ACPR and New York DFS partner together to promote international FinTech cooperation
New Fintech MOU
08 June 2020
The Autorité de contrôle prudentiel et de résolution (ACPR) and the New York State Department of Financial Services (NYSDFS) announced on 3 June 2020 that they had signed a Memorandum of Understanding (MoU) to ease the operation of Fintech companies across both jurisdictions
According to the MoU ACPR and NYSDFS will cooperate with the aim of encouraging innovation in their individual financial services markets, which shall lead to enhancing consumer and investor protection and competitiveness in their respective markets.
Although the MoU does not contain any binding provisions, it includes specific actions that each regulator can undertake, namely:
- information and expertise sharing;
- providing Fintech companies from the other jurisdiction with the same level of support as that provided to local Fintech companies; and
- promoting an open dialogue between the two regulators about financial innovation.
This is the first cooperation agreement on Fintech signed by the ACPR with a US authority, however the ACPR already entered into several similar agreements for Fintechs with Singapore, Hong-Kong, South Korea, Japan and Taiwan authorities.
The agreement is part of French authorities' broader Fintech focus, pursuant to which the French Competition Authority (Autorité de la concurrence) launched on 20 May 2020 a public consultation on Fintechs, and in particular on payment services. Furthermore, the Banque de France called for applications to experiment with a new programme on a central bank digital currency (see our previous article here).
Sophie Péligry contributed to the writing of this article.