Global Financial Innovation Network ("GFIN") (2018-08-07)

Summary

This is a consultation document, originally issued by the UK FCA (dated August 2018) and published via the GFSC's Guernsey website, proposing the creation of the Global Financial Innovation Network (GFIN), a multi-regulator initiative building on the FCA's earlier 'global sandbox' proposal. It sets out a draft mission statement and three proposed functions for GFIN, and invites feedback from stakeholders rather than imposing binding rules.

• Network of regulators: A forum for regulators and related organisations to share knowledge, best practice and contact information on innovation trends.
• Joint policy work and regulatory trials: Collaboration between regulators on common policy questions and possible joint RegTech work.
• Cross border trials: An environment allowing firms to trial innovative products or services across multiple jurisdictions (B2B or B2C).

The paper poses a series of consultation questions (e.g. on the mission statement, proposed functions, biggest regulatory challenges to innovation, and potential drawbacks) and invites innovative financial services firms, regulators, technology companies, trade bodies, accelerators, academia and consumer groups to respond. It does not create any binding requirements or licensing regime; membership, governance and operational details of GFIN remain to be finalised based on consultation feedback.

Applies to

financial services regulators, innovative financial services firms, technology companies and providers, trade bodies, accelerators, academia, consumer groups