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Oscar Borgogno, Giuseppe Colangelo
European Business Law Review
Volume 31, Issue 4 (2020) pp. 573 – 610
https://doi.org/10.54648/eulr2020023
Abstract
Technological innovation can foster competition within the retail financial sector. However, in order to pave the way for the emergence of FinTech with the goal of promoting innovation and competition, policymakers need to address a data bottleneck problem. The access to account (XS2A) rule introduced by the revised EU Payment Service Directive (PSD2) is worth of attention as it mandates banks to provide access to customer account data to all authorized third payment service providers. If properly implemented, the XS2A rule may unlock competition in retail financial markets by mitigating consumer disengagement and information asymmetry problems that have traditionally affected retail financial markets. In this respect, as showed by the UK Open Banking experience, supervised application programming interfaces (APIs) standardization is crucial to deliver adequate levels of interoperability.
Keywords
FinTech, PSD2, payment services, access to account rule, big data, open banking, API, competition law, BigTech, standardization
Extract
The obligation to integrate environmental protection into other policy areas stems from 1987 and was refined by the Treaty of Lisbon. The EU is to ensure coherence of trade, environmental protection and sustainable development, inside and outside the EU. This article investigates how the Union operationalised this duty where its trade agreements are concerned, and whether this actually contributes to sustainable development.
It is set out how in 1999, Trade Sustainability Impact Assessments of proposed new trade agreements were introduced, how the system developed over time, and how actual provisions on sustainable development and environment were introduced from 2008 onwards. Furthermore, it is examined what these provisions entail. Given the identified weaknesses, evaluating and where necessary strengthening these parts of trade agreements is called for. An investigation on improvements to the environmental provisions of the EU-Canada Comprehensive Economic and Trade Agreement (CETA) could form a step in the right direction.
European Business Law Review