US and French Regulators Boost Fintech Cooperation
DFS is the First U.S. Financial Services Regulator to Sign Fintech MOU with ACPR
MOU Promotes Mutual Cross-Border Collaboration in Fintech to Benefit New York and France
Agreement Includes Referral Mechanism for Financial Innovators to Help Facilitate Entry Into Both Markets
MOU Encourages Sharing of Regulatory Best Practices to Deepen Knowledge of Respective Supervisory Systems, Encourages Responsible Innovation
The New York State Department of Financial Services (DFS) announced it signed a Memorandum of Understanding (MOU) with France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) to ease entry for fintech innovators into the New York and French markets, furthering New York and France as innovation hubs for financial services technology. DFS is the first U.S. financial services regulator to sign a MOU with the ACPR.
The agreement was signed by Superintendent of Financial Services Linda A. Lacewell and Governor of the Banque de France and ACPR Chairman François Villeroy de Galhau.
“DFS is pleased to partner with our French regulatory counterparts through this signed agreement,” said Superintendent Lacewell. “This will foster collaboration to support cross-border fintech developments, providing entrepreneurs speed to market opportunities in New York and France, while upholding robust consumer protection.”
With the signed MOU, DFS and ACPR will cooperate with the aim of encouraging innovation in their individual financial services markets, enhancing consumer protection, and supporting financial innovators to enter and meet regulations in each other’s jurisdictions, consequently encouraging healthy market competition in respective markets.
DFS and ACPR will: refer fintech innovators to each other, which can improve speed to market; exchange information about regulatory and policy issues; ensure that innovators in each other’s jurisdiction receive equivalent levels of support; and share regulatory and supervisory expertise and best practices.
“This is the first cooperation agreement on fintech signed by the ACPR with an American Authority,” said Governor of the Banque de France and ACPR Chairman Villeroy de Galhau. “It underscores the ties between the two Authorities and their strong commitment to innovation. I am sure this agreement will help connect two major fintech ecosystems and promote innovative financial services in both countries that should benefit consumers, corporates and the wider economy.”
Under Superintendent Lacewell’s leadership, DFS has been encouraging the expansion of financial innovation across all financial services, products and sectors, with a goal of improving consumer access and market resiliency. DFS is a leader in responsible growth and sound regulation in New York’s fintech industry.
Superintendent Lacewell established a new Research and Innovation Division, strengthening the mission of the Department as technology transforms the industry. In 2019, DFS became the first U.S. state banking regulator to join Global Financial Innovation Network (GFIN). Today’s MOU also builds on a previous partnership announced by the Governor with Bank of Israel , and indicates the Department’s commitment to the development of future financial innovations to advance the New York market.
Backed by the Banque de France, the Autorité de contrôle prudentiel et de résolution (ACPR) is the administrative authority that supervises the banking and insurance sectors and ensures financial stability. The ACPR is also responsible for protecting the customers of the supervised institutions and ensuring the fight against money laundering and the financing of terrorism. It also has resolution powers. The ACPR’s operational departments come under its General Secretariat. For more information visit: https://acpr.banque-france.fr/.
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