Members of the Canadian Securities Administrators (CSA) have signed a fintech co-operation agreement with the Financial Supervisory Commission of Taiwan (FSC). 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 the FSC FinTech Regulatory Sandbox. Notably, it includes a referral mechanism for innovative businesses, and will enhance and clearly define information-sharing between these jurisdictions.
“Canadian and Taiwanese innovative businesses will now have access to new regulated markets with this agreement between the CSA and the FSC,” said Louis Morisset, CSA chair and president, and CEO of the Autorité des marchés financiers (Quebec), in a statement, adding that investors and the fintech industry will benefit from both regulatory environments.
Tien-Mu Huang, chair of Taiwan’s Financial Supervisory Commission, said in a statement: “Canada is a well-established financial innovation hub. Taiwan is equipped with abundant technological talents, strong innovation capabilities and mature financial industry. This bilateral agreement is designed to create a mechanism for financial technology cooperation between Canada and Taiwan.”