Body
RegTech is composed of the words “regulatory” and “technology”. It is a collective term for the application of modern technologies, to get the increasing regulation in the banking- and financial sector under control both from an IT and a legal standpoint.
Introduction
Attitude of the country towards RegTech-services
Currently, there seems to be no market for RegTech services, since these services may be provided only by financial institutions, and exceptionally by an entity to which they are outsourced. However, further regulation and market expansion is expected.
Legal affairs
Obligations and requirements to provide RegTech-services
In accordance with the applicable banking legislation financial institutions are obliged to maintain its information systems in order to provide efficient operations. The banking sector may outsource activities, provided such outsourcing complies with minimum standards and reporting obligations as stipulated in the applicable regulations.
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A
Economic conditions
Market size for RegTech-services and biggest companies in this business area
There is no market for RegTech-services – these services may be provided only by financial institutions, and exceptionally by an entity to which they are outsourced.
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A.