From: Lexology
Ana Badour and Arie van Wijngaarden | McCarthy Tétrault LLP
The Transatlantic Policy Working Group (“TPWG”), an organization set up by Innovate Finance and some of its partners and which is dedicated to Fintech policy discussion between the United States and United Kingdom, recently published a report entitled The Future of RegTech for Regulators (the “TPWG Report”). RegTech refers to the use of technology to facilitate compliance with regulatory requirements via improved data analytics, reporting, and information governance (please see our previous blog posts on RegTech here and here). These technologies have the potential to help business increase accuracy of their reporting and compliance programs while concurrently reducing costs.
The TPWG Report highlights possible ways in which regulators may approach Fintech solutions for regulatory compliance in the future. Understanding the models behind the approaches adopted by regulators will be key to ensuring that Fintech entities understand the letter and spirit of future regulations.
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