4 (Four) United States Financial Regulatory Agencies Join The Global Financial Innovation Network (GFIN)

In a collaborative report released by the Securities and Exchange Commission of the United States on 24th October 2019, four U.S financial regulators have signed onto the Global Financial Innovation Network (GFIN).

GFIN is an international alliance of government regulators led by the UK’s Financial Conduct Authority proposed in a consultation paper in August 2018 by FCA as a means to create a global sandbox but was formally launched in January 2019.

These regulatory agencies include; the Office of the Comptroller of the Currency (OCC), Federal Deposit Insurance Corporation (FDIC), The Commodity Futures Trading Commission (CFTC), and the Securities and Exchange Commission (SEC).

According to the report, these regulatory watchdogs joined other 46 financial authorities, central banks, and international organisations who are members of the GFIN to boost huge cooperation among monetary authorities on different aspects of innovation topics, regulatory approaches, and lessons.