Frequently asked questions

Who are RegBot’s intended users?

RegBot is conceived as an all-round virtual regulatory expert and business enabling tool aimed primarily at business users who are not experts in compliance. Typical users include Front Office, Operations, Compliance and support personnel.

Some bots, such as our MiFID II bot, also provide a client interface, which acts as a one-stop information, communication and trading hub between you and your clients.

Our bots normally require certain steps to be validated by the Compliance department, for your firm to demonstrably retain control of the compliance process.

How is RegBot different from other regtech providers?

Let me explain why RegBot is the result of some incredible blue-sky thinking, and is set to change the way compliance and business are approached in the banking and financial sector:

Our CEO hails from the legal sector, and worked many years as in-house counsel in international investment banks, advising both on business deals and on implementing regulation across jurisdictions. That mixture of knowledge and experience inspired him to conceive RegBot as a tool that would provide the role of a virtual regulatory expert, detecting where regulatory issues come up and ensuring on-the-fly compliance.

But soon we discovered that we could do much more – and set out to do it: as we embarked on our journey, we refined RegBot’s delivery mechanism, so that it would not only ensure compliance, and do so as seamlessly as possible (automatically, whenever practicable), but also tick a number of other boxes along the way striving for an agile, simple to use, one-stop solution.

Because we recognise that regulatory compliance must take place in the context of your business, we decided that RegBot’s approach (whenever practicable) had to bring together regulatory compliance technology and financial business technology, effectively blurring the line between fintech and regtech.

How does RegBot offer solutions that bring fintech and regtech together?

For starters, a constant feature of our bots is that they know exactly where the regulatory boundaries lie and how to ensure that you comply with them. That means that you no longer need to scrap certain business lines whose compliance you thought you could not adequately monitor.

Additionally some bots, like our MiFID II bot, can also roll full MiFID II compliance and internet banking or e-trading applications into a single solution: from their RegBot dashboard, clients not only can view all their relevant MiFID II information, the products and services they receive, their trade confirmations, notifications and reports, but also execute transactions. And we don’t mean just transactions in non-complex, execution-only, reverse-enquiry products, but pretty much anything in your catalogue that is appropriate for them. How? By having the MiFID II bot automatically assess whether each product or service is appropriate before making it available for execution.

Everybody wins as a result:

  • On the one hand, you can rest assured that your entity will be compliant. And the same technology that ensures compliance helps you maximise business potential by opening an array of business opportunities that up until now were not being pursued because compliance could not be guaranteed.
  • On the other hand, clients happily engage with a technology that collects and provides all required information in a quick, practical, no-nonsense way and enables them to execute many more types of transactions than were currently made available to them, and which can now be offered to them because RegBot has ensured that they are appropriate for each client.
So RegBot is a “lawyer in a box”. But how are you sure your advice is correct, if usually asking a number of lawyers the same thing results in different answers?

Good point. Usually the way in which legal rules are drafted leaves some room for interpretation, which is why different lawyers may come up with different answers. However, most or probably all of those lawyers will agree that what is important is that, based on the regulation, you can justify why you have chosen to do “A” instead of “B”. In other words, regulators will expect you to act reasonably and in good faith.

In developing RegBot we exhaustively analyse the regulations and rules applicable to the subject matter a bot tackles and, as a rule, the bot itself explains to users the legal grounds for its actions or determinations. That covers the reasonableness requirement, as it shows a legal reasoning that follows the applicable legal provisions, which is fully auditable. You will meet the good faith requirement by adopting and following the required policies and procedures and using and following RegBot’s determinations.

With total consistency to boot!

How is RegBot made? What’s under the bonnet?

In a nutshell: all our bots start with the regulation(s) or rules to be complied with. Those are analysed by actual senior lawyers specialised in financial regulation. Working together with our banking and financial business experts, those legal provisions are then translated into a set of rules applicable in the course of dealing/trading of financial entities, and then turned into algorithms.

We know and take into account how banks and other financial entities work. So we cleverly arrange those algorithms so that they can integrate into your workflow and steer you towards compliance and avoid regulatory pitfalls.

We then take a step back, look at the whole picture and think: what else can we include so that this bot provides the best user experience and is as much of a one-stop solution as possible? All those extras range between taking care of several requirements in a single step, automatically disseminating the information to all necessary stakeholders, including a functionality that bridges the gap between compliance and business execution, and others.

Can RegBot integrate with my entity’s systems?

Absolutely. We can integrate our bots with your OMS, EMS and other systems, so as to merge RegBot with your normal workflow. We can even fully integrate our bots with your online banking and online trading sites and apps.

Need help?

If you wish to discuss your requirements or request a demo then we'd love to hear from you