The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Québec and Saskatchewan (participating jurisdictions) today announced a co-operation agreement with the UK’s Financial Conduct Authority (FCA).
The agreement extends the work of the CSA Regulatory Sandbox Initiative and the FCA Innovate project. These innovation functions provide a controlled environment for businesses to develop and test innovative solutions that promote efficiency and consumer choices in the financial sector.
“This co-operation agreement with the FCA is in addition to agreements we have reached with other regulatory organizations,” said Louis Morisset, CSA Chair and President and CEO of Québec’s Autorité des marchés financiers. “Since fintech businesses are not constrained by national borders, it is in our best interest to share views and exchange information in connection with their activities so we can evaluate market trends and adapt our regulatory framework appropriately.”
CSA members have also signed agreements with the Abu Dhabi Global Market Financial Services Regulatory Authority, the Australian Securities and Investments Commission and the French Autorité des marchés financiers. The Ontario Securities Commission signed an agreement with the FCA in 2017.