Featured Product

    FCA Announces List of Firms for Cohort Six of Regulatory Sandbox

    July 27, 2020

    FCA announced the list of 22 firms that have been accepted into cohort six of the regulatory sandbox to test innovative products and services. FCA received 68 applications to cohort six of the regulatory sandbox. Names of participating firms and their project descriptions have been made available. Some of the selected firms are DLA Piper, Climate chain, CrediCar, FundAdminChain, and Hitachi Europe Limited. FCA is also collaborating with key strategic partners and the industry to pilot a digital sandbox, which looks to provide enhanced regulatory support for innovative firms tackling the challenges caused by COVID-19 outbreak.

    Applications were received from firms operating in the UK and overseas. The majority of applications came from firms looking to operate in the retail banking, payments, and retail lending sectors. Examples of propositions that have been accepted into cohort six include financial education platforms, a digitized motor finance proposition, safekeeping and transacting of digital assets using distributed ledger technology, and a sustainable finance investment platform, which enables the mobilization of capital toward green projects. This notable proposition from Hitachi Europe Limited involves a "Sustainable Finance Platform" that aims to facilitate the mobilization of capital toward green projects through a "matching function" between investors or lenders and project owners. The prototype uses the "Internet of Things" to communicate operational information about green assets and blockchain for enhanced transparency and security.

    Tests will be conducted on a short-term and small-scale basis. FCA work closely with each firm to agree on testing parameters and build in appropriate consumer safeguards. For cohort six, FCA called out, for the first time, areas where it would like to see more innovation. This included propositions that "make finance work for everyone" and "support the UK in the move to a greener economy." More than half of the applications received were propositions that sought to address issues around access and exclusion to financial services and vulnerable consumers, with two successful applicants developing sustainable finance models. The propositions in cohort 6 support the increased demand for digital offerings created by the impact of COVID-19 pandemic.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, COVID-19, Fintech, Regtech, Cohort 6, Regulatory Sandbox, Sustainable Finance, ESG, Climate Change Risk, FCA

    Featured Experts
    Related Articles
    News

    EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation

    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).

    May 23, 2022 WebPage Regulatory News
    News

    EBA Publishes Regulatory Standards to Identify Shadow Banking Entities

    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.

    May 23, 2022 WebPage Regulatory News
    News

    OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities

    The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.

    May 17, 2022 WebPage Regulatory News
    News

    EBA Proposes Standards to Support Secondary NPL Markets

    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.

    May 17, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).

    May 13, 2022 WebPage Regulatory News
    News

    EBA Issues Standards for Crowdfunding Service Providers Under ECSPR

    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.

    May 13, 2022 WebPage Regulatory News
    News

    EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR

    The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    May 13, 2022 WebPage Regulatory News
    News

    EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution

    The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.

    May 12, 2022 WebPage Regulatory News
    News

    MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy

    The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.

    May 12, 2022 WebPage Regulatory News
    News

    EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA

    The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.

    May 11, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8201