Fintech businesses in Ontario and the U.K. can now get support from financial regulators as they seek to operate in one another’s markets.
Signed this week, a new agreement allows the Financial Conduct Authority (FCA) and the OSC to refer innovative businesses to each other, as those businesses seek to enter Canada or the U.K. The regulators may provide support to businesses to help reduce regulatory uncertainty and time to market (e.g. OSC will guide U.K. firms coming to Canada while the FCA will support Canadian firms entering the U.K., ahead of the businesses applying for authorization to operate).
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The OSC and the FCA have also committed to share information on emerging trends and regulatory issues pertaining to innovation in financial services.
This agreement follows the creation of the FCA’s innovation hub in 2014 and OSC’s LaunchPad in October 2016. These initiatives were started to help fintech businesses navigate their regulatory environments.
Maureen Jensen, chair and CEO of the OSC, says, “Since unveiling OSC LaunchPad last year, we are hearing from many emerging businesses […] Many of these businesses are also seeking to expand globally […].”
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