12 February 2018 11:30
Photo : Freepik
The canadian securities administrators (CSA), Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Quebec and Saskatchewan have entered into a cooperation agreement with theAutorité des marchés financiers française (AMF, France). This agreement allows them to recommend innovative companies wishing to penetrate their respective markets.
The agreement is the continuation of the work started by the sandbox regulations put in place by the CSA and the division FinTech, innovation and competitiveness of the financial markets Authority of france. It will help businesses to navigate the regulatory system of the two countries and will allow to follow the evolution of markets in order to propose responses to the different issues emerging.
Innovation at the heart of the agreement
“In the framework of this agreement, the collaboration will take several forms, including the exchange of information, the support to innovative financial, recommendations, sharing of know-how, secondment of personnel and the establishment of a dialogue on the fintech and financial services innovative,” says Louis Morisset, president of the CSA and president and ceo of theAutorité des marchés financiers du Québec.
“This new way of communication between France and Canada marks an important milestone for the innovative companies which aspire to expand their activities beyond our borders, because Canada is a key market for companies in fintech,” said Robert Ophèle, chairman of the AMF France.
In line with the actions of development
“The bridge between our two countries is part of the line of our actions in international development and aims to strengthen the position of Paris as a hub of financial innovation. The cooperation between the AMF France and his canadian counterparts will create synergies between our authorities, and should allow the business of fintech to extend their global activities and learn from each other “, he adds.
The cooperation agreement is subject to the laws and regulations of the territory of each of the authorities, and does not modify or supersede laws or regulatory requirements in force in this territory.