FCA Reports on Work Done by Global Financial Innovation Network
FCA published a report that details the work undertaken by the Global Financial Innovation Network (GFiN ) in its first year, the challenges it has faced, and the plans it has for future. GFiN is a network of international regulators and related organizations that are committed to supporting financial innovation and to creating a framework for co-operation between regulators to share experiences and approaches to innovation.
As of June 2019, GFiN has 35 financial services regulators with full membership and seven observers. Its goal is not to create harmonized regulatory standards across jurisdictions but to provide a space for regulators to discuss, interact, and give innovative firms an avenue to test across borders. Over the next year, GFiN intends to focus on formalizing its approach for cross-border testing based on lessons learned from the pilot program. GFiN is also working in the regtech work stream to create cross-jurisdictional tests and proofs of concept regarding supervisory technologies or technologies that facilitate compliance for regulated firms. It is expected that GFiN regulators and stakeholders can learn from these trials and be in a position to implement the utilized technology. A key part of the GFiN 's work over the next year will also be to focus on how it can support emerging markets to help define, shape, and develop their respective regulatory markets approaches to innovation. GFiN will continue to encourage regulators in these markets to join GFiN to benefit from information-sharing and collaborative working environment.
Related Links
Keywords: International, Europe, UK, Banking, Insurance, Securities, Regtech, Suptech, Fintech, GFiN, Cross-Border Testing, FCA
Previous Article
IASB Amends IFRS 9 and IFRS 7 in Response to IBOR ReformRelated Articles
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).
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.
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.
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.
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).
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.
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.
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.
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.
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.
