The Ontario Securities Commission (OSC) and the U.K.’s Financial Conduct Authority (FCA) have signed a Co-operation Agreement to refer FinTech businesses seeking to enter each other’s market. The regulators can support businesses by minimizing regulatory uncertainty and time to market.
In their own markets, the two regulators have previously taken initiative to help FinTech businesses via the creation of the OSC LaunchPad in October 2016 and FCA’s Innovation Hub in 2014.
"Since unveiling OSC LaunchPad last year, we are hearing from many emerging businesses that offer innovative services, products and applications of benefit to investors. Many of these businesses are also seeking to expand globally, and this agreement reflects our ongoing commitment to enhancing their regulatory experience,” said Maureen Jensen, CEO of the OSC, in an announcement issued Feb. 22.
Sharing information on regulatory issues
"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," says Christopher Woolard, Executive Director of Strategy and Competition at the FCA.
The two regulators will also be sharing information on trends and regulatory issues regarding innovation in the financial services industry.