Existing financial market regulation is sufficient to cover new technology companies

In a consultation on digital finance, ESMA is discussing possible regulatory steps for companies that own a financial services provider within the group. This is taking place against the background that big tech companies are increasingly competing with banks. In our commentary, we emphasize that the current supervisory options are sufficient to capture this development. Adjustments, e.g. with regard to definitions of banking regulation, harbor the risk that industrial companies will also be negatively affected by this. This must be avoided at all costs.