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ARTICLE · 17 AUGUST 2016

Regtech Stepping Forward: UK Financial Services Regulator Publishes Results On RegTech Consultation

McCarthy Tétrault
McCarthy Tétrault
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"RegTech" is defined by the FCA as the application of "new technologies to facilitate the delivery of regulatory requirements".

CanadaTechnology
Kirsten Thompson
Kirsten Thompson
Ana Badour
Ana Badour
Matthew Flynn
Matthew Flynn
Jason Phelan
Jason Phelan
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What is RegTech?

The UK's financial prudential regulator, the Financial Conduct Authority (the "FCA"), has recently published its Feedback Statement on Call for Input: Supporting the development and adopters of RegTech, where it outlined the result of its earlier Call for Input on how to support the development of "RegTech".

"RegTech" is defined by the FCA as the application of "new technologies to facilitate the delivery of regulatory requirements".

In short, RegTech promises to make sense of cluttered and intertwined sets of data, rapidly configure and generate reports using this data, and intelligently mine the data to realize its value (i.e. use the same data for multiple purposes). Some examples of applications of this approach are big data reporting tools that could increase regulators' use of big data, to real-time system-embedded compliance evaluation tools that could improve operational efficiency in monitoring transactions, anti-money laundering and

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