The Bank of England and New York’s Department of Financial Services have established a resource sharing agreement that facilitates the exchange of senior staff with expertise in emerging payments and digital assets.
This transatlantic regulatory exchange will create secondment opportunities for staff with demonstrated knowledge in digital payments, distributed ledger technology, virtual currency, or digital assets. Each secondment will last a minimum of six months and can be extended to a year by mutual agreement between the regulators.
The secondees are anticipated to return to their home regulators, bringing back enhanced insights, knowledge, and experience to assist in the regulation of emerging financial services and technologies.
Sarah Breeden, the Deputy Governor for Financial Stability at the Bank of England, stated, “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.”