Canadian securities regulators and French AMF reach agreement

The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan have signed a co-operation agreement with the French Autorité des marchés financiers (French AMF), allowing the participating Canadian jurisdictions and the French AMF to refer novel businesses seeking to enter the others’ markets.

The agreement extends the work of the CSA Regulatory Sandbox Initiative and the French AMF FinTech, Innovation and Competitiveness division, and provides a sound environment for businesses to develop innovative solutions in the financial sector.

The co-operation agreement is subject to the domestic laws and regulations of each authority and does not modify or supersede any applicable laws or regulatory requirements in force in, or applicable to, any such authority’s respective jurisdiction.

photo credit: Pam Menegakis via unsplash

News Release

Canadian securities regulators sign agreement with the French Autorité des marchés financiers

8 February 2018 CSA Securities

Montreal – The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan (participating jurisdictions) today announced a co-operation agreement with the French Autorité des marchés financiers (French AMF, based in Paris, France). This agreement will allow the participating jurisdictions and the French AMF to refer novel businesses seeking to enter the others’ markets.

This agreement extends the work of the CSA Regulatory Sandbox Initiative and the French AMF FinTech, Innovation and Competitiveness division, and provides a sound environment for businesses to develop innovative solutions in the financial sector. It will help these businesses navigate the regulatory systems in both countries, and monitor market developments to identify and propose ways to address emerging regulatory issues.

“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,” said Louis Morisset, CSA Chair and President and CEO of Québec’s Autorité des marchés financiers. “This framework marks another step for making Canada a financial hub for these types of businesses to operate in.”

“This newly established communication channel between France and Canada is an important step for innovative players willing to develop their activities beyond our borders, given Canada is a key jurisdiction for fintech firms,” said Robert Ophèle, Chairman of the French Autorité des marchés financiers. “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. 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.”

The co-operation agreement is subject to the domestic laws and regulations of each authority and does not modify or supersede any applicable laws or regulatory requirements in force in, or applicable to, any such authority’s respective jurisdiction.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.
The French AMF is an independent public authority responsible for ensuring that savings invested in financial products are protected, that investors are provided with adequate information and for supervising the orderly operation of markets.

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For more information:

CSA member name Point of contact Phone number
French Autorité des Marchés Financiers Christèle Fradin +331 53 45 60 29
Autorité des marchés financiers Sylvain Théberge 514-940-2176
Alberta Securities Commission Hilary McMeekin 403-592-8186
British Columbia Securities Commission Alison Walker 604-899-6713
Financial and Consumer Affairs Authority of Saskatchewan Shannon McMillan 306-798-4160
Financial and Consumer Services Commission, New Brunswick Erin King 506-643-7045
Manitoba Securities Commission Jason (Jay) Booth 204-945-1660
Nova Scotia Securities Commission David Harrison 902-424-8586
Ontario Securities Commission Kristen Rose 416-593-2336

Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of sophisticated and advanced CPE Media Private Capital Dealbase. Ted is President of CPE Media Inc., Canada's independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry and public market.
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