OSC, ASC and AMF invite businesses to participate in cross-border testing

TORONTO – The Ontario Securities Commission (OSC), Alberta Securities Commission (ASC) and Autorité des marchés financiers (AMF) are inviting businesses in their respective markets to apply to test innovative products, services and business models across international borders.

Led by the Global Financial Innovation Network (GFIN), this cross-border initiative is supported by 23 regulators across five continents. Eligible firms will be able to simultaneously test and scale innovative products or services in multiple jurisdictions, while also gaining insights into how their business might operate in these markets.

Businesses ready to test across international borders that are interested in participating in the initiative should review the GFIN’s Regulatory Compendium, which clarifies the roles and responsibilities of the participating regulators and the innovation services available in those markets.

Once businesses have determined which markets they are interested in, they should submit a completed application form. Businesses will only need to fill out one application, through the single-entry portal, to test in multiple markets. Applications are due by December 31, 2020.

An FAQ is available on the GFIN’s website to help firms understand the project process.

Currently chaired by the Financial Conduct Authority (FCA), the GFIN consists of 60 international organizations, committed to supporting financial innovation in the interests of consumers, including 23 organizations committed to cross-border-testing.

Participating Regulators

The following regulators are participating in cross-border testing.

Regulatory AuthorityJurisdiction
1Australian Securities and Investments Commission (ASIC)Australia
2Central Bank of Bahrain (CBB)Bahrain
3Bermuda Monetary Authority (BMA)Bermuda
4Alberta Securities Commission (ASC)Alberta, Canada
5British Columbia Securities Commission (BCSC)British Columbia, Canada
6Ontario Securities Commission (OSC)Ontario, Canada
7Autorité des marchés financiers (AMF)Quebec, Canada
8Guernsey Financial Services Commission (GFSC)Guernsey
9Hong Kong Insurance Authority (IA)Hong Kong
10Hong Kong Monetary Authority (HKMA)Hong Kong
11Hong Kong Securities and Futures Commission (HKSFC)Hong Kong
12Magyar Nemzeti Bank (Central Bank of Hungary, MNB)Hungary
13Jersey Financial Services Commission (JFSC)Jersey
14Astana Financial Services Authority (AFSA)Kazakhstan
15Capital Markets Authority (CMA, Kenya)Kenya
16Bank of Lithuania (LB)Lithuania
17Monetary Authority of Singapore (MAS)Singapore
18Financial Services Commission Taiwan (FSC Taiwan)Taiwan
19Abu Dhabi Global Market (ADGM)Abu Dhabi,
United Arab Emirates
20Dubai Financial Services Authority (DFSA)Dubai,
United Arab Emirates
21Central Bank United Arab Emirates (CB UAE)United Arab Emirates
22Financial Conduct Authority (FCA)United Kingdom
23Consumer Financial Protection Bureau (CFPB)United States of America

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca.

The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted to foster a fair and efficient capital market in Alberta and to protect investors.  As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.The AMF is the regulatory and oversight body for Québec’s financial sector.

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For OSC Media Inquiries:  

For ASC Media Inquiries:
Theresa Schroder

For AMF Media Inquiries:
Sylvain Théberge

Source: Ontario Securities Commission