ASIC inks fintech-regtech deal with Luxembourg regulator

ASIC inks fintech-regtech deal with Luxembourg regulator | Insurance Business Australia

ASIC inks fintech-regtech deal with Luxembourg regulator

The Australian Securities and Investments Commission (ASIC) has signed a cooperation agreement with the Luxembourg Commission de Surveillance du Secteur Financier (CSSF), to provide a framework for cooperation and information-sharing on financial technology (fintech) and regulatory technology (regtech).

The deal follows a 2013 memorandum of understanding between ASIC and CSSF on regulating entities that have presence in both Australia and Luxembourg.

“We see this agreement as very timely,” said John Price, ASIC commissioner. “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.”

The agreement is ASIC’s 15th fintech-cooperation agreement overall and the fourth fintech information-sharing agreement.