ASIC has expanded its fintech network to other Canadian provincial regulators, a year after it inked an information-sharing and referral deal with the Ontario securities regulator.
ASIC entered the fintech cooperation agreement with the Canadian Securities Administrators (CSA) – the council of 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.
The CSA members engage with foreign regulators to share and learn from experiences with initiatives, such as the ASIC Innovation Hub and the Regulatory Sandbox, recently launched by CSA to support fintech businesses seeking to operate in Canada.
The agreement ASIC signed with the Ontario Securities Commission (OSC) November last year remains in effect.
“ASIC’s relationship with the OSC has been mutually beneficial,” said ASIC Commissioner John Price. “It makes sense to expand our links to other Canadian provincial regulators where we are seeing similar fintech innovation.”
“These agreements mark new positive steps for the CSA, which already works with the Sandbox to help innovative businesses seeking to operate across Canada,” said Louis Morisset, chair of the CSA, SA, and CEO of the Autorité des marchés financiers (Québec).
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