The Bank of England and New York's Department of Financial Services have reached a resource sharing agreement involving the exchange of senior staff with expertise in emerging payments and digital assets.
The transAtlantic regulatory exchange will open secondment positions to staff 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.
Deputy governor for financial stability at the Bank of England Sarah Breeden comments: “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.”