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Financial Services Law Insights and Observations

NYDFS is latest regulator to join Global Financial Innovation Network

State Issues NYDFS Fintech State Regulators

State Issues

On October 25, NYDFS Superintendent Linda Lacewell announced that the state regulator has joined the Global Financial Innovation Network (GFIN). The GFIN was created by the United Kingdom’s Financial Conduct Authority in 2018 and is an international network of 50 organizations, including most recently the Commodity Futures Trading Commission, FDIC, OCC, and SEC. (Previous InfoBytes coverage here.) According to NYDFS, participation will provide opportunities to engage with international partners to support financial innovation, increase financial market resiliency, and create “better uses of technology for overseeing supervised marketplaces” by, among other things, facilitating cross-border testing of new products and services. NYDFS also reiterated the recent establishment of its new Research and Innovation Division (previous InfoBytes coverage here) as a demonstration of its commitment to innovation.

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