Global regulators have inked an agreement to bolster ties in the fintech space.
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) and the Australian Securities and Investments Commission (ASIC) will exchange information on fintech as well as regtech.
ASIC commissioner John Price said: “Both our jurisdictions are leaders in funds management and other financial services. ASIC is very interested in learning from the fintech and regtech innovations that are taking place in the Grand Duchy.
“We look forward to sharing ASIC’s experience with our Innovation Hub and regulatory sandbox initiatives.”
Fintech growth across the world
Furthermore, the two regulators first collaborated in 2013, with an aim to regulate entities having operations in both markets. The focus of that pact was to regulate funds management entities under the EU’s Alternative Investment Fund Managers Directive (AIFMD).
CSSF CEO Claude Marx said: “Fostering our cooperation with ASIC makes sense to us.
“Australia and Luxembourg are both strongly innovation-oriented jurisdictions, and we do think that such agreement will enhance our ability to adapt ourselves to the upcoming fintech challenges.”
ASIC has previously signed similar cooperation agreements with various regulators across the globe.
The latest agreement marks the Australian regulator’s fifteenth fintech agreement and fourth pact related to fintech information-sharing.