Today, the New York Department of Financial Services (“DFS”) Superintendent Adrienne A. Harris launched the Transatlantic Regulatory Exchange (“TRE”), an international secondment program which allows DFS and other regulators to exchange staff, enabling greater sharing of resources, knowledge, and regulatory approaches. The first TRE secondment will commence in February with DFS and the Bank of England (“BOE”) exchanging senior staff with expertise in emerging payments and digital assets.
Superintendent Harris said, “We’re thrilled to partner with the Bank of England in this kind of exchange for the very first time, working together to strengthen regulatory frameworks, protect consumers, and support innovation. Connecting the two global financial capitals of New York and London is critical for regulatory harmonization in world where financial services are not defined by geography.”
Deputy Governor for Financial Stability at the Bank of England Sarah Breeden said, “This opportunity to strengthen cooperation between the Bank of England and the New York Department of Financial Services is a great initiative. By sharing our knowledge and learning from one another, we can better ensure that regulation supports global financial stability and safe innovation in payments and financial markets.”
Partnership for New York City President and CEO Kathy Wylde said, “The Transatlantic Regulatory Exchange is a groundbreaking program which underscores the importance of New York and London as twin engines of the global finance system. This initiative reinforces DFS’s role as a preeminent global regulator, driving responsible innovation and economic opportunity in the city and state while protecting the global financial system.
TheCityUK CEO Miles Celic said, “The Transatlantic Regulatory Exchange is a fantastic initiative. As well as being a positive way to further build collaboration and cooperation between the Bank of England and the New York Department for Financial Services, it will also help to strengthen the important regulatory relationship between the world’s two leading financial centres. We look forward to the mutual benefits this partnership will naturally bring.”
The secondment position was open to internal candidates at DFS with demonstrated expertise in digital payments, distributed ledger technology, virtual currency, or digital assets. Secondments will be a minimum of six months in duration, extendable up to one year by mutual agreement of both regulators. The secondees are expected to return to their home regulator where they can bring their enhanced insights, knowledge and experience to work on regulation of emerging financial services and technologies.
