Bank of Spain and CNMV representatives look at the challenges technology brings to the financial sector, at an event held at Garrigues
The transformation of the global financial sector, spurred by the advent of fintech, is both changing how current operators provide services and paving the way for new operators to appear, in tandem with changing consumer habits and client expectations. This new environment raises many questions about the role innovation can play in supervisory tasks and in regulating the fintech universe as part of our financial system. All these issues were discussed in depth at an event organized by Garrigues and the IEAF-FEF, held at the firm’s offices.
The encounter brought together top-tier representatives of both government institutions and financial entities, along with sector experts in financial innovation and regulation. In closing the event, the Deputy Governor of the Bank of Spain, Javier Alonso, spoke about the legal challenges posed by the fintech revolution, emphasizing the role central banks play in the advent of new technologies and new service models in the financial sector.
Fernando Vives, executive chairman of Garrigues, and Jorge Yzaguirre, chairman of IEAF, opened the event, introducing Ana María Martínez-Pina, the vice-chairperson of the Spanish National Securities Market Commission (CNMV). Ms. Martínez-Pina spoke of the measures her organization is currently adopting to respond to the digital transformation in the financial system. She assessed the current situation in the sector and highlighted the key figures and actions underway at the regulator.
The first round table was moderated by Luis de la Peña, a partner at Garrigues. The table, comprising Raúl Saugar, general secretary of the Spanish Treasury; Fanny Solano, from Caixabank; Carlos Baena, from Bankia; and José Luis Zimmermann, from Adigital, analyzed the impact of the Payment Services Directive (PSD 2).
Later in the day, a debate was held on crowdfunding, algorithmic trading and robo-advising. The debate was moderated by Jorge Yzaguirre, chairman of IEAF, and featured input from Martín Huete; Ángel Martínez-Aldama, chairman of Inverco; Ramón Tejada, partner at Garrigues; and Juan Ignacio González, Garrigues counsel.
The event culminated with a round table discussion on blockchain, distributed ledger technology, cryptocurrency and ICOs, guided by José Ramón Morales, partner at Garrigues. Members of the table included Raquel García Alcubilla, director of the CNMV’s Strategy and Institutional Relations Department; Moisés Menéndez, from Everis; Julio Faura, from Banco Santander; and Carlos Kuchkovsky, from BBVA.