Four U.S. regulators join global innovation network

The major U.S. financial regulators are joining a global regulatory sandbox called the Global Financial Innovation Network (GFIN).

In a joint release, the big four U.S. regulatory agencies — the Securities and Exchange Commission (SEC), the Commodity Futures Trading Commission (CFTC), the Federal Deposit Insurance Corp. (FDIC) and the Office of the Comptroller of the Currency (OCC) — announced that they have joined the GFIN, which was founded in January by a collection of global regulators to support industry innovation.

The GFIN was initially founded by 12 members and now includes 50 organizations. On the list are central banks, financial authorities, and other international organizations that seek to foster cooperation to support innovation.

“By promoting knowledge-sharing on innovation in financial services, U.S. members of GFIN will seek to advance financial and market integrity, consumer and investor protection, financial inclusion, competition, and financial stability,” the joint statement says.

Participating in the GFIN will enhance their ability to “encourage responsible innovation in the financial services industry,” the agencies said.

James Langton

James is a senior reporter for Advisor.ca and its sister publication, Investment Executive. He has been reporting on regulation, securities law, industry news and more since 1994.