The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) and the US Commodity Futures Trading Commission (CFTC) have each entered agreements with the Australian Securities and Investments Commission (ASIC) to cooperate and understand financial innovation in each other’s jurisdiction.
The CSSF agreement provides a framework for information sharing between the two regulators on financial technology and regulatory technology.
Claude Marx, CEO of the CSSF, said fostering cooperation with ASIC makes sense given both Australia and Luxembourg are both strongly innovation-orientated jurisdictions.
The CFTC agreement, The Cooperation Arrangement on Financial Technology Innovation, encourages the development of emerging financial and compliance technologies.
ASIC chair, James Shipton, said the arrangement assists innovative businesses to grow across borders and allow for greater information sharing.
