The New York State Department of Financial Services (NYDFS) and its French regulatory counterpart will work to “ease the entry” for fintech innovators into their respective markets.
An settlement with the French Autorite de Controle Prudentiel et de Resolution (ACPR), signed Wednesday, seeks to additional develop New York and France as “innovation hubs for financial services technology,” in keeping with a press launch from the NYDFS.
“DFS is pleased to partner with our French regulatory counterparts through this signed agreement,” mentioned the regulator’s superintendent, Linda A. Lacewell, who signed the memorandum of understanding with François Villeroy de Galhau, the governor of the Bank of France and chairman of the ACPR.
Through the brand new relationship, the 2 jurisdictions intention to encourage innovation within the monetary providers markets by supporting monetary companies that abide by their respective laws, whereas nonetheless defending customers, mentioned Lacewell.
NYDFS and ACPR will refer fintech innovators to one another to, in precept, enhance velocity to market. They may even change details about regulatory and coverage points, and guarantee fintech startups in one another’s jurisdiction obtain equal ranges of assist and are offered regulatory and supervisory experience.
“This is the first cooperation agreement on fintech signed by the ACPR with an American authority,” ACPR’s de Galhau mentioned.
“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,” he continued.
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