Transcription of Joint Committee Final Report on Big Data - …
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JC/2018/04. 15 March 2018. Joint Committee Final Report on Big Data 1. Contents 1. Overview .. 4. 2. Contents .. 4. 3. Executive summary .. 6. 4. Feedback statement .. 8. A. Description of the Big Data phenomenon .. 8. B. Level playing field and fair competition .. 9. C. Impact of Big Data on financial inclusion, comparability and pricing practices .. 11. D. Potential shortcomings in the transparency of Big Data tools .. 14. E. Accuracy of data - Fair and transparent use of data collected .. 14. F. Cyber risks .. 15. G. Potential systemic risks .. 17. H. Role of regulators/supervisory authorities .. 17. I. General comments on potential benefits and risks .. 18. J. Potential non-regulatory barriers to the use of Big Data .. 21. K. Potential Additional existing legal requirements .. 21. L. Potential development of Artificial Intelligence (AI) and Big Data .. 22. 5. Preliminary conclusions of the ESAs .. 23. A. 23. B. Requirements in the European data protection, cybersecurity and consumer protection legislation.
3 Acronyms and definitions AIFMD Alternative Investment Fund Manager Directive (2011/61/EC) AMLD Anti-Money Laundering Directive (2015/849)
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