finos/open-regtech-sig

July 23rd, 2024 - Regulation Innovation SIG Meeting Minutes

Opened this issue · 6 comments

eteridvalishvili commented

Regulation Innovation SIG

Date

July 23rd, 2024 - 12pm EST / 5pm BST

Untracked attendees

  • Fullname, Affiliation, (optional) GitHub username
  • ...

Meeting notices

  • FINOS Project leads are responsible for observing the FINOS guidelines for running project meetings. Project maintainers can find additional resources in the FINOS Maintainers Cheatsheet.

  • All participants in FINOS project meetings are subject to the LF Antitrust Policy, the FINOS Community Code of Conduct and all other FINOS policies.

  • FINOS meetings involve participation by industry competitors, and it is the intention of FINOS and the Linux Foundation to conduct all of its activities in accordance with applicable antitrust and competition laws. It is therefore extremely important that attendees adhere to meeting agendas, and be aware of, and not participate in, any activities that are prohibited under applicable US state, federal or foreign antitrust and competition laws. Please contact legal@finos.org with any questions.

  • FINOS project meetings may be recorded for use solely by the FINOS team for administration purposes. In very limited instances, and with explicit approval, recordings may be made more widely available.

Agenda

  • Convene & roll call (5mins)
  • Display FINOS Antitrust Policy summary slide
  • Review Meeting Notices (see above)
  • Approve past meeting minutes
  • Proposed RegReporting Pilot - Ian Sloyan
  • Data Architecture – The Value of Sharing Data Control Standards and Identifying Critical Data Elements - Kabir Rekhi
  • Update on SSI Work - Ffion Acland, Goldman Sachs
  • Discussion on the community's interest and desire to push the digital effort forward - Ffion Acland, Goldman Sachs
  • AOB, Q&A & Adjourn (5mins)

Meeting Minutes

Reg Reporting Pilot

  • This pilot aims to demonstrate how DRR and the CDM can be implemented on cloud technology. It will showcase the processing of trade events in CDM, running DRR rules on the data, and validating the outputs against trade repository or regulatory validation rules. The pilot will use open-source tools and technologies like Databricks and OpenShift.

Data Control Standards

  • This pilot will focus on standardizing data governance and control practices across the financial industry. It will address challenges like increased regulatory oversight, data lineage requirements, and the need for consistent control frameworks. The goal is to reduce operational risk and increase efficiency in regulatory compliance by establishing common definitions and processes for data controls.

Action Items

  • Individuals interested in participating in either pilot should contact the Regulation Innovation SIG email address.
  • Kabir will follow up with RBC internally to gather more information on SSI and data lineage practices.
  • The group will schedule offline conversations and a working group to discuss data control standards and lineage granularity in more detail.
  • Ffion will follow up with her internal teams on the US T+1 settlement cycle and its impact on the need for a digital solution for SSI exchange.
  • The group will revisit the topic of a digital solution for SSI exchange at the next meeting.

Join Zoom Meeting

https://zoom.us/j/95819415471?pwd=VmxmeExMcXJFZWs4OGtnTXBiWnVHdz09

iansloyan commented

Ian Sloyan FINOS/South Cardinal Advisors

minesh-s-patel commented

Minesh Patel / REGnosys

noelmcloughlin commented

Noel McLoughlin / independent

ffionwiggins commented

Ffion Acland / Goldman Sachs

apetroni commented

Alessndro Petroni / Businessmesh.io Consulting
apetroni@businessmesh.io
apetroni@gmail.com

jgavronsky commented

Jane Gavronsky / FINOS