BCFP Collaborates With Regulators Worldwide Via Global Financial Innovation Network

The Bureau of Consumer Financial Protection (BCFP) announced that it is working with 11 international financial regulators and related organizations in the newly created Global Financial Innovation Network (GFIN).  GFIN was built on a proposal of the UK’s Financial Conduct Authority (FCA) earlier this year to create a “global sandbox.”  The FCA convened and event in March 2018 with a group of international stakeholders (GFIN Group) to discuss the opportunities the GFIN could deliver, based on the market feedback from the initial consultation.  The GFIN consultation document, published by the FCA and the regulators, provides details and an update on the next steps of the project.

According to the consultation document, “[t]he GFIN is designed 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.”  The GFIN also will create a new framework for cooperation between financial services regulators on innovation related topics, sharing different experiences and approaches.

The GFIN Group continues to seek views on its mission statement, proposed functions and where activity should be prioritized and is also seeking comments from other interested regulators or related organizations wishing to get involved.  The GFIN Group encourages innovative financial services firms, financial services regulators, technology companies, technology providers, trade bodies, academia, consumer groups and other stakeholders interested in being part of the development of the GFIN to respond to the questions in the consultation document.

The organizations involved in the GFIN Group at present are: Abu Dhabi Global Markets; Autorité des marchés financiers (Québec); Australian Securities & Investments Commission; Central Bank of Bahrain; United States Bureau of Consumer Financial Protection; Dubai Financial Services Authority; Financial Conduct Authority (UK); Guernsey Financial Services Commission; Hong Kong Monetary Authority; Monetary Authority of Singapore; Ontario Securities Commission; and Consultative Group to Assist the Poor.