fbpx
Tuesday, December 10, 2019
AdvertisementEvident
Home News American Regulators Join UK-Initiated Global Financial Innovation Network

American Regulators Join UK-Initiated Global Financial Innovation Network

default
ADVERTISEMENTSBlockchain Expo Global 2020
Evident
global
Token Agency

Share with:


The Securities and Exchange Commission (SEC),  Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC) and Office of the Comptroller of the Currency (OCC), have joined the Global Financial Innovation Network (GFIN).

The Global Financial Innovation Network (GFIN) was formally launched in January 2019 by an international group of financial regulators and related organizations

The GFIN is a network of over 50 organisations committed to supporting financial innovation in the interests of consumers who 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. This includes a pilot for firms wishing to test innovative products, services or business models across more than one jurisdiction.

It also aims to create a new framework for co-operation between financial services regulators on innovation-related topics, sharing different experiences and approaches.

GFIN members currently participating in cross-border trials: 

  • Australian Securities & Investments Commission (ASIC)
  • Central Bank of Bahrain (CBB)
  • Bermuda Monetary Authority (BMA)
  • British Columbia Securities Commission (BCSC) (British Columbia, Canada)
  • Ontario Securities Commission (OSC) (Ontario, Canada)
  • Autorité des marchés financiers (AMF) (Québec, Canada)
  • Hong Kong Monetary Authority (HKMA)
  • Hong Kong Securities and Futures Commission (HKSFC)
  • Magyar Nemzeti Bank (Central Bank of Hungary)
  • Astana Financial Services Authority (AFSA) (Astana, Kazakhstan)
  • Bank of Lithuania (LB)
  • Monetary Authority of Singapore (MAS)
  • Abu Dhabi Global Market (ADGM)
  • Dubai Financial Services Authority (DFSA)
  • Financial Conduct Authority (FCA, UK) [GFIN Chair]
  • Guernsey Financial Services Commission (GFSC)
  • Jersey Financial Services Commission (JFSC)

Key themes include:

  • Regulatory co-operation: Respondents were supportive of the initiative providing a setting for regulators to collaborate on common challenges or policy questions firms face in different jurisdictions.
  • Speed to market:  Respondents cited one of the main advantages for the global sandbox could be reducing the time it takes to bring ideas to new international markets.
  • Governance: Feedback highlighted the importance of the project being transparent and fair to those potential firms wishing to apply for cross-border testing.
  • Emerging technologies/business models: A wide range of topics and subject matters were highlighted in the feedback, particularly those with notable cross-border applications. Among issues highlighted were artificial intelligence, distributed ledger technology, data protection, regulation of securities and Initial Coin Offerings (ICOs), know your customer (KYC) and anti-money laundering (AML).

U.S. financial regulators have taken proactive steps in recent years to enhance regulatory clarity and understanding for all stakeholders and promote early identification of emerging regulatory opportunities, challenges, and risks.

Participation in the GFIN furthers these objectives and enhances the agencies’ abilities to encourage responsible innovation in the financial services industry in the United States and abroad. By promoting knowledge-sharing on innovation in financial services, U.S. members of GFIN will seek to advance financial and market integrity, consumer and investor protection, financial inclusion, competition, and financial stability. Participation in international organizations such as this helps U.S. financial regulators represent the interests and needs of the nation and its financial services stakeholders.

The agencies join 46 other financial authorities, central banks, and international organizations from around the globe that are members of the GFIN to foster greater cooperation among financial authorities on a variety of innovation topics, regulatory approaches, and lessons learned.

Share with:


About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

Visit Website
View All Articles

Also published on Medium.

advertisements
Blockchain Partners

Token Agency
global
Tymlez
Blockchain Expo Global 2020
Ammbr Blockchain Technology