The Luxembourg financial supervisory authority (“CSSF”) is for long time considering innovation as a driver of paramount importance towards the continued development of the financial services and the financial sector.
In this context, besides many other actions undertaken, CSSF announced today the execution of a cooperation agreement together with the Australian Securities & Investments Commission (“ASIC”) aimed at providing a framework for cooperation to understand financial innovation in each jurisdiction.
This cooperation agreement will complement the existing and active relationship between ASIC and CSSF and will provide a framework for information sharing between both regulators on financial technology (fintech) and regulatory technology (regtech).
This is another clear sign that regulators throughout the world are considering innovating sectors like fintech or regtech as majour due to their significative growth, which shall somehow remain regulated or at least under the control of authorities for the viability of these systems themselves and protection of investors.
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