The EU's financial regulations should meet the so-called 3F criteria: be fair, flexible and forward-looking, said Martina Drvar, the Vicegovernor of the Croatian National Bank, at the panel discussion on the future of financial sector regulations, held on 26 November 2019 in Frankfurt within the framework of the 26th RegTech Convention hosted by BearingPoint, a consulting agency. "When I say fair, I think that we need to recognise change of the bank's business models and enable supervision to focus on activities in the course of digitalisation of the banking services and not on legal entities, as now." Flexible means that they should consist of less directives and more on regulations, which are directly implemented in all EU countries, aiming to protect financial innovation with joint solutions for AML and cyber risk supervision. At the same time, financial regulations need to foresee future developments and be forward-looking, which means that they should enable supervisors to monitor financial innovation now rather than regulating it immediately and challenge banks’ management via dry run exercises on the resilience of their changing business models, said Vicegovernor Drvar.