStrategysetsouttheEuropeanUnion’scommitmenttofosteringthedigitaltransformationofcompaniesby2030.ThispaperdiscussestheinterplaybetweenthreeEUlegalactsthatimplementthisstrategyandbankingregulation. ThepaperexaminesthedigitaltransformationofEuropeanbanksinthecontextofbroaderacademicresearchintofinancialinnovationandnon-banks.The“dualnatureoffinancialinnovation”theorypositsthatcyclesofprosperityarisingfromfinancialinnovationarefollowedbycyclesofseveredisruption.Thenovelaspectwithdigitaltechnologiesisthatanydifficultyabankmayfacecanbedisseminatedinstantlyviasocialmedia,whichhasthepotentialtoamplifyitsimpactworldwide.Thechallengesarenotnew,butthequestionremains:howshoulddigitalinnovationinthebankingsectorberegulated? Someresearchersadvocateadaptiveprobingofbankingregulationbasedonexperiencegarneredfromashortperiodofregulatoryexperimentation.ThefutureArtificialIntelligenceActpromotesthistrendintheEUbymeansofregulatorysandboxes.Theseconstituteaculturalshiftinbankingregulation,whichisprimarilyrule-based. Moreover,thephenomenonofre-intermediationfollowstheuseofdigitaltrends,withbanksexitingcertainmarketsegmentspopulatedbynew,technologicallysavvy,entrants. TheEUisencouragingdigitaltrendsbyenactinganinnovativeframework.TheArtificialIntelligenceAct(AIAct)1willpromotealevelplayingfieldforbanksandnon-banksasprovidersordeployersofAIsystems.TheDigitalOperationalResilienceAct(DORA)2strengthenscooperativeoversightofcriticalcloudcomputingserviceprovidersbybringingtogetherallrelevantauthorities,includingprudentialsupervisors.TheMarketsinCrypto-AssetsRegulation(MiCa)3isadedicatedandharmonisedframeworkintroducingaproportionatetreatmentofcrypto-assetissuersandprovidersinatechnologyneutralway. WhiletheEUhaspioneeredaregulatoryframeworkfordigitaltrends,thebankingpackagedevelopedinparallel4remainslargelyagnostic,exceptforafewdefinitions. 1On21May2024,theCouncilapprovedtheRegulationoftheEuropeanParliamentandoftheCouncillayingdownharmonisedrulesonartificialintelligenceeandamendingRegulations(EC)No300/2008,(EU)No167/2013,(EU)No168/2013,(EU)2018/858,(EU)2018/1139and(EU)2019/2144andDirectives2014/90/EU,(EU)2016/797and(EU)2020/1828(ArtificialIntelligenceAct)(notyetpublishedintheOfficialJournal). 2Regulation(EU)2022/2554ofTheEuropeanParliamentandoftheCouncilof14December2022ondigitaloperationalresilienceforthefinancialsector(OJL333,27.12.2022,p.1). 3Regulation(EU)2023/1114oftheEuropeanParliamentandoftheCouncilof31May2023onmarketsincrypto-assets(OJL150,9.6.2023,p.40). 4Regulation(EU)No575/2013oftheEuropeanParliamentandoftheCouncilof26June2013onprudentialrequirementsforcreditinstitutionsandinvestmentfirms(OJL176,27.6.2013,p.1)andDirective2013/36/EUoftheEuropeanParliamentandoftheCouncilof26June2013onaccesstotheactivityofcreditinstitutionsandtheprudentialsupervisionofcreditinstitutionsandinvestmentfirms(OJL176,27.6.2013,p.338)(CRRIII/CRDIV)(revisionsnotyetpublishedintheOfficialJournal). BycontrastwiththeapproachtakentoESGinthefutureCRRIIIandCRDVI,thebankingregulationregimesetoutinCRRIIIandCRDVIdoesnotarticulatespecificguidanceonhowbanksshouldidentify,monitor,evaluateandmanagerisksfromdigitaltrends,norhowsupervisorsshouldassessthem.Areviewofthedatacurrentlyprovidedbyrandomlyselectedsignificantinstitutionsshowstheyarealreadydisclosinginf