Key Recommendations when developing Innovation Facilitators
Recommendation 1: The relevant authorities should develop effective frameworks to support financial innovation, including innovation facilitators (“IF”s). Prior to the establishment of IFs, the relevant authorities should undertake a comprehensive analysis and assessment to ensure that the functions, scope, and operational structure of the IFs are designed in view of the local market conditions and are in accordance with the overall policy objectives. The relevant authorities should consider the potential impact IFs could have on investor protection, market integrity and financial stability.
Recommendation 2: The objectives and functions of IFs should be clearly defined and should be made public. The relevant authorities should have in place innovation support functions with adequate resources according to the scope and objectives of the IFs. Good governance and accountability should be part of the design of the innovation facilitator.
Recommendation 3: The scope of eligible entities and the criteria for application and selection should be clearly defined, transparent, and made public.
Recommendation 4: The relevant authorities should have in place mechanisms for cooperation and exchange of information with both local and foreign relevant authorities to facilitate a holistic approach and knowledge regarding issues of a crosscutting nature or issues that may fall outside their statutory responsibility.