On the heels of its OSC Launch Pad initiative, the Ontario Securities Commission (OSC) has announced another first – an agreement with the Australian Securities and Investments Commission (ASIC), under which innovative fintech companies in Ontario and Australia will be able to draw upon support from the combined resources of the OSC and ASIC as such companies seek to operate in the others’ market. One of the purposes of the arrangement is to help innovative fintech companies reduce regulatory uncertainty and time to market.
To qualify for the support offered by the agreement, innovative businesses will need to meet the eligibility criteria of their home regulator. Once referred by the regulator, and ahead of applying for authorisation to operate in the new market, the business will have access to dedicated staff who will help them to understand the regulatory framework in the market they wish to access.
The OSC and ASIC have also committed to share information on emerging trends in each other’s markets and the potential impact on regulation.
To learn more about the OSC LaunchPad see our previous post.
For more information about our Firm’s Fintech expertise, please see our Fintech group’s page.