SFC, Canadian securities partner in strengthening fintech cooperation

The SFC and their Canadian counterparts agreed to draft a fintech cooperation framework.

The Securities and Futures Commission (SFC) and eight members of the Canadian Securities Administrators (CSA) have agreed to establish a financial technology (fintech) cooperation framework.

Under the agreement, the SFC and CSA are expected to cooperate in sharing information and making referrals in their innovation functions.

“This agreement reflects the SFC’s continuing focus on strengthening regulatory cooperation with its counterparts and facilitating innovation in financial services,” SFC CEO Ashley Alder said.

The CSA members who are signatories of the agreement are Ontario Securities Commission; Autorité des marchés financiers (Québec); British Columbia Securities Commission; Alberta Securities Commission; Financial and Consumer Affairs Authorities of Saskatchewan; Manitoba Securities Commission; Financial and Consumer Services Commission (New Brunswick); and Nova Scotia Securities Commission.

The signing of this agreement follows the launch of the SFC’s Fintech Contact Point in March 2016 and the CSA’s Regulatory Sandbox in February 2017.