Ontario and Australian securities regulators have signed an agreement to help innovative fintech companies to enter the others’ market.
The Australian Securities and Investments Commission (ASIC) and the Ontario Securities Commission (OSC) will refer to one another those ‘innovative businesses seeking to enter the others’ market’.
ASIC and the OSC have also committed to share information on emerging trends in each other’s markets and the potential impact on regulation.
Last year, ASIC launched the Innovation Hub to assist fintech startups developing innovative financial products or services to navigate the countries regulatory system.
John Price, ASIC Commissioner, said: ‘Since we launched our Innovation Hub last year we have seen a surge in requests by fintech startups seeking assistance about how to navigate the regulatory requirements.
“Some of these business concepts are already looking to expand internationally, and these agreements with like-minded regulators will be a significant factor in paving the way.”
While just last month, the Ontario Securities Commission unveiled OSC LaunchPad to help fintech businesses navigate securities law requirements and accelerate time-to-market.
Maureen Jensen, chair and CEO of the OSC, added, “Today’s agreement – another first for a Canadian securities regulator – reflects our commitment to improving the regulatory experience for emerging businesses that are offering innovative services, products and applications of benefit to investors.”
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