Week ending 5 November 2020
29 October 2020: The European Parliament published a study examining the supervisory implications of the Wirecard case. It highlights several lessons for the regulation and supervision of fintech companies, and emphasises that regulators need a deep understanding of fintech’s technologies and business models. The report argues that the global scope of fintech’s activities also calls for convergence and co-ordination of rules and supervisory practices at the European level and beyond.
29 October 2020: The Financial Conduct Authority (FCA) has published a Regulatory Co-operation Agreement on fintech with the Reserve Bank of India (RBI) (MoU). This is intended to provide a framework for collaboration and referrals between the innovation functions of each authority. It also sets out how the authorities plan to share and use information on innovation in their respective markets.
29 October 2020: The Financial Conduct Authority (FCA) has announced that it will be among 23 regulators taking part in the cross-border testing initiative organised by the Global Financial Innovation Network (GFIN), a group of over 60 international organisations committed to supporting financial innovation in the interests of consumers. GFIN is inviting applications from firms to test innovative financial products, services, business models or regulatory technology across more than one country or jurisdiction.
Firms interested in applying to take part in cross-border testing should review the list of participating regulators and their respective Regulatory Compendiums and submit an application via the GFIN website before the 31 December 2020 deadline. Firms interested in exploring cross-border testing with the FCA should contact GFIN@fca.org.uk.
2 November 2020: The Futures Industry Association (FIA) has announced that nine companies have been chosen to exhibit in the FIA Innovators Pavilion at the 36th Annual Futures and Options Expo, which will take place in a virtual environment on 10–12 November 2020.