Montreal – The securities regulatory authorities in Alberta, British Columbia, Manitoba, New Brunswick, Nova Scotia, Ontario, Québec and Saskatchewan (participating jurisdictions) today announced a co-operation agreement with the Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM). The agreement will allow the participating jurisdictions and the FSRA to refer to one another innovative businesses seeking to enter the others’ markets.

The agreement is an extension of the work of the CSA Regulatory Sandbox Initiative, which was launched in February 2017, and the ADGM Regulatory Laboratory, which has been in operation since November 2016. These innovation functions provide a controlled environment for businesses to develop and test innovative solutions that promote efficiency and consumer choices in the financial sector.

“This agreement with the FSRA is a positive step for the CSA, which has already taken steps with the Sandbox to help innovative businesses seeking to operate across Canada,” said Louis Morisset, CSA Chair and President and CEO of the Autorité des marchés financiers. “The co-operation agreement further builds on the Sandbox by helping innovative businesses seeking to expand globally.”

The co-operation agreement is subject to the domestic laws of each authority and does not modify or supersede any applicable laws in force in, or applicable to, any such authority’s respective jurisdiction.

The CSA, the council of the securities regulators of Canada’s provinces and territories, co-ordinates and harmonizes regulation for the Canadian capital markets.

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