On August 7, the Ontario Securities Commission (OSC), Quebec Autorité des marchés financiers (AMF) and eleven other financial sector regulators and related organizations announced their intention to establish a collaborative, global network to help innovative firms seeking to operate in multiple countries. The organizations involved with GFIN have published a consultation paper on its proposed mission statement, functions and focus areas. GFIN’s proposed functions are to:
- Act as a network of regulators to share knowledge of emerging innovation trends and liaise with firms;
- Function as a joint forum for policy work and regulatory trials in a manner that complements, rather than duplicates, work done at the national level; and
- Offer firms an environment in which to navigate multijurisdictional regulatory issues and test cross-border solutions.
The deadline for comments is October 14, 2018.