CSA Members Sign Fintech Co-operation Agreement with FSC Mauritius
Fazzaco learned that members of the Canadian Securities Administrators (CSA) have signed a fintech co-operation agreement with the Financial Services Commission, Mauritius (FSC Mauritius).
These members include the securities regulatory authorities in British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan.
According to the official press release, the new agreement is expected to extend the work of the CSA Regulatory Sandbox Initiative and the efforts made by FSC Mauritius with innovative financial players. Notably, it includes a referral mechanism for innovative businesses, and enhances and clearly defines information-sharing between these jurisdictions.
Louis Morisset, CSA Chair and President and CEO of the Autorité des marches financiers, commented, “This agreement with FSC Mauritius will provide a solid framework for co-operation and referrals between our jurisdictions. As the fintech industry evolves rapidly, we must ensure that we put in place a regulatory framework that gives businesses the flexibility to grow while maintaining investor protection.”
Dhanesswurnath Thakoor, Chief Executive of the FSC Mauritius, said, “The FSC Mauritius is proud to partner with the CSA through this Fintech cooperation agreement and to work together to support current and future innovation in our respective financial jurisdictions. We have signed bilateral MOUs on Fintech with regulatory counterparts in several key jurisdictions including France and also joined the Global Financial Innovation Network (GFIN). These MOUs, together with this latest cooperation agreement with the CSA, will ease the ability of Fintech entrepreneurs and innovators to receive regulatory guidance and thrive in terms of cross-border innovation from Mauritius to other continents.”
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