Canadian securities regulators have signed an agreement with regulators in Abu Dhabi to facilitate co-operation on the oversight and development of financial technology (fintech).
Various provincial regulators have reached an agreement with the Abu Dhabi Global Market Financial Services Regulatory Authority (FSRA) to provide a framework for co-operation and information sharing when it comes to licensing innovative fintech businesses, which will enable regulators to refer the businesses to one another.
The agreement also sets out how the regulators plan to share and use information on innovation in their markets.
Earlier this year, Canadian regulators established a “regulatory sandbox” to help foster innovation by allowing firms to experiment with novel products and services in a restricted environment. Last year, the FSRA launched a similar initiative, the Regulatory Laboratory (RegLab), in its market.