The securities regulatory authorities in Canada have partnered with the French Autorité des marchés financiers (AMF).
The AMF has signed a cooperation agreement with Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan securities regulatory authorities.
This agreement will allow the participating jurisdictions and the French AMF to refer businesses that are seeking to enter the other markets.
It also extends the work of the Canadian Standards Association’s (CSA’s) regulatory sandbox initiative and the French AMF fintech, innovation and competitiveness division.
According to AMF, the partnership provides an environment for businesses to develop innovative solutions in the financial sector and will help businesses navigate the regulatory systems in both countries, addressing emerging regulatory issues.
The agreement is subject to the domestic laws and regulations of each authority and does not change any applicable laws or regulatory requirements in either Canadian or French juridictions.
Louis Morisset, CSA chair and president and CEO of Québec’s AMF, said: “Collaboration through this agreement will take many forms, including information sharing, support to financial innovators, referrals, expertise sharing, secondments, and dialogue on fintech and innovative financial services. This framework marks another step for making Canada a financial hub for these types of businesses to operate in.”
Robert Ophèle, chairman of the French Autorité des marchés financiers, commented: “This bridge between our two countries falls within the French AMF’s active international development actions and aims at reinforcing Paris as a financial innovation hub.”
He added: “Co-operation between the French AMF and its Canadian counterparts will create synergies between our authorities and should enable fintech firms to extend their global reach and actively learn from each other.”
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