Canadian securities regulators sign innovative functions co-operation agreement with the Securities and Futures Commission of Hong Kong

CSA | Jul 8, 2021

Montreal and Hong Kong – Members of the Canadian Securities Administrators (CSA) have signed an innovative functions co-operation agreement with the Securities and Futures Commission of Hong Kong (SFC). The members are the securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan.

The agreement extends the work of the CSA Regulatory Sandbox Initiative and of the SFC Fintech Contact Point. Notably, it includes a referral mechanism for innovative businesses, and enhances and clearly defines the scope of information-sharing between these jurisdictions.

“We are pleased to strengthen our relationship with the SFC, which plays a central role in the development of the fintech industry,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “Thanks to this collaboration, registered innovative firms based in our respective jurisdictions will have the opportunity to operate in growing regulated markets.”

“This agreement reflects the SFC’s continuing focus on strengthening regulatory cooperation with its counterparts and facilitating innovation in financial services,” said Ashley Alder, CEO of the SFC. “We look forward to working closely with the members of the CSA in sharing experiences and information with a view to supporting innovative firms’ communications with regulators globally.”

See:  The HKMA Unveils “Fintech 2025” Strategy

For certain CSA members, the agreement will come into effect once all governmental approvals have been obtained.

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