The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Québec and Saskatchewan has announced a “co-operation agreement” with the United Kingdom Financial Conduct Authority (FCA).
Securing the agreement will extend 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.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonises regulation for the Canadian capital markets.
Morisset continued: ““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.
All cooperation agreements are “subject to the domestic laws and regulations of each authority and do not modify or supersede any applicable laws or regulatory requirements in force in, or applicable to, any such authority’s respective jurisdiction.”
The Financial Conduct Authority is the conduct regulator for 56,000 financial services firms and financial markets in the UK and the prudential regulator for over 18,000 of those firms.