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Financial Services Law Insights and Observations

U.S.-UK Financial Innovation Partnership reports on progress

Federal Issues Of Interest to Non-US Persons Fintech UK Department of Treasury

Federal Issues

On June 24, the U.S. Treasury Department provided an overview of recent meetings of the U.S.-UK Financial Innovation Partnership (FIP) where Regulatory and Commercial Pillars participants exchanged views on “topics of mutual interest in the U.S. and UK FinTech ecosystems and [sought to] deepen ties between U.S. and UK financial authorities.” As previously covered by InfoBytes, the FIP was created in 2019 as a way to expand bilateral financial services collaborative efforts, study emerging fintech innovation trends, and share information and expertise on regulatory practices. The first meeting of the FIP took place in August 2020 (covered by InfoBytes here). Topics discussed in the most recent meeting included digital payments, central bank digital currencies, regulatory and supervisory technology, innovative financial service testing, and the upcoming U.S.-UK Financial Regulatory Working Group meeting. Participants acknowledged “the continued importance of the ongoing partnership on global financial innovation as an integral component of U.S.-UK financial services cooperation.”

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