Investment and business is a matter of trust and investors and firms can plan and execute their strategies only if they believe that the regulatory regime will not change in the midway. Since the external factors in the today’s world change rapidly, there will be great temptation to adjust the regulatory framework as well. Let me give an example.
In addition, the General Data Protection Regulation (GDPR) will become applicable soon. But certain issues on privacy are still pending, mainly due to possible contradictions between PSD2 and the GDPR concerning consent [, which is the legal basis for the provision of payment services and the use of account information]. More work is needed on this score by prudential and privacy supervisors.