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ASIC Broadens Fintech Cooperation With Canadian Regulators

The Australian Securities & Investments Commission (ASIC) has announced a new Cooperation Agreement with the Canadian Securities Administrators (CSA), a year after entering into a similar agreement with the Ontario Securities Commission.  The CSA is made up of the following Canadian regulators:

  • Autorité des marchés financiers (Québec);

  • British Columbia Securities Commission;

  • Alberta Securities Commission;

  • Financial and Consumer Affairs Authority of Saskatchewan;

  • Manitoba Securities Commission;

  • Financial and Consumer Services Commission (New Brunswick); and

  • Nova Scotia Securities Commission.

The Cooperation Agreement will expand the existing framework for ASIC to share information with the CSA, which will allow each regulator to share and learn from initiatives such as the ASIC Innovation Hub and the CSA Regulatory Sandbox.  ASIC and the CSA will also be allowed to refer innovative fintech businesses looking to operate in the other’s jurisdiction to each other.

To date, fintech referral and information-sharing agreements have also been entered into by ASIC with regulators in Singapore, the United Kingdom, Ontario, Hong Kong, Japan, Malaysia, Abu Dhabi, Switzerland, Dubai, Kenya, Indonesia and China.

Edwin Tan also contributed to this post.

Copyright 2022 K & L GatesNational Law Review, Volume VII, Number 353

About this Author

Jim Bulling, KL Gates, financial services lawyer, funds management attorney

Mr. Bulling's practise focuses on banking and financial services and he acts for a range of entities in the financial services and funds management industry. His clients include Australian and international investment managers, banks, trustees of superannuation funds, wholesale and retail investment trusts, funds management companies and financial planning groups.

His main areas of focus include banking and financial product disclosure issues, financial services compliance issues, financial product distribution issues and superannuation and...

Michelle Chasser, KL Gates, financial services compliance lawyer, disclosure obligations attorney

Ms. Chasser is a corporate and regulatory lawyer with a focus on the superannuation and financial services industries. Ms. Chasser advises clients on a range of issues including compliance with Australian regulatory and licensing requirements, financial services compliance issues and disclosure obligations.

Ms. Chasser's clients include superannuation fund trustees, banks, wholesale and retail fund managers, as well as financial service providers.