Fintech innovators in seven Canadian jurisdictions will soon be able to take advantage of a Co-operation Agreement that was recently signed with the Financial Services Regulatory Authority of Abu Dhabi ("the FSRA"). Under the agreement, the FSRA and the securities regulators of Ontario, Quebec, Alberta, Saskatchewan, Manitoba, New Brunswick and Nova Scotia ("the Commissions") have agreed to:
- Share information on fintech issues and trends; and
- Provide assistance to fintech innovators from the other jurisdiction who wish to enter their markets.
From a Canadian perspective, the Co-operation Agreement would allow the Commissions to refer fintech businesses to the FSRA, which would then assist them through the Abu Dhabi regulatory process. FSRA staff with specific fintech expertise would continue to be available to the Canadian companies post-authorization, as needed. For their part, Abu Dhabi fintech innovators would enjoy reciprocal treatment in the Canadian jurisdictions.
Background
The Co-operation Agreement follows similar agreements between (i) the Ontario Securities Commission and the Australian Securities and Investments Commission (on which we reported in November 2016) and (ii) the OSC and the U.K. Financial Conduct Authority (announced in March 2017).
Next Steps
The Abu Dhabi Co-operation Agreement, announced on October 26, 2017, is subject to the approval of the responsible ministers of the various signatory jurisdictions. It is found in Chapter 1 of the OSC Bulletin, Issue 40/43 (October 26, 2017), under the heading "Notices".
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