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.
Keywords: International, Europe, Malta, Banking, Insurance, Securities, Fintech, Regtech, GFIN, Cross-Border Testing, Dubai FSA, MFSA
Previous ArticleBCBS Taskforce Holds Workshop on Climate-Related Financial Risks
EBA published an erratum for the technical package on phase 2 of the reporting framework 3.0.
MAS amended Notice 643A that addresses requirements for banks to prepare statements of exposures and credit facilities to related concerns or parties.
ECB has published, in the Official Journal of the European Union, the Guideline 2021/565 on the euro short-term rate (€STR) and this guideline amends the previous ECB Guideline 2019/1265.
EBA launched a consultation on the draft regulatory technical standards on the list of countries with an advanced economy for calculating the equity risk under the alternative standardized approach (FRTB-SA).
PRA is proposing, via CP7/21, the approach to implementing new requirements related to the specification of the nature, severity, and duration of an economic downturn in the internal ratings-based (IRB) approach to credit risk.
The UK government launched the Recovery Loan Scheme (RLS) as part of its continued COVID-19 support for UK businesses, as announced by HM Treasury on March 03, 2021.
FSB published a letter, from its Chair Randal K. Quarles, to the G20 Finance Ministers and Central Bank Governors, ahead of their virtual meeting on April 07, 2021.
OSFI issued a letter to the deposit-taking institutions issuing covered bonds and announced the unwinding of the temporary increase to the covered bond limit for deposit-taking institutions, effective immediately.
To support recovery from the COVID-19 crisis, EU has published two regulations to amend the securitization framework, as set out in the Securitization Regulation (2017/2402) and the Capital Requirements Regulation or CRR (575/2013).
HM Treasury announced that G7 Finance Ministers and Central Bank Governors met ahead of COP 26, the 2021 UN Climate Change Conference, and agreed on green agenda.