10 See Hsu, P., X. Tian and Y. Xu (2014), “Financial development and innovation: Cross-country evidence”, Journal  of Financial Economics, 112(1), 116–135. 11 See Greenspan, A. (1999), “Do efficient financial markets mitigate financial crises?”, speech before the 1999  Financial Markets Conference of the Federal Reserve Bank of Atlanta, Sea Island, Georgia, 19 October.
12 Depending on the type of activity they carry out, many fintech companies are already subject to one or more  pieces of EU sectoral financial services legislation. 13 See Goodhart, C. (2008), “The Boundary Problem in Financial Regulation”, National Institute Economic Review,  206, 48–55. 14 See Eichengreen, B.