London, 18 May 2017. REGnosys, a new Regulatory FinTech founded by two Goldman Sachs senior MDs, closes a $900k private funding round. Its unique technology combines Programmatic Compliance and Open Sourcing to drive a radical shift in the financial industry’s approach to regulatory compliance.
CEO and founder Leo Labeis, former managing director in Goldman’s securities division, ran their global MiFID II programme and currency trading strats teams. COO and co-founder Pierre Lamy, former managing director in the technology division, led their Dodd Frank implementation and was chair of the ISDA FpML Standards Committee and member of the CFTC Technology Advisory Committee.
REGnosys’ Programmatic Compliance platform allows market participants to transparently evidence the compliance of their implementations. As Pierre Lamy testifies: “Technology to discharge regulatory obligations at financial firms has become too complex and opaque to be auditable. The compliance code base rapidly gets out of sync with statically documented specifications, particularly when implemented across a number of business applications and subject to post-compliance adjustments. This can leave firms exposed to consequential non-compliance tail risk.” REGnosys addresses this problem with a regulatory platform that is built upon a canonical representation of marketplace standards, flows and practices, automatically translated into executable code and bound to rule provisions.
This approach is complemented by a commitment to make these canonical models available in the open source domain. Delivering value to the marketplace through an openly accessible digital repository is integral to the company’s strategy, as Pierre explains: “Quite simply these models, associated to REGnosys’ programmatic implementation, are intended as constituents of a new approach to regulatory compliance. We expect the usefulness for both market participants and regulators of such digital repository to drive adoption.”
The $900k funding round was led by a group of private investors. “This round is scaled to deliver an initial MiFID II targeted product based on our RegTech platform, allowing to capitalise on the interest generated by our solution”, Leo Labeis comments.
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