The U.S. Securities and Exchange Commission (SEC) has converted its fintech unit into a new stand-alone office to lead the agency’s innovation agenda.
The regulator said that its Strategic Hub for Innovation and Financial Technology (FinHub), which was established within the agency’s corporate finance division in 2018, will become a separate office, reporting directly to the chair of the SEC.
“The office will continue to lead the agency’s work to identify and analyze emerging financial technologies affecting the future of the securities industry, and engage with market participants, as technologies develop,” the SEC said.
“The SEC is committed to innovation in our markets, consistent with our time-tested regulatory framework,” said SEC chairman Jay Clayton in a release.
“Our action to establish FinHub as standalone office furthers our commitment to facilitate the introduction of new technologies for the benefit of investors and the efficiency and resiliency of our markets,” Clayton added.
Earlier this year, the Ontario Securities Commission created its own new branch to focus on innovation, known as the Office of Economic Growth & Innovation. That office aims to be fully operational by March 2021.