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

TORONTO, Oct. 29, 2020 /CNW/ - 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 Authority	Jurisdiction
1	Australian Securities and Investments Commission (ASIC)	Australia
2	Central Bank of Bahrain (CBB)	Bahrain
3	Bermuda Monetary Authority (BMA)	Bermuda
4	Alberta Securities Commission (ASC)	Alberta, Canada
5	British Columbia Securities Commission (BCSC)	British Columbia, Canada
6	Ontario Securities Commission (OSC)	Ontario, Canada
7	Autorité des marchés financiers (AMF)	Quebec, Canada
8	Guernsey Financial Services Commission (GFSC)	Guernsey
9	Hong Kong Insurance Authority (IA)	Hong Kong
10	Hong Kong Monetary Authority (HKMA)	Hong Kong
11	Hong Kong Securities and Futures Commission (HKSFC)	Hong Kong
12	Magyar Nemzeti Bank (Central Bank of Hungary, MNB)	Hungary
13	Jersey Financial Services Commission (JFSC)	Jersey
14	Astana Financial Services Authority (AFSA)	Kazakhstan
15	Capital Markets Authority (CMA, Kenya)	Kenya
16	Bank of Lithuania (LB)	Lithuania
17	Monetary Authority of Singapore (MAS)	Singapore
18	Financial Services Commission Taiwan (FSC Taiwan)	Taiwan
19	Abu Dhabi Global Market (ADGM)	Abu Dhabi, United Arab Emirates
20	Dubai Financial Services Authority (DFSA)	Dubai, United Arab Emirates
21	Central Bank United Arab Emirates (CB UAE)	United Arab Emirates
22	Financial Conduct Authority (FCA)	United Kingdom
23	Consumer 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.

SOURCE Ontario Securities Commission

For OSC Media Inquiries: [email protected]; For ASC Media Inquiries: Theresa Schroder, 587-830-4286, [email protected]; For AMF Media Inquiries: Sylvain Théberge, 514-940-2176, [email protected]