Finra wants fintech feedback on US broker-dealer industry
The US Financial Industry Regulatory Authority (Finra) is calling for comments on fintech innovation in the broker-dealer industry.
According to Finra, its discussions with representatives of the fintech industry and its member firms through its Innovation Outreach Initiative have provided insight on investors and the capital markets.
Finra’s Office of Emerging Regulatory Issues (ERI) is also charged with analysing new and emerging trends in the securities industry, while Finra’s internal fintech advisory committee is keeping an eye on other markets’ best practices around the globe.
In the latest chapter, Finra has opened up to comments following public pressure on how it can support innovation “consistent with our mission of investor protection and market integrity”.
In response to these requests, it wants comments on how it can support development.
Incredibly for a regulator, it offers some specifics. These areas of interest include the provision of data aggregation services, supervisory processes concerning the use of artificial intelligence (AI), and the development of a taxonomy-based machine-readable rulebook.
The comment period expires on 12 October 2018.
You can give feedback here.