Australia and Luxembourg sign FinTech agreement
The Luxembourg Commission de Surveillance du Secteur Financier (CSSF) and the Australian Securities and Investments Commission (ASIC) have signed a cooperation agreement for cooperation over financial innovation in each jurisdiction.
The agreement provides a framework for information sharing between the two regulators on FinTech and RegTech, formalising the previously close relationship between the ASIC and the CSSF.
ASIC commissioner John Price noted that he is interested in learning from the innovations taking place in the Grand Duchy. “We look forward to sharing ASIC’s experience with our Innovation Hub and regulatory sandbox initiatives,” he added.
Claude Marx, chief executive of the CSSF, added: “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.”
In 2013, the regulators entered into memorandums of understanding on regulating entities that have presence in both Australia and Luxembourg, and specifically for funds management entities regulated under the EU’s Alternative Investment Fund Managers Directive (AIFMD).
This agreement is ASIC’s fifteenth FinTech cooperation agreement and the fourth information-sharing agreement, following agreements with China, Indonesia and Kenya.
Previous agreements have been signed with regulators in the UK, Hong Kong and Singapore.