The Board of the International Organization of Securities Commissions (IOSCO) tasked the Committee on Emerging Risks (CER) to collaborate with other IOSCO Committees and lead a study on the evolution of Financial Technologies, including its intersection with securities markets regulation. IOSCO is the international body that brings together the world's securities regulators and is recognized as the global standard setter for the securities sector.

Working intensively with the G20 and the Financial Stability Board (FSB) on the global regulatory reform agenda, IOSCO develops, implements and promotes adherence to internationally recognized standards for securities regulation. The term Financial Technologies or "Fintech" is used to describe a variety of innovative business models and emerging technologies that have the potential to transform the financial services industry.

This report is the result of extensive collaboration among different IOSCO Committees, with overall coordination by the Vice Chair of the CER. It incorporates substantial contributions from the members of the CER, the Growth and Emerging Markets Committee (GEMC) and the Affiliate Members Consultative Committee (AMCC), including the results from three different surveys:

1) In June 2016, the CER and the GEMC jointly conducted a survey among their respective members to gain further insight on the types of Fintech firms in the respective jurisdictions, key regulatory actions taken by members, and the practices of Fintech firms in onboarding investors. Responses were received from 54 CER and GEMC members to this follow-up survey: 9 respondents were from the Asia-Pacific region, 12 from Africa and the Middle East, 16 from Europe and 17 from the Americas.

2) In May 2016, the CER, AMCC and World Federation of Exchanges (WFE), a member of the AMCC, jointly conducted a survey on DLT. The survey was issued by the WFE to its membership of global exchanges and post-trade infrastructures, and by the CER to global DLT consortia, financial institutions, start-ups, consultancy firms and other stakeholders: 53 responses were received, including 25 from WFE members. 13 respondents were from the Asia-Pacific region, 1 from Africa, 2 from the Middle East, 14 from Europe and 23 from the Americas.

3) In December 2015, the GEMC conducted a survey among its members to review the state of development of Fintech in emerging markets, including existing and potential regulatory implications. Responses were received from 41 emerging markets covering diverse geographical locations: 9 respondents were from the Asia Pacific region, 17 from Africa and the Middle East, 7 from Europe and 8 from the Americas.