The U.S. Department of the Treasury and the UK's HM Treasury announced that United States and United Kingdom have established the Financial Innovation Partnership. The Partnership between the U.S. Department of the Treasury and the HM Treasury will build on, and deepen, bilateral engagement on emerging trends in financial services innovation. This will include encouraging collaboration in the private sector, sharing information and expertise about regulatory practices, and promoting growth and innovation.
The Partnership was announced at the meeting of the U.S.-UK Financial Regulatory Working Group, which was established to facilitate even closer collaboration on financial services issues between U.S. and UK Treasuries and U.S. and UK financial regulators. The Financial Innovation Partnership will focus on two main areas:
- Regulatory Engagement. Dialog between authorities and with the private sector is critical to identify and address potential regulatory synergies, share lessons, and develop closer working relationships. The United States and United Kingdom will build on existing regulatory cooperation by discussing regulatory developments and sharing experiences on technical issues related to innovation in financial services.
- Commercial Engagement. The Financial Innovation Partnership also seeks to promote a dynamic private sector that supports entrepreneurs and new business models—a necessary driver of financial innovation. It will provide enhanced and regular opportunities for the private sector in one country to engage with industry associations and market participants in the other country. Through the Financial Innovation Partnership, the UK Department for International Trade will bring UK firms to the United States and the U.S. Commerce Department will coordinate trade promotion missions to the United Kingdom.
Keywords: Americas, Europe, US, UK, Banking, Insurance, Securities, Fintech, Regtech, Financial Innovation Partnership, US Treasury
Previous ArticleESRB Updates List of Countercyclical Capital Buffers in June 2019
APRA issued a letter on the loss-absorbing capacity (LAC) requirements for domestic systemically important banks (D-SIBs) and published a discussion paper, along with the proposed the prudential standards on financial contingency planning (CPS 190) and resolution planning (CPS 900).
The European Commission (EC) launched a call for evidence, until March 18, 2022, as part of a comprehensive review of the macro-prudential rules for the banking sector under the Capital Requirements Regulation (CRR) and Directive (CRD IV).
The Financial Stability Board (FSB) published a report that sets out good practices for crisis management groups.
The Australian Prudential Regulation Authority (APRA) found that Heritage Bank Limited had incorrectly reported capital because of weaknesses in operational risk and compliance frameworks, although the bank did not breach minimum prudential capital ratios at any point and remains well-capitalized.
The Office of the Superintendent of Financial Institutions (OSFI) released the annual report for 2020-2021.
Through a letter addressed to the banking sector entities, the Office of the Superintendent of Financial Institutions (OSFI) announced deferral of the domestic implementation of the final Basel III reforms from the first to the second quarter of 2023.
EIOPA recently published a letter in which EC is informing the European Parliament and Council that it could not adopt the set of draft regulatory technical standards for disclosures under the Sustainable Finance Disclosure Regulation (SFDR) within the stipulated three-month period, given their length and technical detail.
The Financial Conduct Authority (FCA) published the third in a series of policy statements that set out rules to introduce the UK Investment Firm Prudential Regime (IFPR), which will take effect on January 01, 2022.
The Australian Prudential Regulation Authority (APRA) published, along with a summary of its response to the consultation feedback, an information paper that summarizes the finalized capital framework that is in line with the internationally agreed Basel III requirements for banks.
The Committee on Payments and Market Infrastructures (CPMI) and the International Organization of Securities Commissions (IOSCO) issued a consultative report focusing on access to central counterparty (CCP) clearing and client-position portability.