The Joint Committee of the European Supervisory Authorities (ESAs), representing the European Banking Authority (EBA), the European Insurance and Occupational Pensions Authority (EIOPA) and the European Securities and Markets Authority (ESMA), have launched a public consultation on the potential benefits and risks of big data for consumers and financial firms.
The aim of the consultation is for the ESAs to understand better what the big data phenomenon means for consumers, the financial industry and regulators, and to determine whether any further regulatory or sypervisory actions may be needed. Stakeholders are invited to express their views on various issues outlined in a Discussion Paper, which asks whether the existing regulatory framework is sufficiently flexible to cover big data, has gaps which need to be filled, and how it impacts the use of big data technologies. Aspects related to privacy and data protection, cybersecurity and ethics are also tackled in the paper.
To contribute to the consultation, visit the dedicated webpage.