The CFTC and the Monetary Authority of Singapore ("MAS") signed an agreement to facilitate cross-border cooperation on FinTech innovation. This is the second cooperation agreement that the CFTC entered into with a non-U.S. authority.
The Cooperation Arrangement on Financial Technology Innovation (the "Agreement") was executed by the authorities in order to facilitate regulatory oversight of the financial markets and participants. Under the agreement, the CFTC and MAS agreed to, among other things, share information about (i) emerging trends and innovations and (ii) financial technology activities of domestic and international organizations.
At the ISDA Industry and Regulators Forum in Singapore, CFTC Chair J. Christopher Giancarlo reiterated his recent remarks in speeches in London (see previous coverage) and Tokyo (see previous coverage), outlining a new CFTC approach to cross-border regulatory matters.
CFTC Chair J. Christopher Giancarlo underscored the importance for the agency to act with deference toward non-U.S. markets and offered recommendations for a new approach to cross-border swaps reform.
CFTC Chair J. Christopher Giancarlo offered recommendations for rethinking the agency's application of its swaps rules to cross-border activities.
CFTC Chair J. Christopher Giancarlo called on EU regulators to "commit to an equivalence determination process that focuses on achieving comparable regulatory outcomes and not rule-by-rule exactitude."