The Financial Services Agency of Japan (JFSA) and the UK’s Financial Conduct Authority (FCA) have exchanged letters on a Co-operation Framework to support innovative FinTech companies. This Exchange of Letters between the JFSA and the FCA will provide a regulatory referral system for Innovator Businesses from Japan and the UK seeking to enter the other’s market. The authority that receives an Innovator Business referral will provide support to the Innovator Businesses by reducing regulatory uncertainty and time to market. In addition, the Exchange of Letters will encourage the regulators to share information about financial services innovation in their respective markets, reduce barriers to entry in a new jurisdiction and further encourage innovation in both countries.
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