Featured Product

    GFIN Publishes Report on Lessons Learned from Cross-Border Testing

    January 17, 2020

    The Global Financial Innovation Network (GFIN) published a report reflecting on the cross-border testing pilot phase, including the achievements and challenges faced. The report also includes next steps and solutions to improve cross-border testing for the next phase. As part of its commitment to be an open initiative, GFIN launched its own website in January 2020. GFIN is committed to further developing the framework of cross-border testing and is now launching several solutions as part of cross-border testing 1.0, or the post-pilot phase. GFIN is launching these new solutions ahead of the planned opening of applications for a new cohort in the first half of 2020.

    One of the early priorities for GFIN has been the development of cross-border testing, previously known as the “global sandbox” concept. Out of the 50 GFIN members and observers, 17 regulators joined the GFIN cross-border testing workstream as part of the commitment to developing a framework to facilitate this new type of regulatory cooperation and support for firms. GFIN launched the pilot phase of cross-border testing with the following objectives:

    • Explore how regulators could collaborate and facilitate cross-border experimentation in multiple jurisdictions, in real time
    • Explore how pilot tests would function and what type of demand there might be from firms to work with regulators in this way
    • Learn lessons and make changes to the process, to ensure success of the final testing model

    After the initial screening of 44 applications, GFIN announced in April 2019 that the workstream will continue to work with eight firms to develop testing plans for their cross-border trials. At this time, the firms are not yet ready from a GFIN-perspective to launch a full cross-border test as the firms did not develop a testing plan that satisfies each jurisdiction’s criteria (e.g. the firm’s business is still in development and not ready to test; lacking formal partnerships). GFIN is exploring how the workstream members might be able to assist these firms in other ways, either outside the GFIN framework or inviting them to re-engage with GFIN when they are closer to being ready to test. The cross-border testing pilot provided GFIN members with valuable experience and feedback which will help to continue to evolve the framework for future cohorts and ensure that firms are ready for testing. 

     

    Related Link: GFIN Updates

    Keywords: International, Banking, Insurance, Securities, Regtech, Fintech, Cross-Border Testing, GFIN

    Related Articles
    News

    ESAs Issue Multiple Regulatory Updates for Financial Sector Entities

    The three European Supervisory Authorities (ESAs) issued a letter to inform about delay in the Sustainable Finance Disclosure Regulation (SFDR) mandate, along with a Call for Evidence on greenwashing practices.

    November 15, 2022 WebPage Regulatory News
    News

    ISSB Makes Announcements at COP27; IASB to Propose IFRS 9 Amendments

    The International Sustainability Standards Board (ISSB) of the IFRS Foundations made several announcements at COP27 and with respect to its work on the sustainability standards.

    November 10, 2022 WebPage Regulatory News
    News

    IOSCO Prioritizes Green Disclosures, Greenwashing, and Carbon Markets

    The International Organization for Securities Commissions (IOSCO), at COP27, outlined the regulatory priorities for sustainability disclosures, mitigation of greenwashing, and promotion of integrity in carbon markets.

    November 09, 2022 WebPage Regulatory News
    News

    EBA Finalizes Methodology for Stress Tests, Issues Other Updates

    The European Banking Authority (EBA) issued a statement in the context of COP27, clarified the operationalization of intermediate EU parent undertakings (IPUs) of third-country groups

    November 09, 2022 WebPage Regulatory News
    News

    OSFI Sets Out Work Priorities and Reporting Updates for Banks

    The Office of the Superintendent of Financial Institutions (OSFI) published an annual report on its activities, a report on forward-looking work.

    November 07, 2022 WebPage Regulatory News
    News

    APRA Finalizes Changes to Capital Framework, Issues Other Updates

    The Australian Prudential Regulation Authority (APRA) finalized amendments to the capital framework, announced a review of the prudential framework for groups.

    November 03, 2022 WebPage Regulatory News
    News

    BIS Hub and Central Banks Conduct CBDC and DeFI Pilots

    The Bank for International Settlements (BIS) Innovation Hubs and several central banks are working together on various central bank digital currency (CBDC) pilots.

    November 03, 2022 WebPage Regulatory News
    News

    ECB Sets Deadline for Banks to Meet Its Climate Risk Expectations

    The European Central Bank (ECB) published the results of its thematic review, which shows that banks are still far from adequately managing climate and environmental risks.

    November 02, 2022 WebPage Regulatory News
    News

    ESAs, ECB, & EC Issue Multiple Regulatory Updates for Financial Sector

    Among its recent publications, the European Banking Authority (EBA) published the final standards and guidelines on interest rate risk arising from non-trading book activities (IRRBB)

    October 31, 2022 WebPage Regulatory News
    News

    EC Adopts Final Rules Under CRR, BRRD, and Crowdfunding Regulation

    The European Commission (EC) recently adopted regulations with respect to the calculation of own funds requirements for market risk, the prudential treatment of global systemically important institutions (G-SIIs)

    October 26, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8582