The US Commodity Futures Trading Commission (CFTC) and the Australian Securities and Investments Commission (ASIC) signed an arrangement to cooperate and support innovation through each other’s fintech initiatives: CFTC’s LabCFTC and ASIC’s Innovation Hub.
CFTC chairman Christopher Giancarlo said the arrangement will encourage the development of emerging financial and compliance technologies and continue to enhance global awareness of the critical role of regulators in 21st century digital markets. Giancarlo was speaking at the CFTC’s first fintech conference, FinTech Forward 2018: Innovation, Regulation and Education.
ASIC chair James Shipton added that “technological changes are continuing to reshape financial services, markets and the regulatory landscape. Today’s arrangement assists innovative businesses to grow across borders and allows for greater information sharing and cooperation by the two regulators.”
The agreement focuses on information-sharing regarding fintech market trends and developments. It also facilitates referrals of fintech companies interested in entering the others’ market, and sharing information and insight derived from each authority’s relevant sandbox, proofs of concept, or innovation competitions. And it supports both authorities’ efforts to facilitate market-enhancing fintech innovation and ensures international cooperation on emerging regulatory best practices.