Featured Product

    GFIN Invites Applications for Fintech Cross-Border Testing

    November 19, 2020

    The Global Financial Innovation Network (GFIN) is inviting applications from firms, by December 31, 2020, to test innovative financial products, services, business models, or regulatory technology across more than one country or jurisdiction. Also published is the list of 23 regulators across five continents that are participating in this cross-border testing initiative, which builds on lessons learned from the 2019 cross-border testing pilot of GFIN. Yet another development involves the official recognition of MFSA as a GFIN member. MFSA announced that, in line with its fintech strategy, it will continue to identify and establish links and fintech bridges with different jurisdictions, both in and outside the EU.

    Building on the solutions announced in the lessons learned report (including the GFIN website and regulatory compendium) based on the 2019 testing pilot, GFIN has developed several tools and solutions to improve the cross-border testing framework for a new cohort of firms:

    • Single-entry application form to simply the process for firms
    • Cross-border testing FAQs to help firms understand the process
    • An evolved "Regulatory Compendium" clarifying the remit and interests of participating regulators and the types of innovation services available
    • An extension of the application window to 9 weeks to allow firms more time to consider and prepare their applications

    GFIN is a group of over 60 international organizations committed to supporting financial innovation in the interests of consumers. The GFIN cross-border testing workstream has now grown from 17 regulators to a group of 23 from across five continents. This group has committed to using the valuable experience and feedback gained from the pilot to evolve the testing framework to better support participating firms and regulators alike. 

     

    Related Links

    Keywords: International, Europe, Malta, Banking, Insurance, Securities, Fintech, Regtech, GFIN, Cross-Border Testing, Dubai FSA, MFSA

    Related Articles
    News

    EBA Clarifies Use of COVID-19-Impacted Data for IRB Credit Risk Models

    The European Banking Authority (EBA) published four draft principles to support supervisory efforts in assessing the representativeness of COVID-19-impacted data for banks using the internal ratings based (IRB) credit risk models.

    June 21, 2022 WebPage Regulatory News
    News

    EP Reaches Agreement on Corporate Sustainability Reporting Directive

    The European Council and the European Parliament (EP) reached a provisional political agreement on the Corporate Sustainability Reporting Directive (CSRD).

    June 21, 2022 WebPage Regulatory News
    News

    PRA Consults on Model Risk Management Principles for Banks

    The Prudential Regulation Authority (PRA) launched a consultation (CP6/22) that sets out proposal for a new Supervisory Statement on expectations for management of model risk by banks.

    June 21, 2022 WebPage Regulatory News
    News

    EC Regulation Amends Standards for Calculating Credit Risk Adjustments

    The European Commission (EC) published the Delegated Regulation 2022/954, which amends regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.

    June 21, 2022 WebPage Regulatory News
    News

    BIS Hub Updates Work Program for 2022, Announces New Projects

    The Bank for International Settlements (BIS) Innovation Hub updated its work program, announcing a set of projects across various centers.

    June 17, 2022 WebPage Regulatory News
    News

    EIOPA Issues Cyber Underwriting Proposal, Statement on Open Insurance

    The European Insurance and Occupational Pensions Authority (EIOPA) published two consultation papers—one on the supervisory statement on exclusions related to systemic events and the other on the supervisory statement on the management of non-affirmative cyber exposures.

    June 17, 2022 WebPage Regulatory News
    News

    US Senate Members Seek Details on SEC Proposed Climate Disclosure Rule

    Certain members of the U.S. Senate Committee on Banking, Housing, and Urban Affairs issued a letter to the Securities and Exchange Commission (SEC)

    June 16, 2022 WebPage Regulatory News
    News

    EIOPA Consults on Review of Securitization Framework in Solvency II

    The European Insurance and Occupational Pensions Authority (EIOPA) published a consultation paper on the advice on the review of the securitization prudential framework in Solvency II.

    June 16, 2022 WebPage Regulatory News
    News

    UK Authorities Issue Regulatory and Reporting Updates for Banks

    The Prudential Regulation Authority (PRA) issued a statement on PRA buffer adjustment while the Bank of England (BoE) published a notice on the statistical reporting requirements for banks.

    June 15, 2022 WebPage Regulatory News
    News

    BCBS Issues Climate Risk Principles while HKMA Expresses Its Support

    The Basel Committee on Banking Supervision (BCBS) issued principles for the effective management and supervision of climate-related financial risks.

    June 15, 2022 WebPage Regulatory News
    RESULTS 1 - 10 OF 8280