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This page explains the role of the Open Bank Core Work Group, presently appointed by either the Regulations or Executive Committee of the Foundation's Open Council.

📙 Open Bank CWC

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Open Bank CWC is an independent group of volunteers, constituted from the Foundation's open community.

The role of the Open Bank CWC group is to track document, and further advise advancements in the public regulations, as well as directives by the Financial Supervisory authorities (of a relevant jurisdiction). \ The role of the Open Bank mostly concerns the monetary policies, public records digitisation practices and data privacy laws of a "local jurisdiction".

Open Bank CWC plays an important role in shaping the community's opinion and position of advisory, which the Foundation takes on public interest issues across the Banking Financial Services and Insurance (BFSI), and Internet and Data laws.

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{% hint style="info" %} Members with the following background generally constitute Open Bank CWC:

  • Members with an active background and practice in the banking, financial services and insurance (BFSI) sector.
  • Members with a legal research background - corporate, business law, international law, tax treaties and trade treaties between governmental and inter-governmental economic bodies from the UN member states.
  • Members with an active research background in a local jurisdiction's monetary policies (laid down by Central banks and other financial services supervisory authorities).
  • Members with an active research background in a local jurisdiction's data privacy laws. {% endhint %}

{% hint style="info" %} Open Bank CWC is an Independent CWC, a group of volunteers from the Foundation's open community.

Read on what role an Independent CWC plays in the Foundation's community.

Read CWC Nominations Guide for Independent CWCs.\

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{% hint style="info" %} FILE YOUR NOMINATION NOW

Members should publish their queries by raising a ticket at the Network's Help Center for any information, before filing supporting documents for their nomination in Open Constitution governance systems. {% endhint %}

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Core Functions of Open Bank CWC:

  1. To prepare the Foundation's research and capital advisory position on the subject of public monetary policy and data privacy laws.
  2. Assist the Legal Committee, Regulations Committee and Steward Groups or other constitutional bodies of the Foundation in preparing, filing and executing legal actions on behalf of the Foundation's citizens.
  3. Open Bank CWC closely works with community members for the protection of their data privacy rights, suggestions for best practices and standards on dynamic regulations in both local and global jurisdictions.
  4. Open Bank CWC empowers regulatory advice to governmental and inter-governmental monetary agencies, in the form of Open Research and public discussion papers. Members from the Open Bank CWC draft public discussion papers and release them on the Foundation's Open Research portal.
  5. Open Bank CWC empowers the Foundation's position of advisory on the public interest litigations, relevant to securities exchanges, blockchain, digital currencies, interbank messaging systems, financial crimes etc. \

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Custodian: Executive Committee