In the News
NY State Agrees to Fintech Cooperation Pact With France
Regulator says agreement will foster collaboration to support cross-border fintech developments.
- Timothy Darragh
- July 2020
The New York State Department of Financial Services has signed a memorandum of understanding with France's Autorité de Contrôle Prudentiel et de Résolution to ease entry for fintech innovators into the New York and French markets, furthering New York and France as innovation hubs for financial services technology, including insurtech.
The DFS is the first U.S. financial services regulator to sign such a memorandum with the ACPR, it said in a statement.
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.
François Villeroy de Galhau
Autorité de Contrôle Prudentiel et de Résolution
Superintendent of Financial Services Linda A. Lacewell and Governor of the Banque de France and ACPR Chairman François Villeroy de Galhau signed the memorandum. Backed by the Banque de France, the ACPR is the administrative authority that supervises France's banking and insurance sectors and ensures financial stability.
“DFS is pleased to partner with our French regulatory counterparts through this signed agreement,” said Lacewell. “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.”
Under the agreement, the DFS and the ACPR will cooperate with the aim of encouraging innovation in their individual financial services markets, enhancing consumer protection, and supporting financial innovators to enter and meet regulations in each other's jurisdictions, consequently encouraging healthy market competition in respective markets, the statement said.
The DFS and the ACPR will refer fintech innovators to each other, which can improve speed to market; exchange information about regulatory and policy issues; ensure that innovators in each other's jurisdiction receive equivalent levels of support; and share regulatory and supervisory expertise and best practices, it said.
“This is the first cooperation agreement on fintech signed by the ACPR with an American authority,” said Villeroy de Galhau. “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.”