The Massachusetts Securities Division is creating a group to help fintech companies navigate regulatory requirements in the state.
The new FinTech Advisory Working Group will engage with fintech business as it works to keep regulation in step with digital innovation and will monitor fintech firms, the division said in a statement Friday. The group will also interact with fintech-related businesses in the securities industry.
“This working group includes key players from a broad spectrum of the fintech community, ranging from innovation hubs to startups to financial institutions,” Massachusetts Secretary of the Commonwealth William F. Galvin said. “This collaboration will help advise securities regulators on meeting the novel demands of this rapidly growing space.”
The formation of the group comes just months after the SEC levied charges against Wealthfront and Hedgeable in December, the first-ever enforcement actions by the agency on automated advice platforms, or so-called robo advisors.
The group will meet for the first time Monday.