December 10, 2018

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CFTC and Monetary Authority of Singapore Sign Cooperation Agreement on FinTech Innovation

Late last week, the Commodities Futures Trading Commission (CFTC) and the Monetary Authority of Singapore (MAS) announced a cooperation agreement on FinTech innovation.  The agreement is principally focused on information sharing on FinTech trends and developments and on each regulator’s FinTech sandboxes.

The agreement could also, however, help FinTech companies move more easily between the U.S. and Singaporean markets.  In particular, the agreement establishes a referral mechanism where each regulator can refer to the other regulator innovators that seek to operate in, or have questions about, the other regulator’s jurisdiction.  The referral process is non-binding and does not obligate either regulator to accept the licenses or authorizations of the other regulator.  Nevertheless it may, in practice, help facilitate easier entry of U.S. innovators into Singapore markets, and vice-versa.

CFTC’s agreement with MAS is its second FinTech cooperation agreement with a non-US authority (the first being its agreement with the FCA), and it reflects both agencies’ ongoing efforts to engage their foreign counterparts in productive dialogue.

© 2018 Covington & Burling LLP

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About this Author

Anne M. Termine, Covington, securities litigation attorney
Of Counsel

Anne Termine is a member of the firm’s Global Futures and Derivatives Practice and leads the Derivatives Enforcement Team. She is also a member of the white collar defense and investigations practice. Ms. Termine advises clients in handling internal investigations and regulatory enforcement inquiries related to the derivatives markets and the cryptocurrency markets.

Prior to joining Covington, Ms. Termine was a Chief Trial Attorney in the U.S. Commodity Futures Trading Commission's (CFTC) Division of Enforcement, where she was responsible for investigating and...

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Nikhil Gore, Covington, Litigation Lawyer
Associate

Nikhil V. Gore's practice in the international and financial institutions groups focuses on complex international disputes, cross-border financial investigations, and other contentious arbitration, litigation and enforcement matters.

Representative Matters

  • Representation of a global financial institution in connection with an investigation of international money laundering, foreign corruption, and related issues.
  • Representation of Ukraine in an arbitration against the Russian Federation under the U.N. Convention on the Law of the Sea.
  • Regular representation of major financial institutions in responding to regulatory inquiries and enforcement actions.
  • Representation of a sovereign state on head of state immunity matters.
  • Representation of a large property developer in connection with an investment dispute.
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