Compliance Newsflash – August 1, 2018August 1, 2018
August 1, 2018
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|FINRA Requests Comment on Fintech Innovation in the Broker-Dealer Industry
On July 30, 2018, FINRA issued a Special Notice seeking comment on how it can support financial technology (fintech) innovation consistent with its mission of investor protection and market integrity. The announcement builds on an initiative FINRA launched last year to improve communication with the securities industry around fintech. In addition, FINRA requests comment on certain fintech areas, including the provision of data aggregation services, supervisory processes concerning the use of artificial intelligence, and the development of a taxonomy-based machine-readable rulebook. The Notice requests comment by October 12, 2018. Under FINRA360, FINRA has enhanced resources dedicated to this rapidly developing area of the industry, establishing an Innovation Outreach Initiative last year to foster an ongoing dialogue with the securities industry and to better understand fintech innovations and their impact on the industry. As part of this dialogue, a number of market participants expressed a desire for FINRA to solicit broader feedback regarding the effects of any FINRA rules or administrative programs on fintech innovation. The Special Notice is intended to provide an opportunity for such feedback.
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Kristin Snyder Named Deputy Director of OCIE