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Screenshot of a breaking news alert e-mail from Q2 2017
The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan (participating jurisdictions) today announced a co-operation agreement with the French Autorité des marchés financiers (French AMF, based in Paris, France). This agreement will allow the participating jurisdictions and the French AMF to refer novel businesses seeking to enter the others’ markets.
This agreement extends the work of the CSA Regulatory Sandbox Initiative and the French AMF FinTech, Innovation and Competitiveness division, and provides a sound environment for businesses to develop innovative solutions in the financial sector. It will help these businesses navigate the regulatory systems in both countries, and monitor market developments to identify and propose ways to address emerging regulatory issues.
Collaboration through this agreement will take many forms, including information sharing, support to financial innovators, referrals, expertise sharing, secondments, and dialogue on fintech and innovative financial services,” said Louis Morisset, CSA Chair and President and CEO of Québec’s Autorité des marchés financiers. “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,” said Robert Ophèle, Chairman of the French Autorité des marchés financiers. “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.
The co-operation agreement is subject to the domestic laws and regulations of each authority and does not modify or supersede any applicable laws or regulatory requirements in force in, or applicable to, any such authority’s respective jurisdiction.
The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
The French AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected, that investors are provided with adequate information and for supervising the orderly operation of markets.