FCA announced that it will be among 23 regulators across five continents taking part in the cross-border testing initiative organized by the Global Financial Innovation Network (GFIN). GFIN is inviting applications from firms to test innovative financial products, services, business models, or regulatory technology across more than one country or jurisdiction. This builds on lessons learned following the 2019 cross-border testing pilot. The deadline to submit an application is December 31, 2020.
To support the application process, GFIN has developed several tools and solutions to improve the cross-border testing framework for a new cohort of firms, including a single-entry application form for firms, cross-border testing FAQs to help firms understand the process, and an evolved Regulatory Compendium clarifying the remit and interests of participating regulators and the types of innovation services available. GFIN is allowing an extension of the application window to 9 weeks to allow firms more time to consider and prepare their applications. Firms interested in applying to take part in cross-border testing are encouraged to review the list of participating regulators and their respective regulatory compendium and then submit an application via the GFIN website.
GFIN is a group of over 60 international organizations committed to supporting financial innovation in the interests of consumers. FCA chairs the GFIN Coordination Group, which sets the overall direction, strategy, and annual work program of the GFIN. Cross-border testing is an environment that allows firms to consecutively or concurrently trial and scale new technologies, products, or business models in multiple jurisdictions, gaining real-time insight into how a product or service might operate multiple markets. Firms wishing to test innovative fintech, regtech, and suptech solutions in multiple participating jurisdictions can apply for cross-border testing.
Keywords: Europe, UK, Banking, Securities, Insurance, GFIN, Fintech, Regtech, Suptech, Cross-Border Testing, FCA
Previous ArticleISDA and AFME Respond to ECB Consultation on Guide to Climate Risks
PRA published a statement that explains when to expect further information on the PRA approach to transposing the Capital Requirements Directive (CRD5), including its approach to revisions to the definition of capital for Pillar 2A.
SRB published the work program for 2021-2023, setting out a roadmap to further operationalize the Single Resolution Fund and to achieve robust resolvability of banks under its remit over the next three years.
EIOPA is consulting on the relevant ratios to be mandatorily disclosed by insurers and reinsurers falling within the scope of the Non-Financial Reporting Directive as well as on the methodologies to build these ratios.
HM Treasury extended the consultation period on Phase II of the Future Regulatory Framework (FRF) Review, from January 19, 2021 to February 19, 2021.
The Group of Central Bank Governors and Heads of Supervision (GHOS), the oversight body of BCBS, endorsed a coordinated approach to mitigate COVID-19 risks to the global banking system.
US Agencies (FDIC, FED, and OCC) issued a joint statement encouraging banks to cease entering into new contracts that use USD LIBOR as a reference rate as soon as practicable and in any event by December 31, 2021, to facilitate an orderly LIBOR transition.
ECB finalized guidance on the way it expects banks to prudently manage and transparently disclose climate and other environmental risks under the current prudential rules.
BCBS published a technical amendment to the capital treatment of securitizations of non-performing loans by banks.
PRA published the policy statement PS23/20 on the calculation of stressed value at risk (sVAR) and risks not in value at risk (RNIV) under the market risk framework.
BoE announced that the Data and Statistics Division is planning to move collection of statistical data to the BoE Electronic Data Submission (BEEDS) portal.