The European legislator is therefore responding via all these initiatives to the changes that are affecting the financial market. I refer in the first place to changes to the market structure: new players are entering the financial market, both agile start-ups and Big Techs.
The regulator here also played a pivotal role: the entrance of new players was in fact enabled by the new EU regulatory framework on retail payment services (the 5  Payment Services Directive 2), which transferred ownership of client data from banks to clients and transformed financial data into a commodity accessible for both financial and non-financial entities.