May 31, 2014, By Barry E James, Founder & CEO at The Crowd Data Center & The Crowdfunding Centre, Founder / Director of The Social Foundation
“It’s an imperative for regulators to be standing on the right side of progress… A key objective of the Project Innovate program is to make sure that positive developments, the ones that promise to improve the lives of consumers or clients, are supported by the regulatory environment.” said Martin Wheatley as he announced the launch this week.
This marks a sea-change in the UK where government and parliament have repeatedly and publicly urged the regulator to move from what’s been called a stubborn and inflexible stance to one which welcomes and supports positive financial innovations.
We know that US, UK and EU regulators have kept in close touch over this and in the case of the UK and US there has clearly been a coordinated, concerted, strategy.
So the big question is what does this mean – not just for the UK and Europe but for the USA and the rest of the world?
It’s certainly a welcome if unexpected development as the USA is faced with key decision about Title III of the JOBS act: The decision as to whether to allow the Crowd into equity crowdfunding.
What happens next? What role should the regulator play in vetoing, opposing or supporting innovation that the rest of society want to support and pursue?
What do you say?
As the ePenny drops, the UK Regulator ‘innovates’ an Innovation Unitrealbusiness.co.uk
In perhaps the most unexpected move of the year – if not the decade – so far the UK’s regulator just took up a suggestion I made almost two years ago to embrace innovation and create an innovation unit! Whatever next?
Barry E James is the Founder & CEO at The Crowd Data Center & The Crowdfunding Centre, Founder/ Director of The Social Foundation