The Swiss financial market supervisory authority (Finma) and its Japanese counterpart, the financial services agency of Japan (FSA) have exchanged co-operation letters to support innovation in their respective markets.
Though these statements do not create any legally binding obligations upon the Finma the FSA.
The scope of the co-operation between both bodies will cover information and expertise sharing about regulatory and policy issues on innovation in financial services, emerging market trends and developments as well as relevant issues on fintechs.
A referral mechanism will be implemented meaning that the authorities will refer to each other financial innovators that would like to operate in the other authority’s jurisdiction.
“Each authority will provide financial innovators originating from the other jurisdiction with the same level of support that it provides to financial innovators originating from its own jurisdiction,” the regulators’ letters point out.