The launch of GFIN follows a successful year for the “sandbox” initiative that the Financial Conduct Authority in the UK brought to market around a year ago. Following a period of consultation and review at the end of last year on its mission and primary functions, GFIN formally launched in January 2019.

Consisting of 29 regulators and interested organisations from around the world, GFIN currently has a number of additional applications for membership and includes many of the world’s most influential and leading regulatory bodies. The International Monetary Fund and World Bank Group are involved as observers.

Guernsey’s Financial Services Commission (GFSC) was one of the founding members and sits on the Coordination Group, charged with developing policy and initiatives to progress GFIN’s goals. This appointment is recognition of the GFSC’s support for tech and disruptive initiatives, which are starting to transform Guernsey business. It is a real coup for the GFSC to be so well positioned in terms of the global regulatory marketplace going forwards. The regulators from Jersey, Isle of Man, Bermuda and Hong Kong are all members. Membership applications from regulators in some of our other jurisdictions are pending.

The first cross-border testing project has been launched and those who wish to take advantage of the opportunity must apply by 28 February 2019. If you wish to test in a number of jurisdictions, then applications to each relevant regulator will need to be submitted. Given the timescales involved, it will be important to have ready access to cross-jurisdictional support in order to meet these deadlines. We anticipate that the process and requirements will streamline going forwards, as the initiative grows.

Appleby has been involved in various ways in supporting the initiative since the consultation process, providing feedback and support to our respective local regulators as they scope out the opportunities GFIN will bring. This has involved meeting with a range of industry professionals and the regulators and sharing ideas as to how GFIN might benefit our jurisdictions, each of which has their own niche speciality skillsets and industry sectors.

We recently launched our Global Tech & Innovation Guide, demonstrating that as a firm, we are well positioned to assist the GFIN initiative. Our team regularly work across jurisdictions in order to achieve the best structures, share experience and access relevant expertise for the benefit of our clients. We look forward to sharing our experience and developing our network further in support of the GFIN project.

Please get in touch with a member of our team if you have any questions, or would like guidance on applying to be part of the testing cohort.

Key Contacts

Peter Colegate

Counsel: Cayman Islands

T +1 345 814 2745
E Email Peter

Steven Rees Davies

Partner, Joint Global Head of Technology & Innovation: Bermuda

T +1 441 298 3296
E Email Steven

Fiona Chan

Partner: Hong Kong, Shanghai

T +852 2905 5760
E Email Fiona

Richard Field

Partner: Guernsey

T +44 (0)1481 755 610
E Email Richard

James Fox

Group Partner: Jersey

T +44 (0)1534 818 348
E Email James

Andrew Jowett

Partner: BVI

T +1 284 393 5316
E Email Andrew

Claire Milne WS

Partner: Isle of Man

T +44 (0)1624 647 698
E Email Claire

Malcolm Moller

Managing Partner: Mauritius, Seychelles, Shanghai

T +230 203 4301
E Email Malcolm