The Australian Securities and Investments Commission (ASIC) has signed an Enhanced Cooperation Agreement with its British equivalent, the UK’s Financial Conduct Authority (FCA), aimed at extending cooperation and coordination in the licensing of each Agency’s financial technology (FinTech) operators.
ASIC Commissioner John Price said the Agreement formed part of the broader FinTech Bridge signed by the UK Chancellor of the Exchequer and the Australian Treasurer.
“In this enhanced Agreement, the FCA and ASIC have agreed to explore ways to quicken the licensing process in terms of the authorisation of innovative businesses that are already authorised in the other jurisdiction,” Mr Price said.
“ASIC and the FCA will endeavour to facilitate that participation and will also look to co-host FinTech and RegTech [regulatory technology] events, conduct joint policy work, research and experimentation and explore secondment opportunities.”
He said the two Agencies would work to raise topics or approaches of common interest at an international level to promote greater levels of international cooperation on financial innovation.
“ASIC and the FCA have developed an immensely beneficial relationship on FinTech, including through our quarterly information-sharing calls,” Mr Price said.
“We are delighted this extension will offer FinTechs the opportunity to spread good ideas across borders.”
He said they would work together to raise topics and approaches of common interest at an international level.
Mr Price said under the new Agreement, ASIC and the FCA will continue to refer innovative FinTech businesses to each other for advice and support via their respective Innovation Hubs.
The nine-page Agreement can be accessed at this PS News link.
