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ASIC and FCA agreement over Innovation Hub

Monday 26 March 2018

The Financial Conduct Authority (FCA) and the Australian Securities and Investment Commission (ASIC) have signed an enhanced cooperation agreement. This comes just few days after ASIC hosted their 2018 Forum that focussed on trust, and extends their previous agreement from fintech innovation to their innovation hubs, respectively.

 “Today’s enhanced agreement underscores the FCA’s and ASIC’s commitment to a deeper level of cooperation on fintech. Cooperation between regulators is a vital part of helping innovative businesses across international jurisdictions to flourish and bring their products to market for the benefit of consumers. Back in 2016, when we signed the original agreement with ASIC, we stated that we hoped it would be the first of many to come. I am pleased to say that this has certainly been the case,” said Christopher Woolard, FCA’s Executive Director of Strategy and Competition.
This will be an opportunity to:

  • Co-host fintech and regtech events;
  • Conduct joint policy work, research and experimentation; and
  • Explore secondment opportunities.

“ASIC and the FCA have developed an immensely-beneficial relationship on fintech, including through our quarterly information-sharing calls. We are delighted this extension will offer fintechs the opportunity to spread good ideas across borders. We will work together to raise topics and approaches of common interest at an international level,” said ASIC Commissioner John Price.

The ‘fintech bridge’ set the overall collaborative structure between:

  • Government-to-government;
  • Regulator-to-regulator;
  • Trade and investment; and
  • Business-to-business.