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 agreement with the French Autorite de Controle Prudentiel et de Resolution (ACPR), signed Wednesday, seeks to further develop New York and France as “innovation hubs for financial services technology,” according to a press release from the NYDFS.
“DFS is pleased to partner with our French regulatory counterparts through this signed agreement,” said 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 new relationship, the two jurisdictions aim to encourage innovation in the financial services markets by supporting financial firms that abide by their respective regulations, while still protecting consumers, said Lacewell.
NYDFS and ACPR will refer fintech innovators to each other to, in principle, improve speed to market. They will also exchange information about regulatory and policy issues, and ensure fintech startups in each other’s jurisdiction receive equivalent levels of support and are provided regulatory and supervisory expertise.
“This is the first cooperation agreement on fintech signed by the ACPR with an American authority,” ACPR’s de Galhau said.
“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.