Dataswyft, as a UK company, is regulated by the Information Commissioner’s Office UK under registration number ZA244725 as the lead data protection authority globally for Dataswyft Services to operate the Dataswyft ONE platform and for the management of personal data in the running of its business.Dataswyft is also regulated by the Financial Conduct Authority (FCA) in the UK as an account-information-service-provider (AISP) registered to integrate with banking APIs for payment transactions to be acquired by PDA owners. Dataswyft is regulated by the HAT Community Foundation (HCF) as a “HAT Platform Provider”, a certified technology provider for the operation of the plafform and the governance of merchant applications.
Regulatory Governance of Dataswyft by HAT Community Foundation
Regulatory governance refers to the use of binding rules – including standard-setting, monitoring and sanctioning – to intervene in specific activities. Regulatory governance may also refer to self-regulation. This section articulates specific activities that are governed by Dataswyft and the mechanisms through which Dataswyft is regulated.
Regulation of the business through Statutory rights of a Guardian Share
HCF holds one guardian share of Dataswyft Ltd. As guardian shareholder and regulator, HCF is entitled to guardian share rights over Dataswyft including the rights of the guardian shareholder in the Articles and Association, and also ensuring that Dataswyft is mission locked and that the board of directors have a fiduciary duty to uphold the mission and purpose of Dataswyft, which is personal data exchange for public benefit.
Regulation of platform through Contract
As according to the original ecosystem proposed by the UKRI HAT research project, Dataswiyt submits it’s operational platform to oversight and regulation by the foundation through a contract where Dataswyft pays 2.5% governance levy on all revenues. An overview of the role of the foundation as a regulator is illustrated below.
HCF executes its oversight responsibility through its presence in the Dataswyft One Management Committee that meets once a month or whenever required.HCF’s oversight responsibility within the committee includes: