h, US regulatory body FINRA has launched an Office of Financial Innovation focused on issues around new uses of fintech by businesses.
FINRA said the move would enhance its ability to identify, understand and foster financial innovation in the markets in a manner that strengthens investor protection and market integrity.
It said the new office would collaborate with teams across FINRA to promote engagement with the industry, regulators, investors, and other stakeholders on matters involving significant financial innovation by FINRA member firms.
The team will also incorporate FINRA’s existing Office of Emerging Regulatory Issues, which focuses on analyzing new and emerging risks and trends related to the securities market.
FINRA senior director Haimera Workie has been named head of the new office.
Workie previously served as deputy associate director in the division of trading and markets at the US Securities and Exchange Commission.
FINRA president and CEO Robert W Cook said, “Innovation continues to pose new opportunities and challenges for our member firms and the broader financial services industry, and it is essential that we as regulators keep pace.
“Under Haime’s leadership, I am confident the Office of Financial Innovation will further FINRA’s long-standing commitment to understanding and addressing these issues through coordinated responses that foster both innovation and investor protection.”
FINRA, a not-for-profit organisation, regulates brokerage firms doing business with the public in the US.
The body, which is overseen by the SEC, writes rules, examines for and enforces compliance with FINRA rules and federal securities laws, as well as registering broker-dealer personnel and offering them education and training.
FINRA also provides surveillance and other regulatory services for equities and options markets, as well as trade reporting and other industry utilities.
Copyright © 2019 RegTech Analyst
Copyright © 2018 RegTech Analyst
