WMA Bulletin 2nd May 2017 WMA Bulletin is a fortnightly snapshot delivering the latest news and current affairs from within the wealth management industry and WMA.
WHAT'S HAPPENING IN OUR INDUSTRY? ECON Committee adopts FinTech report The European Parliament’s Committee for Economic and Monetary Affairs (ECON) adopted an own-initiative report on FinTech on 25th April. The report, which is non-binding, calls on the Commission to propose an action plan to help spur the development of the sector in Europe. The author of the report, Cora van Nieuwenhuizen (ALDE), stressed that the action plan should ensure proportional and risk based regulation of the sector, address the risk of cybersecurity and ensure sufficient protection of consumers. The Parliament's plenary is expected to vote on the report on May 31st. It will complement the Commission's workstream, which is currently gathering industry views through a public consultation.
Brexit – Macron wins first round of French presidential elections Emmanuel Macron won the first round of the French presidential elections on 23rd April with 24 per cent of the vote, and ahead of Marine Le Pen's 21 per cent. Both candidates will now compete in a run-off vote on 7th May, with current polling predicting a comfortable win for Macron. Neither candidate represents a main party, meaning that it is unlikely that they will be able to command a majority after parliamentary elections in June, making it more challenging for either of them to pursue an ambitious reform agenda. A win by Le Pen would complicate Brexit negotiations significantly, making it more difficult for the EU come to a common position.