The Australian Securities & Investments Commission (ASIC) has signed two agreements with the Luxembourg Commission de Surveillance du Secteur Financier (CSSF) and the US Commodity Futures Trading Commission (CFTC), through both the CFTC’s LabCFTC and ASIC’s Innovation Hub.
“We see this agreement as very timely. Both our jurisdictions are leaders in funds management and other financial services. ASIC is very interested in learning from the fintech and regtech innovations that are taking place in the Grand Duchy,” ASIC Commissioner John Price said.
The agreement with CSSF is expected to provide a framework for cooperation on information-sharing pertaining to fintech and regtech.
The two regulators initially partnered in 2013, entering into memorandums of understanding on regulating entities that have presence in both Australia and Luxembourg, and specifically for funds management entities regulated under the EU’s Alternative Investment Fund Managers Directive (AIFMD).
On the partnership with the CFTC, the arrangement will encourage the development of emerging financial and compliance technologies, and enhance global awareness of the critical role of regulators in digital markets, according to Chairman J. Christopher Giancarlo,
The focus will be on fintech information-sharing regarding market trends and developments, it will also facilitate referrals of fintech companies interested in entering the others’ market, and the sharing of information and insight derived from each authority’s relevant sandbox, proofs of concept, or innovation competitions, ASIC said.
To date, fintech referrals and information-sharing agreements have been entered with the Monetary Authority of Singapore, the United Kingdom’s Financial Conduct Authority, a number of provincial Canadian regulators including the Ontario Securities Commission, Hong Kong Securities and Futures Commission, the Japan Financial Services Agency, Malaysia Securities Commission, New Zealand Financial Markets Authority, Abu Dhabi Financial Services Regulatory Authority, the Financial Market Supervisory Authority, Switzerland and the Dubai Financial Services Authority.
In addition, information-sharing agreements have been entered with the Capital Markets Authority, Kenya, Otoritas Jasa Keuangan, Indonesia and the China Securities Regulatory Commission.