Positions

MiFID II-MiFIR position paper

Response of the European FinTech Association (EFA) to Section XI (“Digitalisation and new technologies”) on the public consultation of the review of the regulatory framework for investment firms and market operators by the European Commission.

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In the wake of the December 2023 political agreement on Artificial Intelligence regulations, financial industry representatives stress the need to safeguard ongoing credit scoring operations from potential disruptions caused by pending technical details around the agreed definition of “artificial intelligence systems”. Credit scoring is a vital element of the financial sector, providing a way to evaluate an individual’s creditworthiness based on their financial history and behaviour. This evaluation assists lenders in making well-informed decisions about extending credit or loans.