FINRA establishes fintech Innovation Outreach Initiative to better track developments

FINRA, Financial Industry Regulatory Authority, announced that it has established fintech Innovation Outreach Initiative in order to bolster better understanding of fintech innovations and their impact on the industry.

“FINRA has long been engaged in discussions about fintech issues with member firms and other key stakeholders. The Innovation Outreach Initiative will enable us to better track fintech developments across the rapidly changing industry environment in order to support innovation in the industry while maintaining investor protection and market integrity,” Robert W. Cook, FINRA President and CEO, said.

The fintech initiative will focus on the launch of new fintech webpage that highlights emerging fintech topics and FINRA materials. These include pieces on blockchain technology and digital investment advice.

The company has created a cross-departmental team that works on carrying out the fintech initiative and working along closely with industry participants to gain real-time intelligence on fintech issues. This team will create a Fintech Industry Committee to facilitate a continuous discussion on fintech developments, develop timely publications on fintech topics such as the technology impact on securities industry, and increase collaboration with other domestic and international regulators, among others.

FINRA intends to use the knowledge gathered through this initiative to consider future additional steps to further facilitate fintech innovations in the securities industry.

FINRA also announced that it will host a Blockchain Symposium in New York City that will take place on July 13. The Blockchain Symposium will bring together global regulators and blockchain industry leaders to discuss the use of blockchain, future opportunities that it holds and the challenges.