EU digital finance

Finance Finland supports the Commission’s initiative to simplify digital and data regulation. The current regulatory burden undermines the ability of European companies to scale their operations and compete globally with digital giants based outside Europe.

Regulation must be simplified in an ambitious manner to ensure that simplification efforts are genuinely effective and improve the competitiveness of European businesses. For Europe to achieve technological sovereignty, the EU must increase investment in technology and ease the regulatory burden.

For instance, the General Data Protection Regulation (GDPR) should be reviewed to ensure its alignment with other new data regulations.

The financial sector is already highly regulated, and thus the need for any new regulation must be critically examined. Finance Finland calls for withdrawing the Financial Data Access (FIDA) framework, but if the EU institutions continue moving forward with the proposal, it should be significantly simplified and streamlined.

Finance Finland takes a positive view of the objectives set for EU regulation of artificial intelligence (AI). AI requires a predictable operating environment that supports innovation. However, the tight timeline and unclear definitions of the current proposal create legal uncertainty and hinder the effective application of the rules in practice.