Featured Product

    FCA Regulatory Sandbox Open for Applications to Cohort 6

    October 23, 2019

    FCA announced that it is accepting applications from firms for Cohort 6 of its regulatory sandbox until December 31, 2019. The sandbox is open to authorized firms, unauthorized firms that require authorization, and technology businesses that are looking to deliver innovation in the UK financial services market. FCA has identified two technology areas where it would like to see more innovation and testing. Thus, it is welcoming applications from firms using federated learning and traveling algorithms as well as complex scenario modeling and simulation.

    The regulatory sandbox allows businesses to test innovative propositions in the market, with real consumers. FCA has specified the eligibility criteria for application and is particularly interested in receiving applications from firms with the following propositions:

    • Make finance work for everyone by addressing issues around access, exclusion, and vulnerability
    • Support the UK in the move to a greener economy by responding to the challenges posed by climate change
    • Use technology to overcome regulatory challenges by helping regulated firms comply with their obligations

    To apply for cohort 6 of the sandbox, firms should review the eligibility criteria and submit the completed application form. The sandbox seeks to provide firms with the ability to test products and services in a controlled environment, reduced time-to-market at potentially lower cost, support in identifying appropriate consumer protection safeguards to build into new products and services, and better access to finance. The sandbox provides access to regulatory expertise and a set of tools to facilitate testing. The tools include restricted authorization, individual guidance, informal steers, waivers and no enforcement action letters. FCA closely oversees the development and implementation of tests. Sandbox tests are expected to have a clear objective and to be conducted on a small scale. Firms will test their innovation for limited duration with a limited number of customers.

     

    Related Links

    Keywords: Europe, UK, Banking, Insurance, Securities, Fintech, Regtech, Regulatory Sandbox, Climate Change, Scenario Change, Scenario Modeling, Cohort 6, FCA

    Related Articles
    News

    BCBS Consults on Revised Disclosures for Market Risk Framework

    BCBS launched a consultation on the revised disclosure requirements for the market risk framework for banks.

    November 14, 2019 WebPage Regulatory News
    News

    FSB Examines Implementation of Resolution Regimes in Financial Sector

    FSB published a report that examines progress in implementing policy measures to enhance the resolvability of systemically important financial institutions and sets out plans for further work.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Final Policy on Maintenance of TMTP Under Solvency II

    PRA published the policy statement (PS25/19) that contains the final supervisory statement (SS6/16) on maintenance of the transitional measure on technical provisions (TMTPs) under Solvency II.

    November 14, 2019 WebPage Regulatory News
    News

    BCBS Consults on Disclosure Templates of Sovereign Exposures of Banks

    BCBS published a consultation on the voluntary disclosure templates related to sovereign exposures of banks.

    November 14, 2019 WebPage Regulatory News
    News

    IAIS Adopts ComFrame, ICS, and Holistic Framework for Systemic Risk

    IAIS adopted a comprehensive set of reforms—Common Framework (ComFrame), Insurance Capital Standard (ICS) Version 2.0, and Holistic Framework for Systemic Risk—that will enable effective cross-border supervision of insurance groups and contribute to global financial stability.

    November 14, 2019 WebPage Regulatory News
    News

    PRA Publishes Templates for Statistical Disclosures Under Solvency II

    PRA published templates for statistical disclosures, as required under Article 31(2) of the Solvency II Directive.

    November 14, 2019 WebPage Regulatory News
    News

    FASB Proposes Improvements to Derivatives and Hedging Standard

    FASB proposed an Accounting Standards Update, on codification improvements to hedge accounting under Topic 815, to clarify certain sections of the 2017 hedge accounting standard (Update 2017-12).

    November 13, 2019 WebPage Regulatory News
    News

    FASB Approves Guidance to Assist in Transition to New Reference Rates

    FASB approved an Accounting Standards Update (Topic 848) to provide temporary, optional guidance to ease the potential burden in accounting for, or recognizing the effects of, the reference rate reform on financial reporting.

    November 13, 2019 WebPage Regulatory News
    News

    BIS and MAS Launch Innovation Hub in Singapore

    BIS and MAS launched the BIS Innovation Hub Center in Singapore.

    November 13, 2019 WebPage Regulatory News
    News

    MAS and Industry to Create Framework for Adoption of Responsible AIDA

    MAS announced that it is working with financial industry partners to create a framework for financial institutions to promote the responsible adoption of Artificial Intelligence and Data Analytics (AIDA).

    November 13, 2019 WebPage Regulatory News
    RESULTS 1 - 10 OF 4142