Featured Product

    FCA on Next Steps for Cross-Border Testing Pilot with Fintech Firms

    April 30, 2019

    FCA announced the next steps as part of the Global Financial Innovation Network (GFIN ) cross-border testing pilot involving financial institutions. Post this initial screening, GFIN members have chosen to work with eight firms, out of the 44 unique applications that were submitted across the 17 participating regulators. A high number of applications were from firms with regtech and crypto-asset-related business models. The next phase is for the firms to develop testing plans with the relevant regulators for their cross-border trials, some of which will involve live transactions.

    Firms that develop a testing plan satisfactory to each jurisdiction’s criteria will take part in the pilot testing phase. Some time toward the end of second quarter, the names of firms formally selected for the cross-border testing pilot will be announced. Every regulator participating in the pilot was the subject of at least one application. Each regulator has considered whether a proposed test meets its individual screening criteria, areas of interest, and their ability to support the activity. Of those applications that did not meet the eligibility criteria for testing, GFIN members will engage in further discussions on other types of potential support, where relevant. Additionally, several applications have been determined by some regulators to not need sandbox in their jurisdictions to proceed to testing. Regulators are only responsible for the applications relevant to them. The selected firms include Alphapoint, Ascent RegTech, ATLANT, Coinvestion, DACX, Onfido, Starling Trust, and Tradle.  FCA has also disclosed a description of the proposed test for each firm, along with the regulators involved in each test. 

    The proposed test for Ascent RegTech involves work on an artificial intelligence driven regtech solution that automatically maps a customer’s specific regulatory obligations and ongoing rule changes, while enabling end-to-end compliance management. The product helps firms see similarities and differences in regulatory obligations across regulators and countries. Regulators that will be involved in this proposed test are Australian Securities & Investments Commission (ASIC), Autorité des marchés financiers (AMF Québec), DFSA, FCA, HKMA, and Ontario Securities Commission (OSC). 

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Regtech, Fintech, GFIN, Cross-Border Testing, Pilot Testing, Regulatory Sandbox, FCA

    Related Articles
    News

    PRA Revises Branch Return and Updates Guidance for Regulatory Reports

    PRA published the policy statement PS17/19, which contains the final policy related to changes in the format and content of the Branch Return Form and reporting guidance.

    September 12, 2019 WebPage Regulatory News
    News

    FINMA Outlines Treatment of Stablecoins in Supplement to Guide on ICO

    FINMA published a supplement to its initial coin offerings (ICOs) guidelines, outlining the treatment for stablecoins under the Swiss supervisory law.

    September 11, 2019 WebPage Regulatory News
    News

    Ursula von der Leyen Presents Structure of Next European Commission

    President-elect Ursula von der Leyen has presented her team and the new structure of the next European Commission.

    September 10, 2019 WebPage Regulatory News
    News

    FED Proposes to Revise and Extend Reporting Form on Systemic Risk

    FED proposed to extend for three years, with revision, the Banking Organization Systemic Risk Report (FR Y-15; OMB No. 7100-0352).

    September 10, 2019 WebPage Regulatory News
    News

    EBA Issues Revised List of Validation Rules for Reporting

    EBA published the revised list of validation rules (version 2.9) in its implementing technical standards on supervisory reporting.

    September 10, 2019 WebPage Regulatory News
    News

    Bundesbank Publishes Supplementary Validation Rules for Reporting

    Bundesbank published the updated document containing supplementary validation rules in the context of the implementation of the reporting system at national level.

    September 10, 2019 WebPage Regulatory News
    News

    APRA Licenses Xinja Bank as Authorized Deposit-Taking Institution

    APRA granted Xinja Bank Limited a license to operate as an authorized deposit-taking institution without restrictions, under the Banking Act 1959.

    September 09, 2019 WebPage Regulatory News
    News

    FDIC Proposes Revisions to Regulations on Interest Rate Restrictions

    FDIC proposed revisions to its regulations covering interest rate restrictions that apply to less than well-capitalized insured depository institutions.

    September 09, 2019 WebPage Regulatory News
    News

    EBA Intends to Clarify End-Treatment of Grandfathered Instruments

    EBA announced its intention to clarify the prudential treatment applicable to own funds instruments at the end of the grandfathering period, which expires on December 31, 2021.

    September 09, 2019 WebPage Regulatory News
    News

    IMF Releases Reports on 2019 Article IV Consultation with Saudi Arabia

    IMF published its staff report and selected issues report in context of the 2019 Article IV consultation with Saudi Arabia.

    September 09, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 3799