As financial technology advances, push for updating regulations grows.
A number of new reports and proposals are calling for an update to regulations surrounding fast-changing financial technology, a move that institutional investors said would bring certainty to the market and increase efficiencies.
Earlier this month, the Bureau of Consumer Financial Protection said it was working with 11 financial regulators around the globe on an initiative to create the Global Financial Innovation Network, which would allow firms to test new financial services and products, such as artificial intelligence, in different financial markets under a single regulatory umbrella. In late July, the Financial Industry Regulatory Authority said it was seeking public comment on how it can best support fintech innovation, while the Treasury Department put out a 222-page report on fintech regulations the same week with more than 80 recommendations for lawmakers and regulators that it said enables “responsible experimentation in the financial sector, improves regulatory agility and advances American interests abroad.”
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