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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
No reservations, but RegTech-services are almost non-existent in our jurisdiction.
Legal affairs
Obligations and requirements to provide RegTech-services
N/A
Additional comments regarding the legal situation for RegTech-services or what RegTech’s must be aware of in this business area
Depending on the scope of the regulatory services being rendered through the online platform, if the entity hiring such services is under the control of the CBU, the regulations related to outsourcing referred to under i) Legal issues 2. above may apply.
Economic conditions
Market size for RegTech-services and biggest companies in this business area
N/A
Additional comments regarding the economic situation for RegTech-services or what RegTech’s must be aware of in this business area
N/A