ASIC has announced a Cooperation Agreement with a number of Canadian regulators on fintech cooperation. An agreement had previously been entered into with the Ontario Securities Commission (OSC), however this new agreement expands the existing information sharing framework to other provincial securities regulators. The agreement will also allow for the referral of innovative fintech businesses to and from Canada.
The provincial regulators that are signatories to the agreement include those in Quebec, British Columbia, Alberta, Saskatchewan, Manitoba, New Brunswick and Nova Scotia. These regulators are responsible for the regulation of securities within their respective provinces and territories. They have joined to form the Canadian Securities Administrators (CSA), a council that coordinates and harmonises regulation for the Canadian capital markets. Notably, Quebec’s AMF has accepted a token sale into its regulatory sandbox with consideration on extending the relief after two years. With the Canadian approach to ICOs broadly reflective of ASIC’s views, this agreement could provide ASIC with valuable insight as its own regulatory sandbox is reviewed.