Under a new Co-operation Agreement, FinTech businesses in Ontario and the United Kingdom will be able to seek support from their financial regulators as they aim to operate in the other’s market. Signed on 22 February 2017, the agreement allows the Financial Conduct Authority (FCA) and the Ontario Securities Commission (OSC) to refer to one another innovative businesses seeking to enter the other’s market. The regulators may provide support to innovative businesses to help reduce regulatory uncertainty and time to market.
The Agreement follows the creation of the FCA’s Innovation Hub in 2014 and the OSC’s OSC LaunchPad in October 2016. These initiatives are designed to help businesses with innovative ideas navigate the regulatory framework, support them through authorisation and facilitate their engagement with their respective regulator. The FCA and OSC have also committed to share information on emerging trends and regulatory issues pertaining to innovation in financial services.