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CFTC and FCA Collaborate on Fintech Development for Regulatory Best Practice

Blog entry

The US Commodity Futures Trading Commission (CFTC) and the UK Financial Conduct Authority (FCA) have agreed to collaborate and support innovative firms through their respective fintech initiatives, LabCFTC and FCA Innovate.

The so-called Cooperation Arrangement on Financial Technology Innovation (FinTech Arrangement) supports both regulators’ efforts to facilitate responsible fintech innovation and ensure international collaboration on emerging regulatory best practices. It also shares information on fintech market trends and developments, and facilitates referrals of US and UK fintechs interested in entering each other’s markets.

CFTC chairman J. Christopher Giancarlo says FCA Innovate is ‘the gold standard for thoughtful regulatory engagement with emerging technological innovation.’ This is the first fintech arrangement the CFTC has made with a non-US counterpart. Giancarlo says: “By collaborating with the best-in-class FCA fintech team, the CFTC can contribute to the growing awareness of the critical role of regulators in digital markets.”

Andrew Bailey, chief executive of the FCA, adds: “International borders shouldn’t act as a barrier to innovation and competition in financial services. That is why agreements like the one we have signed with the CFTC are so important. As our first agreement of this kind with a US regulator, we look forward to working with LabCFTC in assisting firms, both here in the UK and in the US, that want to scale and expand internationally in our respective markets.”

As part of the arrangement, the FCA and CFTC are planning to host a joint event in London to demonstrate how firms can engage with both regulators.