Regulatory code management platform launches following regtech company partnership

Tech company ClauseMatch has partnered with Gemserv consultants in London.

ClauseMatch enables regulated organisations to evidence compliance, whilst Gemserv acts as a provider of professional services for the energy industry.

The energy sector has been supposedly criticised for ‘long’ and ‘difficult to understand’ documents and out-of-date practices. Global regulators want to solve these problems by digitising and making the regulatory text machine-readable. However, to date, there has been no technology platform used in a live environment to digitise regulatory text.

As a result of the partnership to help tackle these challenges, Gemserv has integrated ClauseMatch’s platform into its practice to launch the code and regulation management platform CodeWorks.

The CodeWorks platform has been built using Gemserv’s technology to support regulated markets work more effectively.

Evgeny Likhoded, ClauseMatch’s CEO and founder, said: “Today, regulation is extremely cumbersome and slow to implement and change. It may take several years to implement or reverse changes making regulated markets slow to change and innovate to bring better experiences to consumers.

“That’s why digitising regulations is on the agenda for many regulators. Lots of work is being done by the regulators all over the globe, for example, in financial services the FCA in the UK, MAS in Singapore, HKMA in Hong Kong and FINRA in the US are exploring this field.

“It is amazing how fast the energy industry is responding to these challenges and we are proud to be pioneering this significant change in cooperation with Gemserv.”

This is said to be the first case in production when regulatory rules are managed and published dynamically, from inception through to consultation and then publishing, for an entire industry on one single platform.

Gemserv’s director of business development and consultancy, Jon Harley, stated that the company believes “the launch of CodeWorks is the most tangible and exciting example of code digitalisation to date, and marks a significant first step in the digitalisation of the code and regulatory landscape.”

In effect, this partnership is the first step of a wider technological transformation programme which, in the long run, is aimed at making the conditions for the energy consumption market in the UK better.