FCA Announces Creation of Global Financial Innovation Network
FCA has, in collaboration with 11 financial regulators and related organizations announced the creation of the Global Financial Innovation Network (GFIN), building on its proposal earlier this year to create a global sandbox. The group also launched a consultation on the role the GFIN should play in delivering its objectives, including the tools it will use. The consultation closes on October 14, 2018.
As part of the consultation, the group is seeking views on the mission statement for GFIN, its proposed functions, and where it should prioritize activity. The group encourages innovative financial services firms, financial services regulators, technology companies, technology providers, trade bodies, accelerators, academia, consumer groups, and other stakeholders that are keen on being part of the development of the GFIN to respond to the questions in the paper. The consultation sets out the three main functions of the GFIN:
- Act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models
- Provide a forum for joint policy work and discussions
- Provide firms with an environment in which to trial cross-border solutions
The current GFIN members are Abu Dhabi Global Market (ADGM), Autorité des marchés financiers (AMF), Australian Securities & Investments Commission (ASIC), Central Bank of Bahrain (CBB), Bureau of Consumer Financial Protection (BCFP, USA), Dubai Financial Services Authority (DFSA), Financial Conduct Authority (FCA, UK), Guernsey Financial Services Commission (GFSC), Hong Kong Monetary Authority (HKMA), Monetary Authority of Singapore (MAS), Ontario Securities Commission (OSC, Canada), and Consultative Group to Assist the Poor (CGAP). GFIN is designed to be an inclusive community of financial services regulators and related organizations. The eventual membership of the GFIN that take this project forward is still to be determined. The above organizations are committed to exploring the idea further, but the consultation process will help inform any future involvement. Similarly, regulators not named may decide to get involved in the future or after the formal launch of GFIN. The current consultation follows a proposition document published by the UK FCA in February 2018 on the idea of a “global sandbox” and provides an update on the next steps of the project. FCA had received 50 responses to its February consultation and the overall feedback to the consultation was positive.
GFIN may be overseen by a steering group made up of a smaller number of members. The steering group would be chaired by one of the members, the role of the chair is envisioned to be that of a coordinator.
Related Links
Keywords: International, UK, Banking, Securities, GFIN, Regulatory Sandbox, Regtech, Suptech, FCA
Next Article
ESMA Responds to EIOPA Questions on AIFMDRelated Insights
|
News
US Agencies Extend Consultation Period for the Proposed SA-CCRUS Agencies (FDIC, FED, and OCC) extended the comment period for a proposed rule to update their standards for how firms measure counterparty credit risk posed by derivative contracts.
February 18, 2019
WebPage
Regulatory News
|
|
News
FED Extends Consultation Period for Stress Testing RuleFED has published in the Federal Register a notice proposing amendments to the company run and supervisory stress test rules.
February 15, 2019
WebPage
Regulatory News
|
|
News
EBA Single Rulebook Q&A: Third Update for February 2019EBA published answers to two questions under the Single Rulebook question and answer (Q&A) updates for this week.
February 15, 2019
WebPage
Regulatory News
|
|
News
FSB Report Examines Financial Stability Implications of FintechFSB published a report that assesses fintech-related market developments and their potential implications for financial stability.
February 14, 2019
WebPage
Regulatory News
|
|
News
US Agencies Amend Regulatory Capital Rule to Allow Phase-In for CECLUS Agencies (FDIC, FED, and OCC) adopted the final rule to address changes to credit loss accounting under the U.S. generally accepted accounting principles; this includes banking organizations’ implementation of the current expected credit losses (CECL) methodology.
February 14, 2019
WebPage
Regulatory News
|
|
News
FASB Proposes Taxonomy Improvements for the Credit Losses StandardFASB proposed the taxonomy improvements for the proposed Accounting Standards Updates on Targeted Transition Relief for Topic 326 (Financial Instruments—Credit Losses) and Topic 805 (on Business Combinations—Revenue from Contracts with Customers).
February 14, 2019
WebPage
Regulatory News
|
|
News
SRB Publishes Framework for Performing Valuations in ResolutionSRB published its framework for performing valuations in resolution. The framework provides independent valuers and the general public with an indication of the expectations of SRB on the principles and methodologies for valuation reports, as set out in the legal framework.
February 14, 2019
WebPage
Regulatory News
|
|
News
FED Issues Correction in Historical Dataset in its 2019 Stress TestsFED identified an error in the historical dataset used in its 2019 stress tests and issued a correction.
February 13, 2019
WebPage
Regulatory News
|
|
News
OCC Consults on Company-Run Stress Test Requirements for BanksOCC proposed amendments to its company-run stress testing requirements for national banks and Federal savings associations, consistent with section 401 of the Economic Growth, Regulatory Relief, and Consumer Protection (EGRRCP) Act.
February 12, 2019
WebPage
Regulatory News
|
|
News
CFTC Extends Comment Periods for Trade Execution Requirement ProposalsCFTC announced that it is extending comment period for the proposed amendments related to the regulations on swap execution facilities (SEF) and trade execution requirement.
February 12, 2019
WebPage
Regulatory News
|
