The Financial Conduct Authority has entered into a co-operation agreement with Candian regulator Ontario Securities Commission in an effort to boost innovation.
The two bodies have committed to sharing information on emerging trends and regulatory issues relating to innovation in financial services. The agreement follows the creation of the FCA’s Innovation Hub in 2014.
“The authorities intend to provide the fullest possible mutual assistance to one another within the terms of this co-operation agreement,” the agreement noted. It also said the framework of the agreement centred on a “referal mechanism” that allows each regulator to refer innovative businesses to their foreign counterpart.
FCA executive director of strategy and competition Christopher Woolard said: “Today’s agreement with the OSC is a positive step towards promoting financial innovation in each of our respective markets.
“It provides fintech businesses in Ontario and the UK with ready access to the regulatory support they need and we look forward to welcoming firms referred to us by the OSC to assist them in understanding the UK market and its financial regulation.”
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