By Christian Davison
Further to our ‘Autumn Update Financial Services’ seminar on 26th September, Christian Davison, a trainee in our Corporate and Commercial team, comments on the FCA’s announcement of a global regulatory sandbox.
On 7 August 2018, the Financial Conduct Authority announced the ‘Global Financial Innovation Network’ (GFIN). It is an extension of the FCA’s pioneering UK regulatory sandbox and will develop a global framework for FinTech. Currently eleven other national financial regulators are participating, including Hong Kong, Abu Dhabi, Singapore and Dubai. The GFIN is only at the consultation stage, and, given the number of regulators that have adopted a sandbox like FCA’s, the number of members is likely to increase.