US and UK establish FIP

the Treasury Department has announced the establishment of a Financial Innovation Partnership (FIP) between the United States and the United Kingdom to build on and deepen bilateral engagement on emerging trends in financial services innovation, which will include encouraging collaboration in the private sector, sharing information and expertise about regulatory practices, and promoting growth and innovation. The FIP will focus on two main areas:

• Regulatory Engagement: Dialogue between authorities and with the private sector is critical to identify and address potential regulatory synergies, share lessons, and develop closer working relationships. The United States and United Kingdom will build on existing regulatory cooperation by discussing regulatory developments and sharing experiences on technical issues related to innovation in financial services.
• Commercial Engagement: The FIP also seeks to promote a dynamic private sector that supports entrepreneurs and new business models – a necessary driver of financial innovation. It will provide enhanced and regular opportunities for the private sector in one country to engage with industry associations, and market participants in the other country. Through the FIP, the U.K. Department for International Trade (DIT) will bring U.K. firms to the United States and the U.S. Commerce Department will coordinate trade promotion missions to the United Kingdom..