Hong Kong’s SFC Signs Fintech Cooperation Deal with Canada’s CSA

The Hong Kong's regulator Securities and Futures Commission (SFC) and the Canadian Securities Administrators (CSA) have signed a cooperation agreement to establish a financial technology (Fintech) cooperation framework.

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According to the public release, eight members of the CSA participated the deal arranged by both financial watchdog entities. And under the agreement, the SFC and these CSA members will cooperate on information sharing and referrals between their innovation functions.

The CSA members who are signatories of the agreement are: Ontario Securities Commission; Autorité des marchés financiers (Québec); British Columbia Securities Commission; Alberta Securities Commission; Financial and Consumer Affairs Authorities of Saskatchewan; Manitoba Securities Commission; Financial and Consumer Services Commission (New Brunswick); and Nova Scotia Securities Commission.

Commenting on the cooperation, Mr Ashley Alder, the SFC's Chief Executive Officer, said:"This agreement reflects the SFC's continuing focus on strengthening regulatory cooperation with its counterparts and facilitating innovation in financial services. We look forward to working closely with these members of the CSA in sharing experiences and information with a view to supporting innovative firms' communications with regulators globally."

Louis Morisset, CSA Chair and President and Chief Executive Officer of the Autorité des marchés financiers commented:"We are particularly proud to partner with the SFC, which plays a central role in the development of a fair, efficient and transparent Fintech industry. Thanks to this collaboration, registered innovative firms based in our respective jurisdictions will have the opportunity to operate in growing regulated markets."