Luxembourg’s main financial regulator, the CSSF, and the Australian Securities & Investments Commission have agreed to an information sharing scheme on financial and regulatory technologies.
The agreement will help the agencies “understand financial innovation in each [other’s] jurisdiction,” the CSSF said in a 4 October press release (PDF).
John Price, an AISC commissioner, stated in the announcement:
“We see this agreement as very timely. 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.”
Claude Marx, head of the CSSF, stated in the announcement:
“Fostering our cooperation with the 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. We look forward to sharing views and experiences with our colleagues from the ASIC.”
The CSSF and ASIC signed a previous cooperation agreement in 2013, which covered funds regulated by the EU’s Alternative Investment Fund Managers Directive, according to the CSSF press release.
ASIC also has fintech information sharing arrangements with regulators in Canada, Japan, Malaysia, New Zealand, Singapore, Switzerland, the United Arab Emirates and UK.