Luxembourg, US and ASIC enter fintech agreement
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.
Recommended for you
Government has introduced a bill to Parliament to legislate the first stream of the QAR reforms.
ASIC now has a 1:1 ratio when it comes to court success in the enforcement of crypto activities and more action is expected as Treasury seeks to introduce a regulatory framework.
A leading governance body has hit out at “specialist interest groups proposing ad hoc law reform” when it comes to reforms of financial services legislation and believes an independent body is needed.
The release of ALRC’s final report into financial services legislation has highlighted financial advice as a “significant” focus as it seeks to reduce costs and help advisers understand their obligations, alongside the Quality of Advice Review.
