New York State’s financial watchdog has launched a resource-sharing partnership with the government. bank of england.
Transatlantic Regulatory Exchange (TRE) New York State Department of Financial Services (DFS) and other regulators will exchange staff, allowing greater sharing of expertise and resources, according to Monday (January 13) press release.
The first TRE secondment is expected to begin next month, with DFS and the Bank of England exchanging senior staff with expertise in emerging payments and digital assets, according to the release.
“We are excited to be partnering with the Bank of England on this exchange. very “For the first time, we are working together to strengthen the regulatory framework, protect consumers and support innovation,” DFS Supervisors said. Adrian Harris said in a release. “Bringing together the two world financial capitals of New York and London is important for regulatory harmonization. financial services not defined geographically. ”
Sarah BreedenBank of England Deputy Governor for Financial Stability said in a release: “By sharing knowledge and learning from each other, we can better ensure that regulation supports global financial stability and safe innovation in payments and financial markets.”
The six-month secondment position was open to internal DFS candidates with a background in digital payments, distributed ledger technology, cryptocurrencies, or digital assets. According to the release, the secondment can be extended for up to one year based on mutual agreement between the two regulators.
“The seconded employees is expected You can return to your home regulator with enhanced insight, knowledge and experience. regulation of Emerging Financial Services and Technologies,” the release states.
Last month, Harris said his department would expand its size. scrutiny Banks, insurance companies, and virtual currency companies operating in New York as economic activity is expected to decline financial regulation At the federal level.
“We remain focused on getting money back to consumers,” Harris said. at that time.
Harris also said she opposes loosening restrictions, asking the governor of New York for additional powers if necessary. federal regulations.
