The Financial Conduct Authority (FCA) launched a CryptoSprint as well as a support service called Innovation Pathways, which is intended to remove barriers to entry for firms looking to innovate or launch new products, including automated advice and guidance. It also published insights on the financial sector firms and technology to be supported by the Regulatory Sandbox and Innovation Pathways, including firm sizes, sectors, and locations.
In addition, FCA issued eligibility criteria and guidance documents on Innovation Pathways and Regulatory Sandbox. FCA also published an authorization guide for firms developing automated advice models. This guide applies to firms that are seeking authorization and change in permissions, identifies key themes that firms should consider before applying, and is based on the experience of firms that have previously applied. As per FCA, data show that a high proportion of firms that use its innovation services successfully become authorized. Entities wishing to test an innovative new financial services product with real customers in a live environment can apply to the Regulatory Sandbox. Innovation Pathways combines the direct support and advice unit services of FCA; it is a bespoke support service that is aimed to help firms to launch innovative products and services for consumers and to promote innovation by:
- helping innovative firms understand how regulation relates to their activities
- removing barriers to entry through ongoing monitoring of rules
- clarifying existing rules in relation to new business models
- helping firms understand their obligations as regulated firms
- CryptoSprint Launch
- Innovation Pathways Guide (PDF)
- Innovation Pathways Authorization Guide (PDF)
- Innovation Pathways Eligibility Criteria (PDF)
- Regulatory Sandbox Guide (PDF)
- Regulatory Sandbox Eligibility Criteria (PDF)
- Innovation Hub Market Insights
- More on FCA Initiatives
Keywords: Europe, UK, Banking, Insurance, Securities, Fintech, Regtech, Regulatory Sandbox, Innovation Pathways, Suptech, DLT, Blockchain, Crypto-Assets, Crypto Sprint, FCA
Previous ArticleAPRA Consults on Definition of Significant Financial Institution
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
The European Insurance and Occupational Pensions Authority (EIOPA) published a report assessing insurers' exposure to physical climate change risks
The European Commission (EC) published the results of a public consultation, held in October 2021, on the review of the Web Accessibility Directive.
The Network for Greening the Financial System (NGFS) published two reports to aid central banks and regulators in their oversight of the financial sector and in their central bank operations
The Monetary Authority of Singapore (MAS) and the SC-STS are jointly consulting, until June 10, 2022, on setting adjustment spreads for the conversion of legacy SOR contracts to SORA reference rate.
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.