Special Units

The RegTech Ecosystem Special Unit has published this report which outlines the relationships between regulators and the regtech industry within their jurisdiction (this includes foreign business engagement within a jurisdiction) based on a survey of participants. The participants are a range of members of the Global Financial Innovation Network (GFIN) and in particular the members of the GFIN RegTech Stream. This was prepared as part of the RegTech Workstream, which is a subset of the work of the broader group. The Workstream  were surveyed in March 2022 to gather input on how regulators are approaching setting standards related to regtech and/or the endorsement of RegTech businesses or models.

This report aims to provide a basis for consideration of potential regulatory approaches to regtech by addressing the following questions:

• What approach do regulators take in providing regulatory guidance or standards on the application of regtech by regulated firms and why (with reference to mandate and strategy)

• What approach do regulators take to the endorsement or certification of regtech businesses or models and why (with reference to mandate and strategy)

• What other forms of approach do regulators take in the development and use of RegTech by regulated firms and why (by reference to mandate and strategy)

• What involvement is there is there from regulators in development of Industry Standards.

SupTech

Led by the U.S. Securities & Exchange Commission (SEC), the SupTech Special Unit aims to share information and learnings on SupTech projects being employed in different jurisdictions to inform regulatory work programmes and plan future regulatory collaborations.

The SupTech Special Unit recently concluded a work programme on Open Source initiatives amongst members. We are pleased to share an ‘Intro to Open Source’ report drafted in publication with the Israel Securities Authority (ISA).

RegTech Ecosystem

Led by the Australian Securities and Exchange Commission (ASIC), the RegTech Ecosystem Special Unit aims to share information and insight on RegTech ecosystems to both inform regulatory knowledge and identify industry use cases for future areas of collaboration.

Regulatory Reporting

Led by the Guernsey Financial Services Commission (GFSC), the Regulatory Reporting Special Unit aims to share knowledge and learnings to inform regulatory reporting approaches across GFIN and plan future regulatory collaborations.