ASIC has entered an agreement with Canadian regulators on fintech cooperation which expands the existing framework for information sharing and also allows the referral of innovative fintech businesses to and from Canada.
ASIC Commissioner John Price said, ‘ASIC’s relationship with the OSC has been mutually beneficial. It makes sense to expand our links to other Canadian provincial regulators where we are seeing similar fintech innovation.’
This Cooperation Agreement has been signed with participating Canadian provincial securities regulators: Autorité des marchés financiers (Québec), the British Columbia Securities Commission, the Alberta Securities Commission, the Financial and Consumer Affairs Authority of Saskatchewan, the Manitoba Securities Commission, the Financial and Consumer Services Commission (New Brunswick) and the Nova Scotia Securities Commission.
In Canada, each of the 10 provinces and three territories are responsible for securities regulation. Securities regulators from each province joined forces to form the Canadian Securities Administrators (CSA). The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets. The CSA is actively looking to foster innovation in Canada’s capital markets and has commenced a number of initiatives.
Louis Morisset, Chair of the CSA, SA and CEO of the Autorité des marchés financiers (Québec) said: ‘These agreements mark new positive steps for the CSA, which already works with the Sandbox to help innovative businesses seeking to operate across Canada.’
The Australian regulator has entered in to a Cooperation Agreement with the Ontario Securities Commission (OSC) on 2 November 2016, which remains in effect.