denis beau : from open banking to open finance speech by mr denis beau, first deputy governor of the bank of france, at the france payments forum “ the europe of banking and financial services ” – paris europlace – france innovation, paris, 24 march 2022. * * * technological innovations, changes in demand, the arrival of new players : the changes underway in the financial sector are providing a strong impetus to relax the conditions of access to the market, in order to foster competition and thus encourage the development of new, more efficient and less costly services. in europe, in the field of payments, this relaxation has already occurred. the emd, the psd1 and finally the psd2 directives have all resulted in the emergence of more agile players, particularly in terms of data exploitation. the pressure to open up data now extends to insurance and savings : after open banking, we now speak of open finance. this pressure calls for further adapting the regulatory framework. but what should our guiding principles be? in the payments sector, the main objective of the directives i mentioned was to reconcile openness and security. while this challenge remains relevant for the transition from open banking to open finance, with digitalisation and the development of the platform economy, we have seen two other challenges emerge : reconciling innovation and integration on the one hand and competition and sovereignty on the other. how do we at the banque de france and the acpr, given our role and experience as a supervisor, plan to address these new challenges? this is what i would like to briefly discuss with you today, after a quick recap of the regulatory framework for open banking and the lessons that can be drawn from it to guide the development of open finance. part i : openness and security a - as regards the assessment of and lessons learned from the regulatory framework for open banking, i would like to start by recalling : 1 - the key principles that governed the sharing of payment data : on the one hand, the creation of appropriate statuses and, on the other, the strengthening of security requirements for access. the creation of the payment service or electronic money service provider status has fostered the emergence of an open banking ecosystem. the introduction of an agent status has also contributed to this process, by creating a gradual – proportionate – regulatory framework : it thus allows emerging players to test the suitability of their services with the market under the aegis of a licensed institution, before applying for a license themselves,

robert ophele : cyber security in the financial sector opening speech by mr robert ophele, deputy governor of the bank of france, at the conference “ cyber security in the financial sector ”, paris, 17 june 2014. * * * emmanuelle assouan, frederic hervo, claudine hurman, caroline keribin, clement martin and axel petitprez have also contributed to the preparation of this speech. ladies and gentlemen, i am very happy to introduce this conference about cyber - security in the financial sector. this issue could be considered in the first place as very technical, the type of issue that has to be addressed only within a limited forum of experts. this would be an error and on the contrary, it is key that public authorities, including central banks, dedicate sufficient attention to cyber - security, given its system - wide implications notably for the functioning of the financial system. over the past decade, the financial sector has changed considerably with the emergence of the internet and the use of new information technologies. the market has been able to innovate and improve the quality, the performance and the efficiency of services such as online banking, mobile payments, and settlement platforms. public authorities have indeed encouraged dematerialization in the financial sector to foster economic growth and also to reduce the operational risks inherent in previously non - automated processes. for example, the new european regulation on central securities depositories requires using dematerialized securities and promotes automated and straight - through processes in securities settlement systems. in this sense, technological evolutions have allowed to address some of the operational risks inherent to financial activities, especially to curb operating errors in processes ( representing a significant source of losses relative to operational risks ). from this point of view, cyber - activities are a source of economic growth and progress, being essential for the financial sector. however, despite the fact that internet development and electronic transactions growth allowed a better control of operational risks due to diminishing human or operating errors factors, it also triggered the emergence of new risks. the rapid expansion of networks and technologies, the opening of it systems to external exchanges, the growing amount of electronic transactions have caused the emergence of a new type of crime called “ cybercrime ”. the financial sector is indeed an attractive target for cybercriminals : an american study1 led by symantec shows that the finance and insurance sector is among the principal sectors affected by cyber - attacks, just behind public administration. this of course