Regulated-activity boundaries
Every regulated financial activity has an authorized actor who is accountable for it. The Global Risks Alliance (GRA) is not a bank, an insurer, an insurance intermediary, an investment adviser, a broker-dealer, a fund or a rating agency, and it approves nothing. Its work is designed to stay on the evidence side of each line, and to say so beside every output. This page draws those lines activity by activity, for readers of About GRA and of every readiness product.
- 01In briefThe short answer
- 02Activity by activityWhere GRA's work stops, and whose begins
- 03Regulated activitiesThe regimes that define what GRA does not do
- 04Four rulesEvidence kept apart from authority
- 05In practiceHow the boundary shows up in the work
- 06Key termsTerms used on this page
- 07SourcesWhere this page's references lead
GRA · Institution · service level R0
The short answer.
Regulated-activity boundaries are the lines GRA draws between its evidence work and every regulated financial activity: it is not a bank, insurer, intermediary, investment adviser, broker-dealer, fund or rating agency, and it approves nothing. The page draws each line activity by activity and shows how it appears beside every output.
Mandate to authority.
Fig.How the platform is governed, from its mandate to the authorities who decide. Design, not a record.
Jurisdictions in Middle East and North Africa.
The jurisdictions that hold authority over this question: countries, their first-level divisions and capitals, shown for Middle East and North Africa as an example geography for this subject.
Where GRA's work stops, and whose begins.
| Activity | What GRA does | What GRA never does | Who decides |
|---|---|---|---|
| Lending | Frames credit-transmission questions and scenario evidence | Lend, arrange, negotiate or commit credit | Banks and development lenders |
| Insurance | Identifies exposure and protection gaps, and the data an insurer would need | Underwrite, sell, solicit, negotiate, place or broker cover | Licensed insurers, reinsurers and brokers |
| Investment | Prepares long-horizon resilience evidence and open diligence questions | Invest, manage assets, advise on securities or on their issue, or offer, solicit or recommend any security or financial product | Asset owners, managers and their advisers |
| Rating and assessment | Labels every piece of evidence and its limits | Issue ratings, scores, bankability grades or certificates | Registered rating agencies and assessors |
| Approval and execution | Releases a readiness dossier, at the programme owner's written direction, to a party that owner chooses | Approve, execute, introduce parties to a transaction, take transaction-based pay, hold funds or move money | The receiving institution, under its own authority |
| Supervision | Offers scenario evidence that supervisors may choose to use | Supervise, regulate, or seek privileged access to an authority | Central banks, supervisors and regulators |
The regimes that define what GRA does not do.
Descriptions of regimes are general information, not legal advice.
| Activity | Example regimes | Why the boundary matters |
|---|---|---|
| Investment advice and research | MiFID II in the EU; Investment Advisers Act in the US | A personal recommendation on a security is regulated; GRA publishes sector evidence only |
| Insurance distribution | Insurance Distribution Directive in the EU; state producer licensing in the US | Proposing or arranging cover is regulated; GRA places no cover |
| Credit ratings | EU Credit Rating Agencies Regulation; SEC NRSRO regime | An opinion on creditworthiness issued to the market is regulated; GRA's design indices are not ratings |
| Benchmark administration | EU Benchmarks Regulation | An index used to price financial instruments is a benchmark; GRA's indices are labelled design values and are not offered for that use |
| Lending and deposit-taking | Banking licences | GRA lends nothing and holds no client money |
Evidence kept apart from authority.
- 01
Participation is not authority
Taking part in a GRA platform, working group or council gives no one power to speak for GRA, for a consortium or for any public authority.
- 02
Readiness is not approval
A readiness dossier states fitness for a next step within a scope and evidence state. It is never a rating, a certificate or a commitment to finance.
- 03
Visibility is not endorsement
A name or logo on a GRA page, or GRA's name on another page, endorses nothing.
- 04
Stewardship is not execution
Execution, of a loan, a policy, an investment or a public decision, stays with the competent actor.
How the boundary shows up in the work.
- No solicitation, introduction or recommendation of any lender, insurer or investor.
- No pay tied to any transaction, and no money held or moved for anyone.
- No advice to anyone on buying, selling or issuing a security or financial product.
- Release of a dossier only at the programme owner's written direction, as described on Lawful handoffs.
- The full non-execution boundary is set out on Non-execution boundary.
Terms used on this page.
Each term as this page uses it. Where a standard-setting body defines the term, the wording follows that body.
| Term | Definition |
|---|---|
| Regulated activity | An activity, such as lending, insurance underwriting, investment advice or arranging deals, that the law allows only to authorized firms under supervision. |
| Investment advice | A personal recommendation on investments, a regulated activity in most jurisdictions. |
| Competent authority | The body that a law or regulation designates to exercise a given power or duty, such as a supervisor, a civil protection agency or a ministry; only it can take the decisions the law assigns to it. |
Where this page's references lead.
The bodies and documents this page is read against. Status and editions change; each link goes to the issuing body.
Questions and answers.
Is GRA a regulated financial institution?
Will GRA introduce us to lenders, insurers or investors?
Can a readiness dossier be treated as a rating?
Where do I report a boundary concern?
Around GRA.
Start with an enquiry.
The current service level is R0: information and enquiries. An enquiry receives a reference and names the next step; applications, payments, compute allocations and registrations open only when their team, terms and review capacity exist.