International Regulators Announce Plans for a Global Innovation Sandbox
Spurred by the increasingly rapid growth of innovative business models and technologies, financial services regulators from around the world have jointly announced plans to create a Global Financial Innovation Network ("GFIN") for improving cross-border cooperation, collaborating on policy work, and enabling simultaneous cross-border testing of innovative ideas in a global regulatory sandbox. The GFIN regulators expect to build on existing bilateral cooperation agreements to engage in greater sharing of experience and knowledge across markets and borders, all aimed at advancing financial integrity, consumer protection, financial inclusion, competition and financial stability. The GFIN is soliciting comments until October 14, 2018.
This Jones Day White Paper provides context and background and identifies the salient themes and specific questions raised in the GFIN consultation document.