FCA Reports on Work Done by Global Financial Innovation Network
FCA published a report that details the work undertaken by the Global Financial Innovation Network (GFiN ) in its first year, the challenges it has faced, and the plans it has for future. GFiN is a network of international regulators and related organizations that are committed to supporting financial innovation and to creating a framework for co-operation between regulators to share experiences and approaches to innovation.
As of June 2019, GFiN has 35 financial services regulators with full membership and seven observers. Its goal is not to create harmonized regulatory standards across jurisdictions but to provide a space for regulators to discuss, interact, and give innovative firms an avenue to test across borders. Over the next year, GFiN intends to focus on formalizing its approach for cross-border testing based on lessons learned from the pilot program. GFiN is also working in the regtech work stream to create cross-jurisdictional tests and proofs of concept regarding supervisory technologies or technologies that facilitate compliance for regulated firms. It is expected that GFiN regulators and stakeholders can learn from these trials and be in a position to implement the utilized technology. A key part of the GFiN 's work over the next year will also be to focus on how it can support emerging markets to help define, shape, and develop their respective regulatory markets approaches to innovation. GFiN will continue to encourage regulators in these markets to join GFiN to benefit from information-sharing and collaborative working environment.
Related Links
Keywords: International, Europe, UK, Banking, Insurance, Securities, Regtech, Suptech, Fintech, GFiN, Cross-Border Testing, FCA
Previous Article
IMF Issues Reports on 2019 Article IV Consultation with South AfricaRelated Articles
ECB Finds Banks Unprepared for Pillar 3 Climate Risk Disclosures
The European Central Bank (ECB) published results of the 2022 supervisory assessment of climate-related and environmental risk disclosures among significant institutions (103) and a selected number of less significant institutions (28).
NCUA Assesses Credit Union Exposure to Climate-Related Physical Risks
The National Credit Union Administration (NCUA) released a Research Note that examines the exposure of credit unions to climate-related physical risks. In a related development
EBA Issues Multiple Regulatory and Reporting Updates for Banks
The European Banking Authority (EBA) is seeking comments, until July 31, 2023, on the draft Guidelines on the proposed common approach to the resubmission of historical data under the EBA reporting framework.
EC Adopts Regulation on Own Funds, Issues Other Updates
The European Commission adopted Delegated Regulations on own funds and eligible liabilities, on requirements for the internal methodology under the internal default risk model
CDP Platform to Report Plastic-Related Impact, Issues Other Updates
The Carbon Disclosure Project (CDP) announced that its global environmental disclosure platform has enabled reporting on plastic-related impact for nearly 7,000 companies worldwide
IASB to Enhance Reporting of Climate Risks, Proposes IFRS 9 Amendments
The International Accounting Standards Board (IASB) updated its work plan to enhance the reporting of climate-related risks in the financial statements,
BIS Addresses Data Gaps and Macro-Prudential Policy for Climate Risks
The Financial Stability Institute (FSI) of the Bank for International Settlements (BIS) published a brief paper that examines challenges associated with the use of macro-prudential policies to address climate-related financial risks.
FCA Sets Out Business Plan, Launches TechSprint on Greenwashing
The Financial Conduct Authority (FCA) published its business plan for 2023-24. The plan sets out details of the work planned for the next 12 months to achieve better outcomes for consumers and markets
UK Committee Sets Out Recommendations for Next Phase of Open Banking
The Joint Regulatory Oversight Committee (JROC), comprising the Financial Conduct Authority (FCA) and the Payment Systems Regulator (PSR) as co-chairs and the HM Treasury and the Competition and Markets Authority (CMA) as members
ECB Publishes Multiple Regulatory Updates for Banking Institutions
The European Central Bank (ECB) published the results of the 2022 climate risk stress test of the Eurosystem balance sheet,
