Featured Product

    FCA Announces Creation of Global Financial Innovation Network

    August 07, 2018

    FCA has, in collaboration with 11 financial regulators and related organizations announced the creation of the Global Financial Innovation Network (GFIN), building on its proposal earlier this year to create a global sandbox. The group also launched a consultation on the role the GFIN should play in delivering its objectives, including the tools it will use. The consultation closes on October 14, 2018.

    As part of the consultation, the group is seeking views on the mission statement for GFIN, its proposed functions, and where it should prioritize activity. The group encourages innovative financial services firms, financial services regulators, technology companies, technology providers, trade bodies, accelerators, academia, consumer groups, and other stakeholders that are keen on being part of the development of the GFIN to respond to the questions in the paper. The consultation sets out the three main functions of the GFIN:

    • Act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models
    • Provide a forum for joint policy work and discussions
    • Provide firms with an environment in which to trial cross-border solutions

    The current GFIN members are Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF), Australian Securities & Investments Commission (ASIC), Central Bank of Bahrain (CBB), Bureau of Consumer Financial Protection (BCFP, USA), Dubai Financial Services Authority (DFSA), Financial Conduct Authority (FCA, UK), Guernsey Financial Services Commission (GFSC), Hong Kong Monetary Authority (HKMA), Monetary Authority of Singapore (MAS), Ontario Securities Commission (OSC, Canada), and Consultative Group to Assist the Poor (CGAP). GFIN is designed to be an inclusive community of financial services regulators and related organizations. The eventual membership of the GFIN that take this project forward is still to be determined. The above organizations are committed to exploring the idea further, but the consultation process will help inform any future involvement. Similarly, regulators not named may decide to get involved in the future or after the formal launch of GFIN. The current consultation follows a proposition document published by the UK FCA in February 2018 on the idea of a “global sandbox” and provides an update on the next steps of the project. FCA had received 50 responses to its February consultation and the overall feedback to the consultation was positive.

    GFIN may be overseen by a steering group made up of a smaller number of members. The steering group would be chaired by one of the members, the role of the chair is envisioned to be that of a coordinator.

     

    Related Links

    Keywords: International, UK, Banking, Securities, GFIN, Regulatory Sandbox, Regtech, Suptech, FCA

    Related Articles
    News

    OSFI Publishes Instruction Guide on Solvency Information Return

    OSFI published an instruction guide to assist administrators of pension plans in completing the Solvency Information Return that is required to be filed with OSFI.

    January 17, 2020 WebPage Regulatory News
    News

    EU Amends IFRS 9 Rule, Changes Concern Interest Rate Benchmark Reforms

    EU published Regulation 2020/34 regarding the International Accounting Standard (IAS) 39 and International Financial Reporting Standards (IFRS) 7 and 9.

    January 16, 2020 WebPage Regulatory News
    News

    FDIC and OCC Issue Statement on Heightened Cyber Security Risk

    In response to the heightened cyber-security risk facing the financial services industry and other critical business sectors, FDIC and OCC issued an interagency statement on heightened cyber-security risk.

    January 16, 2020 WebPage Regulatory News
    News

    BCRA Updates Regulation on Capital Requirements and Information Regime

    BCRA updated the rules on minimum capital requirements for financial entities and on certain aspects of the information transparency regime for quarterly and annual supervision.

    January 16, 2020 WebPage Regulatory News
    News

    BoE and FCA Outline Next Steps for LIBOR Transition in 2020

    BoE, FCA, and the Working Group on Sterling Risk-Free Reference Rates (RFRWG) have published a set of documents that outline the LIBOR transition priorities and milestones for 2020.

    January 16, 2020 WebPage Regulatory News
    News

    BIS to Expand Central Bank Membership

    BIS is to expand its central bank membership base and to increase collaboration in its work as a forum for international cooperation and as a hub for central banks and other financial authorities.

    January 14, 2020 WebPage Regulatory News
    News

    EIOPA Issues Technical Specifications for Market and Credit Risk Study

    EIOPA published the technical specifications, including instructions, for the market and credit risk modeling comparative study for year-end 2019.

    January 13, 2020 WebPage Regulatory News
    News

    FED Publishes FAQs on Tailoring Rules for Banks

    FED released a letter announcing the publication of an initial set of frequently asked questions (FAQs) in response to questions from institutions.

    January 13, 2020 WebPage Regulatory News
    News

    IA of Hong Kong Publishes Stress Testing Scenarios in Relation to ORSA

    IA of Hong Kong published the prescribed scenarios for stress and scenario testing to be used by the authorized insurers conducting general insurance business.

    January 13, 2020 WebPage Regulatory News
    News

    ISDA Paper Examines Legal Aspects of Smart Contracts Using Blockchain

    ISDA published a paper that discusses legal aspects of smart derivatives contracts that use the distributed ledger technology (DLT), which is also commonly known as the blockchain technology.

    January 13, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 4505