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
Previous Article
Bank of Italy Publishes Notification on AnaCredit UpdatesRelated Articles
EC Adopts Financial Reporting Changes Arising from Benchmark Reforms
EC published Regulation 2021/25 that addresses amendments related to the financial reporting consequences of replacement of the existing interest rate benchmarks with alternative reference rates.
BIS Bulletin Examines Key Elements of Policy Response to Cyber Risk
BIS published a bulletin, or a note, that examines the cyber threat landscape in the context of the pandemic and discusses policies to reduce risks to financial stability.
HMT Updates List of Post-Brexit Equivalence Decisions in UK
HM Treasury, also known as HMT, has updated the table containing the list of the equivalence decisions that came into effect in UK at the end of the transition period of its withdrawal from EU.
EBA Issues Erratum for Technical Package on Reporting Framework 3.0
EBA published an erratum for technical package on phase 1 of the reporting framework 3.0.
APRA Publishes FAQ on Measurement of Credit Risk Weighted Assets
APRA updated a frequently asked question (FAQ), for authorized deposit-taking institutions, on the measurement of credit risk weighted assets.
EBA Publishes Risk Dashboard for Third Quarter of 2020
EBA published the quarterly risk dashboard, along with the results of the Risk Assessment Questionnaire survey among 60 banks and 15 market analysts.
ECB Analysis Shows Privacy as Biggest Concern in Use of Digital Euro
ECB concluded the public consultation on the introduction of a digital euro in EU.
ECB Finalizes Guide on Supervisory Approach to Bank Consolidation
ECB published a guide that sets out the supervisory approach to consolidation in the banking sector.
SRB Chair Outlines Work Priorities for 2021
The SRB Chair Elke König published an article setting out work priorities for 2021.
FDIC Selects Companies to Compete in Final Phase of Tech Sprint
FDIC has selected 11 technology companies—including BearingPoint, Fed Reporter, Inc, and S&P Global Market Intelligence, LLC—for inclusion in the third and final phase of the rapid prototyping competition.