Canadian and French securities regulators have signed a deal to co-operate and facilitate the entry of innovative financial technology (fintech) firms into one another’s markets.
France’s Autorité des Marchés Financiers (AMF France) has completed a co-operation agreement with the Ontario Securities Commission, Quebec’s Autorité des Marchés Financiers, the Alberta Securities Commission, and the British Columbia Securities Commission, as well as with regulators in Manitoba, New Brunswick, Nova Scotia, and Saskatchewan.
The arrangement outlines a framework for co-operation and information sharing between the regulators, and facilitates referrals for companies that participate in the CSA Regulatory Sandbox and AMF France’s own fintech division, in an effort to encourage innovation in their respective financial services industries.
“The authorities believe that by co-operating with each other, innovation in financial services, investor protection and subsequently competitiveness will be enhanced in their respective markets,” the regulators say in the agreement.
“Enhanced co-operation between the authorities will facilitate innovator businesses to enter and provide innovative financial services in the other jurisdictions and promote knowledge sharing,” they add.