Data portability in the financial sector: published a new Consob notebook of the Fintech serie (10 May 2021)

The new Consob Fintech Notebook on "Financial data portability" by Anna Genovese (Consob Commissioner) and Valeria Falce (Current Professor of Economic Law, European University of Rome) has been published. It's available only in Italian language.

Interference and mutual intersections among regulation, financial innovation and technological innovation are fully part of the fourth digital revolution. The disruption we are witnessing is of an intersectoral type, characterized by processes of "contamination" among subjects and markets, models and categories, architectures and geometries. In the new disintermediated and decentralised era, operators, banks, intermediaries and third parties process, define, customise and offer products and services, using predictive and intelligent techniques that use and reuse personal, anonymised and commercial data, combining "external" data, extracted from the network's magma, with those belonging to the company's assets, and as such "internal" to the company, in a continuous cycle.

Based on these premises, the Notebook aims to analyse the Data Space from the point of view of the object (data), subjects (old and new), responsibilities and rights, but only after focusing on the relevant regulatory framework, which constitutes the essential and indispensable pivot for mapping and hence expressing policy lines also in terms of data portability.

Following the aforementioned line, in Part One, the Notebook focuses on the regulatory framework. From the assumption that the rapid diffusion of new technologies, beyond territorial and economic boundaries, requires rethinking traditional regulatory techniques, the limits of the regulatory matrix designed in the 1990s and the regulatory technology profiles necessary to capture changes and rethink the regulatory framework are addressed with a view to cooperation among national authorities and to coordination among different national systems, and with the clear aim of reconciling the interests at stake and protecting fundamental rights.

In Part Two, on the other hand, the issues of portability and data sharing are analysed with reference to the information flows and the parties involved, under the dual aspect of the areas of responsibility of the actors and the repercussions in terms of customer and investor protection. The emergence of Third-Party Providers together with the strengthening of database builders and software owners lays the foundations for a renewed competition focused on the use of Smart Technologies in the Open Banking scenario and requires careful reflection on roles and functions, as well as on the chain of possible responsibilities.

Through the aforementioned joints, the Notebook proposes a solid reconstructive and systematic approach to framing the new challenges and intercepting the risks associated with digital transformation with particular reference to the regulation inherent in data flows. In this context, in fact, the migration of financial services to increasingly digital environments characterised by fragmented and sectoral legislation risks leading to protection gaps that in turn risk undermining confidence in the financial system and its stability.

The Notebook provides the tools to prevent such eventualities in the name of reconstructive clarity, legal certainty and general principles, thus safeguarding investor protection and market integrity.

The Notebook will be presented on 8 June from 9:30 am to 12:00 pm, during a conference whose works will be opened by Consob President Paolo Savona. This will be followed by the introduction byAnna Genovese (Consob Commissioner) and Valeria Falce (Current professor of Economic Law, European University of Rome) and the works will be moderated by Paolo Ciocca (Consob Commissioner).

Attendance is free of charge, but attendees are asked to register online: https://www.consob.it/web/consob-and-its-activities/enrollments.

The event will be streamed on the GoToMeeting platform; the link will be sent close to the event to those who have registered.