The New York State Department of Financial Services (NYDFS) has signed a memorandum of understanding with the Autorité de Contrôle Prudentiel et de Résolution in France, in a move designed to build a closer relationship between the two jurisdictions for fintech businesses.
The first U.S. regulator to reach this level of agreement with their French counterparts, the NYDFS memorandum is aimed at removing barriers to firms looking to operate interchangeably between the two markets.
The agreement was formally reached between Superintendent of Financial Services at the Department of Financial Services, Linda A. Lacewell, and Governor of the Banque de France and ACPR Chairman François Villeroy de Galhau.
The memorandum will see the two regulators working together on areas of mutual cooperation. In a statement, Superintendent Lacewell said the memorandum would build cross-border collaborations between the two markets.
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, Lacewell said.
As well as exchanging information on regulation, the authorities will also share knowledge and expertise on innovations in the sector, in a bid to improve the efficiency and effectiveness of their respective fintech sectors.
Villeroy de Galhau said the agreement underscores the regulators’ common commitment to innovation in fintech regulation.
This is the first cooperation agreement on fintech signed by the ACPR with an American authority. 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.
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