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British and US Regulators Sign First FinTech Deal
The United Kingdom’s Financial Conduct Authority (FCA) has entered into its first financial technology (fintech) arrangement with an American regulator to help make the regulatory landscape smoother for tech start-ups.
Monday’s agreement is expected to boost collaboration between both their fintech initiatives – the US’ LabCFTC, formed in 2017, and FCA Innovate, which was created in 2014.
Under the arrangement, the FCA and US Commodity Futures Trading Commission (CFTC) agreed to help financial firms in the UK and US launch in their respective markets.
The cross-Atlantic market commitment will focus on information sharing regarding fintech market trends and developments, as well as exchanging details pertaining to proof of concept or innovation competitions.
Fintech firms will also be able to obtain referrals to penetrate markets under the deal.
The FCA’s agreement with the Americans comes almost two years after it began signing such deals with Asian watchdogs.
In May 2016 the FCA entered into a similar deal with the Monetary Authority of Singapore and in September and May 2017, it signed agreements with the Hong Kong Insurance Authority and Hong Kong Securities and Futures Commission respectively.
FCA chief executive Andrew Bailey said: “International borders shouldn’t act as a barrier to innovation and competition in financial services and that is why agreements like the one we have signed today with the CFTC, a forward looking and proactive regulator, are so important.
“As part of the Arrangement, the FCA and the CFTC will be hosting a joint event in London to demonstrate how firms can engage with both regulators.”
The FCA’s Innovation Hub has supported over 500 businesses since its launch, and LabCFTC has engaged with over 150 entities since its creation, the FCA explained.
CFTC Chairman Giancarlo said: “The FCA’s Project Innovate is the gold standard for thoughtful regulatory engagement with emerging technological innovation,” said.
“Therefore, I am delighted to join Andrew Bailey in this arrangement to demonstrate our cross-Atlantic commitment to facilitating market-enhancing innovation and sharing best practices in FinTech engagement.”
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