Canada    FinTech Guide    Chapter 14    Dominican Republic


14. RegTech
Dominican Republic  Dominican Republic

The social and political climate towards RegTech-services is indifferent. There are no apparent reservations.



Legal Affairs


RegTechs are not directly regulated nor need a governmental authorization to be set up.



Economic Conditions


This information is not published by Dominican authorities.



Miscellaneous


Although as indicated above RegTechs are not directly regulated nor need a governmental authorization to be set up. Pursuant to Law 126-02 on E Commerce, Electronic Documents and Digital Signature., electronic trade of goods and services in general is valid in the Dominican Republic, subject to any special regulation that may be established for a specific sector.

However entities offering services similar to those described as Reg Tech that offers those services to financial institutions would have to comply with the provisions of Instructive 011/12 on Service Outsourcing issued by the Superintendence of Banks, that requires for entities providing outsourcing services for areas considered as material for the operation of Financial Intermediation Entities, to get an authorization from the Monetary Board to provide services to Financial Intermediation Services, which in turn requires that the services providers commit to fulfilling the regulation that would be applicable to the Financial Institution to which the services are provided regarding compliance with applicable regulation.



Contributing Authors

Jiménez Cruz Peña

José Cruz Campillo
Santo Domingo, Dominican Republic

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Chapter Index:


1. Payment Services / Mobile Payment

2. Asset and Portfolio Management

3. Consulting and Broking Services / Robo-advisory / Auto-trading

4. Trading Platforms / Social Trading Platforms / Signal Following

5. Crowdfunding / Crowdinvesting / Crowdlending

6. Virtual Currency - Bitcoin

7. Loan Services / Factoring / Loan Broking / Finetrading

8. Online Banking Services

9. Analytics and Research / Data Management / Risk Management

10. Accounting

11. Identification

12. Online-pawning

13. InsurTech

14. RegTech

15. Initial Coin Offerings (ICOs)

Disclaimer:
The information in this guide provides a general overview at the time of publication and is not intended to be a comprehensive review of all legal developments nor should it be taken as opinion or legal advice on the matters covered. It is for general information purposes only and readers should take legal advice from a Multilaw member firm.

Publication Date: 1 May 2018