Members of the Canadian Securities Administrators (CSA) have signed a fintech co-operation agreement with the Financial Services Commission, Mauritius (FSC Mauritius). The members are the securities regulatory authorities in British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan.
The agreement extends the work of the CSA Regulatory Sandbox Initiative and the efforts made by FSC Mauritius with innovative financial players. Notably, it includes a referral mechanism for innovative businesses, and enhances and clearly defines information-sharing between these jurisdictions.
“This agreement with FSC Mauritius will provide a solid framework for co-operation and referrals between our jurisdictions,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marches financiers. “As the fintech industry evolves rapidly, we must ensure that we put in place a regulatory framework that gives businesses the flexibility to grow while maintaining investor protection.”
“The FSC Mauritius is proud to partner with the CSA through this Fintech cooperation agreement and to work together to support current and future innovation in our respective financial jurisdictions,” according to the Chief Executive of the FSC Mauritius, Dhanesswurnath Thakoor. “We have signed bilateral MOUs on Fintech with regulatory counterparts in several key jurisdictions including France and also joined the Global Financial Innovation Network (GFIN). These MOUs, together with this latest cooperation agreement with the CSA, will ease the ability of Fintech entrepreneurs and innovators to receive regulatory guidance and thrive in terms of cross-border innovation from Mauritius to other continents.”
