“ economic and financial regulation in the era of big data ” paris, 24 november 2017 closing remarks by francois villeroy de galhau, governor of the banque de france i am very pleased to close this conference on “ economic and financial regulation in the era of big data ”. i was in london this morning and i therefore regret having missed your discussions on an issue which i consider of paramount importance. let me thank warmly all speakers, in particular benoit coeure, member of the board of the ecb, who opened this conference and philip - hans franses, professor at eramus school of economics, who i am told gave an outstanding lecture. big data indeed deserves a global view, from a number of angles. it was the objective of this conference and i am grateful to all of you, presenters and participants, to have made this possible. in closing this conference, i will not come back to the specificities of big data and its numerous usages. all presentations have given a fresh look on big data and i am sure that on such an excellent basis, discussions will continue beyond this one day conference on issues which are of key importance for all of us. i would rather like to focus on the consequences of big data for the economy in general and for central banks in particular. i will develop this into three parts : i. big data will have significant economic effects. it will in particular change the relationships between the members of the financial community and between this community and the non - financial world ii. regarding big data, central banks will have to switch from an observer status to a user or player position, which implies significant changes in performing part of their activities iii. big data raise regulatory issues that cannot be solved within a national context but require a global reflection from public authorities. i. big data will have significant economic effects. entry costs for carrying out financial transactions have already been reduced and will be lowered further in the future. customer knowledge, in particular regarding the conditions applied by financial institutions, will be enhanced and more generally information asymmetries between clients and providers of financial services will narrow. big data can be a powerful card to play by gafas or other native non - financial firms to develop new activities. the financial industry has therefore to adapt rapidly to face the data revolution and compete with the new entrants, while protecting privacy against increasing cyber risks in particular. all in all, competition will increase, which is beneficial to the economy. the flip side can be enhanced

requirements for good governance of the information system, institutions will have to carry out regular operational resilience tests and report major incidents. 1 / 4 bis - central bankers'speeches despite many new elements, dora reinforces a principle that is as old as it is fundamental : financial institutions remain responsible for their risks. they therefore need to remain in control of the entire subcontracting chain, regularly audit their it service providers, and establish exit strategies. the adaptation period for dora is short, so we need to work together to prepare ourselves. for institutions, this means reviewing all existing service contracts, renegotiating some of them, and undertaking as quickly as possible the work required to produce the new reports, in order to finalise compliance with dora before january 2025. for its part, the acpr will continue to interact with the financial community in order to identify any operational difficulties that may arise. in this respect, i would encourage you to take part in the new public consultation on the dora implementing texts, which is due to be held before the end of the year. 2 / as regards digital assets, the gradual entry into force between december 2023 and december 2024 of the markets in crypto - assets regulation ( mica ) will naturally steer the necessary consolidation work. my main message here is that we need to anticipate the entry into force of mica. for players planning to issue stablecoins, anticipating means contacting the acpr, and i invite them to do so now. you can apply for electronic money institution ( emi ) status, which will allow you to start issuing digital assets as soon as mica comes into force, within a secure framework. this is especially important as there will be no transitional phase here : as of 30 june 2024, the provisions of the regulation relating to token issuance will apply immediately. second, to current crypto - asset service providers ( casps ) and to those planning to provide such services in the future, i say that it is time to apply for authorisation. this would enable most of the mica provisions to be met in advance. above all, in a context recently affected by increased bankruptcies, this is the best way to restore consumer and investor confidence. 3 / also with regard to crypto - assets, we need to consolidate measures to combat money laundering and the financing of terrorism ( aml / cft ), particularly in view of the entry into force of the european transfer of funds regulation ( t