The FINOS Regulation Innovation Special Interest Group (SIG) is a community of people interested in creating open-source solutions for regulatory and compliance issues in financial services. This SIG was approved by the FINOS Governing board in October 2020 and is co-chaired by Kabir Rekhi (RBC) and Stephen Goldbaum (Morgan Stanley).
The leads for the Regulation Innovation and Financial Objects SIG are coming together and leading a proposal to form a RegTech Council (RTC), which will invest in projects that enable regulatory innovation and delivery. What we need is:
Express your interest in joining RTC to be part of the future of RegTech innovation and enjoy membership benefits, including reduced costs, lower compliance risk, and access to a global network of experienced professionals.
We believe that Open Source Software, Standards and Best Practices can unlock significant value for financial regulators and the entire financial ecosystem. This lays the foundations for a robust market infrastructure and ultimately boosts innovation and welfare by freeing up resources.
The Open RegTech Initiative facilitates mutualized interpretation/implementation by:
1. Providing truly open source frameworks & open standards that serve as the foundational technology
2. Creating Special Interest Groups as venues where collective use cases can be identified, prioritized and resourced
3. Supporting collaborative open source development of both technology and financial business aligned regulations
Eugene Grygo at FTF News writes: a cloud standard from FINOS could become the basis for much-needed cloud global regulation. Should global regulators create regulations based on a relatively new set of open-source standards that provide consistent controls over cybersecurity?
Based upon an approach developed by FINOS Platinum Member Citi, to describe consistent controls for compliant public cloud deployments in the financial services sector.
ISLA published a paper entitled ‘The Future of the Securities Lending Market | An Agenda for Change’ in September 2019, looking at the conjunction of market complexity, technical architecture and regulatory impacts. The conclusion reached was that a transformation was overdue and the solution would be underpinned by common standards.
Read more about CDM's journey into open source, project contribution guidelines, principles, and frequently asked questions.
FINOS presentation introducing open source with a focus on opportunities in financial regulation.
Mike Stevenson explores open source as a tool to maximize investment in regulatory technology.
In June 2020, Rebecca Natale, Waters Technology, reports on a conversation with Gabriele Columbro, FINOS Executive Director, on the vision and progress of the Open RegTech initiative.
FINOS member Adaptive argues that RegTech is a strong candidate to become a utility, and to be open sourced. In this article, Adaptive CEO Matt Barrett looks at some of the potential concerns a regulator might have with this model.
FINOS Launches Open RegTech Initiative
At its annual, flagship Open Source Strategy Forum (OSSF) held virtually in conjunction with the Linux Foundation on November 13th, 2020, FINOS announced the launch of the FINOS Open RegTech initiative, which aims to expand the successful open collaboration model built between financial institutions, FinTech and technology firms to regulators and RegTech companies. See the press coverage in Bloomberg, FinExtra, and Markets Media.
Become an Associate Member if your are a non-profit, government agency, association, or academic institution involved in regulatory activities
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