OPEN REGTECH STRATEGIC INITIATIVE

OPEN REGTECH STRATEGIC INITIATIVE

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HOW TO GET INVOLVED IN OPEN REGTECH

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). 

Participants of the Regulation Innovation SIG meet monthly on the first Tuesday. Learn more at github.com/finos/open-regtech and subscribe to the SIG mailing list to get involved.

 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:

  • Input from industry experts.
  • Resource commitment, investment, and commitment to implement from organizations and senior internal stakeholders.

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.

WHY OPEN REGTECH?

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.

ACCESS TO TECH TALENT
Leverage (and contribute to) open source code developed by financial services technologists
STANDARDIZATION
Develop and implement open standards used across the industry to meet regulatory requirements
AUTOMATION
Leverage open standards, technology and tooling to automate manual processes
TRANSPARENCY
Access information and eventually real-time reporting
EFFICIENCY
In policy making and inspection when open standards & open source are used

   OPEN REGTECH IS ACCELERATING

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

FOUNDATIONAL TECHNOLOGY

 

 

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   SPECIAL INTEREST GROUPS

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REGULATORY IMPLEMENTATIONS

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OPEN REGTECH NEWS & RESOURCES

Financial Technology Forum News: Does FINOS have a regulatory blueprint for Cloud?

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?

FINOS Announces Formation of an Open Standard Project for Financial Services: Common Cloud Controls

Based upon an approach developed by FINOS Platinum Member Citi, to describe consistent controls for compliant public cloud deployments in the financial services sector.

 

A discussion of "The Future of the Securities Lending Market: An Agenda for Change"

 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.

 

CDM Now Available In Python

A recent contribution to the CDM project makes it available in the Python programming language for the first time, which will allow a new community of developers to use the CDM in their projects.

 

Common Domain Model into Open Source at FINOS

Read more about CDM's journey into open source, project contribution guidelines, principles, and frequently asked questions.

 

Open Source for Regulation Overview

FINOS presentation introducing open source with a focus on opportunities in financial regulation. 

 

The Next Frontier: An Open Source RegTech Stack

Mike Stevenson explores open source as a tool to maximize investment in regulatory technology.

 

Waters Technology: Finos Sees Opportunity for Open Source in RegTech Space

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 OPEN REGTECH IN THE NEWS

 

What Objections Would A Regulator Have To Open Source?

 

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.

 

GET INVOLVED

Join

Become an Associate Member if your are a non-profit, government agency, association, or academic institution involved in regulatory activities

Communication

Sign up below for updates on our Open RegTech initiative