On 7 August 2018, a group of financial services regulators including the FCA, the Hong Kong Monetary Authority, the Autorité Des Marchés Financiers and the Ontario Securities Commission co-published a consultation document on a Global Financial Innovation Network (GFIN).
The consultation document follows a proposition document published by the FCA earlier this year on the idea of a “global sandbox” and provides an update on the next steps of the project. In particular, the consultation document sets out a draft mission statement which outlines the role the GFIN could play in supporting responsible innovation. It is believed that the GFIN could serve three main functions: act as a network of regulators to collaborate, sharing experience and best practice, and communicate to firms; provide a forum for joint policy work; and provide firms with an environment in which to trial cross-border solutions (business to consumer or business to business).
The deadline for comments on the consultation is 14 October 2018.