Regulators in the US and France are building bridges to assist fintech companies expand abroad. The New York State Department of Financial Services (DFS) and France’s Autorité de Contrôle Prudentiel et de Résolution (ACPR) today entered a cooperation agreement to promote innovation in financial services in their respective markets.
The agreement is aimed at expansion into each other’s markets, and facilitates introductions between fintech firms in each jurisdiction. It also provides the impetus to connect fintech participants in both countries and help them stay abreast of innovation in financial services while providing fintech firms seeking to grow their businesses with compliant channels for communicating with regulators in each other’s region.
In addition, the co-operation framework will enable the regulators to share information about financial services innovations, reduce barriers to entry in new jurisdictions and further encourage innovation in the US and France.
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The latest agreement follows several other collaborations that the ACPR has instigated with international authorities including Hong Kong, South Korea, China and Australia. Promoting competition through innovation forms a significant part of the regulator’s mission, it said. ACPR is part of the dual regulatory structure in France, which includes the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution.
Commenting on the agreement, Linda A. Lacewell, Superintendent of the New York State Department of Financial Services, said: “DFS is pleased to partner with our French regulatory counterparts through this signed agreement. 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.”
“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. He added: “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.”