Regulator syndicate unleashes Global Financial Innovation Network
The UK’s Financial Conduct Authority (FCA) and 11 other financial regulators have created their Global Financial Innovation Network (GFIN).
As reported in February, the development builds on the FCA’s proposal to create a global sandbox.
The name GFIN is kind of obvious to its intentions. According to the FCA, the network will seek to provide a “more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas”.
It will also create a new framework for co-operation between regulators.
The other organisations involved in the GFIN at present are: Abu Dhabi Global Markets; Autorité des marchés financiers (Québec); Australian Securities & Investments Commission; Central Bank of Bahrain; United States Bureau of Consumer Financial Protection; Dubai Financial Services Authority; Guernsey Financial Services Commission; Hong Kong Monetary Authority; Monetary Authority of Singapore; Ontario Securities Commission; and Consultative Group to Assist the Poor (CGAP).
The regulators are also launching a consultation on the role GFIN should play in delivering its objectives.
They want feedback on the proposed functions, and where it should prioritise activity.
You can give feedback on GFIN here up until 14 October 2018.
The FCA also shares more info on the global sandbox.
It says 50 responses were received to the earlier paper and were “positive about the idea of regulators collaborating on this topic”.
Feedback was unsurprising and bland. Key themes were “reducing the time it takes to bring ideas to new international markets” and better governance.