Four US regulatory agencies have joined the Global Financial Innovation Network (GFIN) to improve co-operation among global regulators.
The Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Office of the Comptroller of the Currency (OCC), and the Securities and Exchange Commission (SEC) were the four regulators to join GFIN.
GFIN is a global network of 20 financial authorities, central banks and international organizations which want to improve collaborative work on areas such as innovation, regulatory approaches and lessons learned.
The network was established at the start of 2019 by 12 founding members, which included authorities from Australia, Bahrain, Canada, Guernsey, Hong Kong, Kazakhstan, Singapore, United Arab Emirates, United Kingdom, United States. The Consumer Financial Protection Bureau (CFPB) was the first US regulator to join the network.
CFTC, DDIC, OCC, and SEC joined the network to further their efforts in enhancing regulatory clarity and understanding for all stakeholders. They also hope to accelerate identification of emerging regulatory opportunities, challenges and risks.
When GFIN initially launched, it also began a cross-border pilot which lets qualifying companies test their products, services, and business models in multiple jurisdictions. Currently there are eight companies in the pilot phase testing their services.
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