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Facebook, Google's financial incursions might merit new activity, data rules, FSB says

( December 8, 2019, 23:01 GMT | Official Statement) -- MLex Summary: The incursion of Facebook and Google into financial services might mean regulators need to start regulating activities, rather than just entities, the Financial Stability Board has said, saying that Big Tech firms raise new financial-stability risks owing to their complex and diverse structures. Regulators could consider whether Big Tech should open up its data to banks, mirroring obligations that financial firms face under open banking laws, the FSB said. A separate report urges standard-setters to check whether supervision and data sharing was up to the task of monitoring bank data that is outsourced to external cloud-computing companies, and to ensure portability of data among different third-party providers.FSB reports consider financial stability implications of BigTech in finance and third party dependencies in cloud services...

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