CFTC and Monetary Authority of Singapore Sign Cooperation Agreement on FinTech Innovation
Tuesday, September 18, 2018

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.

 

NLR Logo

We collaborate with the world's leading lawyers to deliver news tailored for you. Sign Up to receive our free e-Newsbulletins

 

Sign Up for e-NewsBulletins