FCA, others launch Global Financial Innovation Network
The network will create a new framework for co-operation among financial services regulators on innovation.
The Financial Conduct Authority (FCA), a financial regulatory body in the United Kingdom, in collaboration with 11 financial regulators and related organisations, announced, on Tuesday, the creation of the Global Financial Innovation Network (GFIN).
The GFIN, designed to be an inclusive community of financial services regulators and related organisations, seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they scale new ideas.
The network will also create a new framework for co-operation among financial services regulators on innovation and sharing different experiences and approaches.
The three proposed functions of GFIN, according to the statement released by the FCA, are: to provide a forum for joint policy work and discussion; to provide firms with environment for trial of cross-border solutions; and to act as a network of regulators to collaborate and share experience of innovation in respective markets, including emerging technologies and business models.
Currently, GFIN has 12 members, namely: Abu Dhabi Global Market (ADGM); Autorité des marchés financiers (AMF); Australian Securities and 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 the Consultative Group to Assist the Poor (CGAP).
The network 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.
According to the statement, the eventual membership of the GFIN that will take the project forward is yet to be determined. The aforementioned organisations, however, are committed to exploring the idea further. As such, interested regulators and related organisations may decide to join in the consultation process, or after the formal launch of the GFIN.
As part of the consultation, which will end October 14, 2018, the group seeks views on the mission statement for GFIN, its proposed functions, and where it should prioritise activity.
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