On 21 March 2017 the expert conference “Customer identification and conclusion of contracts without media disruption took place. Two topics were in the focus of discussion: (1) video identification methods and (2) trust services (with a focus on qualified electronic signatures QES), following the overarching question if video identification and QES provide viable solutions for the digital future of banks. First, the legal frameworks have been presented with additional practical examples about introducing a video identification method and finally outlining application scenarios for trust-services.
In August 2016, the EBA published the draft RTS for consultation, and spelled out the details in a public hearing on 23 September 2016, especially regarding the points on “Use of strong customer authentication for account access (one-month discussion)” and “Using a risk-based approach as a replacement for the second factor”. On 23 February 2017, after taking account of 224 comments received back from the market, the EBA published the final version of the RTS. This means that depending on approval by the European Parliament, the RTS will come into force from November 2018 at the earliest.
Financial instruments such as securities, derivatives (warrants) and money market instruments are frequently used by firms and investors today for asset, liquidity and risk management. As was made crystal clear by the financial crisis of 2008, these instruments can be useful for risk management, but if used in the wrong way, they can also have a destabilizing effect on financial markets. Financial instruments are therefore quite rightly subject to greater critical scrutiny from the public and from regulators. The latter have produced a series of rules (especially EMIR, MiFID II, MAR, CRD IV and PRIIP) in order to ensure the stability of financial markets on the one hand and to protect consumers on the other.