Featured Product

    CFTC and SARB to Cooperate to Promote Fintech Innovation

    November 02, 2020

    CFTC and SARB signed a Statement of Intent to cooperate and support innovation through each authority’s respective fintech initiative—CFTC’s LabCFTC and SARB’s Fintech Unit. The Statement focuses on information-sharing regarding fintech market trends and developments. It is also designed to facilitate referrals of fintech businesses and the sharing of information and insights derived from each authority’s experiences and relevant events, proofs of concept, trials, or innovation competitions. The arrangement will support both authorities’ efforts to facilitate market-enhancing fintech innovation and ensure international cooperation on emerging regulatory best practices.

    The intent is to initiate cooperation and information sharing between the innovation functions of each authority. Each innovation function of CFTC and SARB intends to act in a manner consistent with the following: 

    • Information Sharing. Subject to applicable domestic laws and regulations and, where appropriate, the innovation functions intend to share information related to fintech. Such information may include, but is not limited to emerging trends and developments pertaining to fintech; innovations in fintech and regulatory issues pertaining to such innovations; experiences with and best practices in engaging with fintech innovation; and activities of domestic and international organizations or bodies that promote innovation in fintech.
    • Support. Each innovation function may provide support to an entity or individual (innovator business) that includes assistance to understand the regulatory framework in the relevant authority’s jurisdiction and the framework’s potential application to the innovator business; assistance to understand the regulatory issues or ambiguity identified; and guidance with respect to any applicable authorization process of the relevant Authority for licensing, registering, approving, or otherwise making an innovator business subject to the Authority’s regulatory requirements.
    • Referrals. An Authority’s innovation function may refer an innovator business to the other Authority’s innovation function where the innovator business meets the referring Authority’s criteria for referral; and consents in writing to disclosure to the other Authority of information about the innovator business. The innovation function receiving the referral should offer support to the innovator business. 
    • Innovation Learning. The innovation functions intend to organize and to invite each other to observe in, and to consider hosting jointly where permitted, events, proofs of concept, trials, or innovation competitions supported by sandboxes, accelerators, launchpads, or similar endeavors related to fintech.

    Keywords: Americas, Middle East and Africa, US, South Africa, Banking, Securities, Fintech, LabCFTC, Information Sharing, SARB, CFTC

    Related Articles
    News

    BIS Innovation Hub Sets Out Work Program for 2021

    BIS Innovation Hub published the work program for 2021, with focus on suptech and regtech, next-generation financial market infrastructure, central bank digital currencies, open finance, green finance, and cyber security.

    January 22, 2021 WebPage Regulatory News
    News

    EC Plans to Consult on Crisis Management and EDIS Framework Revisions

    In an article published by SRB, Mairead McGuinness, the European Commissioner for Financial Services, Financial Stability, and Capital Markets Union, discussed the progress and next steps toward completion of the Banking Union.

    January 21, 2021 WebPage Regulatory News
    News

    EBA Finalizes Remuneration Standards for Investment Firms in EU

    EBA finalized the two sets of draft regulatory technical standards on the identification of material risk-takers and on the classes of instruments used for remuneration under the Investment Firms Directive (IFD).

    January 21, 2021 WebPage Regulatory News
    News

    ECA Recommends Actions to Enhance Resolution Planning for Banks

    EC published, in the Official Journal of the European Union, a notification that the European Court of Auditors (ECA) has published a special report on resolution planning in the Single Resolution Mechanism.

    January 20, 2021 WebPage Regulatory News
    News

    BoE Publishes Key Elements of the 2021 Stress Testing for Banks in UK

    BoE published a scenario against which it will be stress testing banks in 2021, in addition to setting out the key elements of the 2021 stress test, guidance on the 2021 stress test, and the variable paths for the 2021 stress test.

    January 20, 2021 WebPage Regulatory News
    News

    PRA Proposes Rules on Identity Verification of Depositor Protection

    PRA published a consultation paper (CP3/21) proposes rules regarding the timing of identity verification required for eligibility of depositor protection under the Financial Services Compensation Scheme (FSCS).

    January 20, 2021 WebPage Regulatory News
    News

    FSB Publishes Work Program for 2021

    FSB published the work program for 2021, which reflects a strategic shift in priorities in the COVID-19 environment.

    January 20, 2021 WebPage Regulatory News
    News

    FCA Issues Update on Move to New Data Collection Platform

    FCA announced that 50% firms have started using the new data collection platform RegData, which is slated to replace the existing platform known Gabriel.

    January 20, 2021 WebPage Regulatory News
    News

    Bundesbank Publishes Derivation Rules for Reporting by Banks

    Bundesbank published Version 5.0 of the derivation rules for completeness check at the form level, with respect to the data quality of the European harmonized reporting system.

    January 19, 2021 WebPage Regulatory News
    News

    FED Revises Capital Planning and Stress Testing Requirements for Banks

    FED finalized a rule that updates capital planning requirements to reflect the new framework from 2019 that sorts large banks into categories, with requirements that are tailored to the risks of each category.

    January 19, 2021 WebPage Regulatory News
    RESULTS 1 - 10 OF 6488