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 ArticleFCA Publishes Call for Input on Cross-Sector Sandbox
HKMA proposed amendments to the Supervisory Policy Manual, or SPM, module CA-B-2 on systemically important banks.
FSB published the annual report that examines to-date progress toward implementation of climate-related disclosure recommendations of the industry-led Task Force on Climate-related Financial Disclosures (TCFD).
EBA proposed to revise the guidelines on sound remuneration policies in light of the amendments introduced by the fifth Capital Requirements Directive (CRD V).
US Agencies (FDIC, FED, and OCC) finalized two rules, which are either identical or substantially similar to the interim final rules in effect and issued earlier this year.
EBA published the first monitoring report that examines the issuance and quality of the minimum requirement for own funds and eligible liabilities (MREL) and the total loss-absorbing capacity (TLAC) instruments in EU.
FSB's Task Force on Climate-Related Financial Disclosures (TCFD) is seeking views on the decision-useful, forward-looking climate metrics for firms in financial sector, with the consultation ending on January 27, 2021.
APRA is consulting on the reporting standard for credit risk management (ARS 220.0).
PRA launched a consultation (CP18/20) setting out proposals for the "Contractual Recognition of Bail-in" and "Stay in Resolution" Rules.
BoE and PRA launched a package of proposals on the resolution policy in UK.
ECB published an opinion (CON/2020/25) on the deposit guarantee scheme and other amendments to the financial services legislation.