Canadian securities regulators have formally announced the signing of a co-operation deal with the Autorité des marchés financiers (AMF) of France to facilitate the growth and development of the fintech sector, the Canadian Securities Administrators (CSA) announced on Thursday.
In December 2017, the regulators in Alberta, British Columbia, Ontario and Quebec, Manitoba, New Brunswick, Nova Scotia and Saskatchewan entered a co-operation agreement with AMF France that will allow the regulators to refer financial businesses to each others’ markets.
The agreement aims to help fintechs navigate the regulatory systems in Canada and France, and to spot and address emerging regulatory issues.
“Collaboration through this agreement will take many forms, including information sharing, support to financial innovators, referrals, expertise sharing, secondment, and dialogue on fintech and innovative financial services,” says Louis Morisset, CSA chairman, in a statement. “This framework marks another step for making Canada a financial hub for these types of businesses to operate in.”
“This newly established communication channel between France and Canada is an important step for innovative players willing to develop their activities beyond our borders, given Canada is a key jurisdiction for fintech firms,” adds Robert Ophèle, AMF France chairman.
“This bridge between our two countries falls within the French AMF’s active international development actions and aims at reinforcing Paris as a financial innovation hub. Co-operation between the French AMF and its Canadian counterparts will create synergies between our authorities and should enable fintech firms to extend their global reach and actively learn from each other,” he says..
The CSA recently reached similar deals with regulators in Australia and Abu Dhabi.