Featured Product

    FCA Invites Fintech Firms for Cross-Border Testing Pilot by GFIN

    January 31, 2019

    FCA announced that the Global Financial Innovation Network (GFIN)—a group of 29 international organizations, including the FCA—is inviting applications from firms wishing to test innovative financial products, services, or business models across more than one country or jurisdiction. Since GFIN cannot override national legislation, a separate application is required to each regulator that firms would like to test with. Firms interested in applying to take part in the pilot in the UK should review the list of participating regulators and submit an application before February 28, 2019.

    Each regulator will decide whether a proposed test meets its individual screening criteria, areas of interest, and ability to support the activity. Each regulator will also make sure that appropriate safeguards for their jurisdiction are in place. Regulators are only responsible for tests in their jurisdictions and should consider the associated risks. Pilot tests will run for a six-month period, unless regulators agree to extend them. FCA expects the pilots will run from the second quarter of 2019. This pilot is as much a trial for GFIN members as it will be for firms. Firms will benefit from the opportunity to test and compete in the regulated space and their tests will help inform the future work of the network. Over time, trials could inform regulatory authorities about potential areas of regulatory convergence (for example, streamlined applications), although this is being emphasized as a longer-term opportunity.

    International regulators and bodies have joined forces to launch a pilot for firms that wish to test innovative products and services across international markets. The pilot tests will provide a more efficient way for innovative firms to interact with regulators across the world, as they look to scale new ideas. Each regulator will make sure that appropriate safeguards for their jurisdiction are in place for the tests. The Network has also published a Terms of Reference for the group and is encouraging other regulators and international organizations to join. The GFIN was formally launched in January 2019 by an international group of financial regulators and related organizations, including FCA. This built on the FCA’s early 2018 proposal to create a global sandbox. Currently chaired by FCA, the GFIN is an international network of organizations committed to supporting financial innovation in the interests of consumers. The network was developed following FCA’s earlier proposal to create a global sandbox. The FCA sandbox, which allows firms to test innovative ideas in a live market environment, was a first for financial services regulators across the world. 

     

    Related Links

    Keywords: Europe, UK, Banking, Securities, Regtech, Suptech, GFIN, Regulatory Sandbox, Cross Border Testing, FCA

    Related Articles
    News

    APRA Consults on Standard for Reporting of COVID-19 Loans

    APRA issued a letter to authorized deposit-taking institutions announcing its intent to formalize the capital measures and reporting requirements for COVID-19 loans through temporary legislative instruments.

    August 13, 2020 WebPage Regulatory News
    News

    EBA Consults Industry on Use and Uptake of Regtech Solutions Across EU

    EBA is inviting relevant stakeholders, such as financial institutions and information and communication technology (ICT) third-party providers, to share their views and experience on the use of regtech solutions through its regtech industry survey.

    August 12, 2020 WebPage Regulatory News
    News

    BoE Clarifies Approach to Treatment of Payment Holidays on Form PL

    BoE published a statistical notice (Notice 2020/9) explaining the approach for treatment of payment holidays on the profit and loss return or Form PL.

    August 11, 2020 WebPage Regulatory News
    News

    FASB to Conduct Post-Implementation Review of CECL Standard

    FASB announced the launch of its new Post-Implementation Review (PIR) web portal.

    August 11, 2020 WebPage Regulatory News
    News

    EBA Guidance on Impact of CRR Quick-Fix on Reporting and Disclosures

    EBA revised the draft implementing technical standards on supervisory reporting as part of the reporting framework 3.0.

    August 11, 2020 WebPage Regulatory News
    News

    ECB Examines ICAAP Practices of Banks in EU

    ECB published report that presents a summary of the analysis conducted on the internal capital adequacy assessment process (ICAAP) practices of a sample of 37 "significant" banks.

    August 11, 2020 WebPage Regulatory News
    News

    BoE Provides Reporting Update on Form AS and Form FV

    BoE updated the known issues document for the statistical reporting Forms AS and FV.

    August 10, 2020 WebPage Regulatory News
    News

    FED Announces Capital Requirements for Large Banks

    FED announced individual capital requirements for 34 large banks and these requirements go into effect on October 01, 2020.

    August 10, 2020 WebPage Regulatory News
    News

    SRB Publishes Guidance on Implementation of Bail-In Tool

    SRB published a set of documents to give operational guidance to banks on implementation of the bail-in tool.

    August 10, 2020 WebPage Regulatory News
    News

    BIS Publishes Update on G20 TechSprint Initiative

    BIS published an update on the G20 TechSprint Initiative, which was launched in April 2020 and aims to highlight the potential for technologies to resolve regulatory compliance (regtech) and supervisory (suptech) challenges.

    August 10, 2020 WebPage Regulatory News
    RESULTS 1 - 10 OF 5658