What is a RegTech?
RegTech stands for Regulatory Technology. For easyReg, the objective of a RegTech solution is to increase the efficiency and quality of a regulation-related process. There are numerous RegTech with very different aims (e.g. AML/KYC solutions, fraud prevention, regulatory compliance, …). The objective of e-Reg is to simplify and digitalize the day to day work with financial regulation (see here for more).
What is the profile of a typical e-Reg client?
e-Reg clients are usually Swiss banks, law firms, consultancies and individuals working with Swiss financial regulations.
What do you mean by Swiss financial regulation?
Swiss financial regulations are all the laws, ordinances, FINMA circulars and self-regulation whose supervision is under FINMA’s responsibility as defined in article 1 of the Financial Market Supervision Act.
Is e-Reg a RegTech or a LegalTech?
Law firms and lawyers also use e-Reg to increase their efficiency. In this context, e-Reg can be considered a LegalTech. We usually say that e-Reg is a RegTech because it covers Swiss financial regulations beyond Swiss acts and ordinances. Furthermore, its user base is much broader than users working in law firms or with a law background.
Do you need a legal background to use e-Reg?
Not at all. Currently, half of the user base does not have a legal background and does not work in a legal/compliance department or law firm. The e-Reg users include internal auditors, regulatory statistics specialists, and professionals working in a finance or risk department. As Swiss financial regulations usually have to be applied by many different specialists, the variety of e-Reg users reflects this.
What are the features of e-Reg?
Does e-Reg contain non-Swiss Financial Regulation?
Yes, e-Reg contains non-Swiss Financial Regulations because either Swiss regulations directly refer to it (e.g., Basel standards) or because the foreign regulation impacts Switzerland (e.g., European directives).
Is it possible to customize the regulation covered by e-Reg?
Yes, it is possible to customize the regulations covered by e-Reg.