Japan’s Financial Services Agency (FSA) has just announced that it has signed two cooperation frameworks, respectively with the Autorité des Marchés Financiers (AMF) and the Autorité de Contrôle Prudentiel et de Résolution (ACPR) of France to promote innovation in their respective markets.
This will lead to increased exchanges regarding innovative trends, regulatory issues and any other relevant information pertaining to innovation in the financial sector. These cooperation frameworks also include referral mechanisms for financial innovators which will therefore facilitate their entry into French or Japanese markets.
Both France and Japan already support the development of FinTechs and innovation in the financial industry while also ensuring that regulations are adapted to warrant consumer protection and financial stability.
More specifically, the authorities accompany these new market participants regarding authorisation applications and how regulation applies to them. Enhanced cooperation between authorities is essential as FinTechs and other financial innovators are increasingly offering services at a global level.