News Release

Global Financial Innovation Network reports on first year

Jun 25, 2019

CALGARY – June 25, 2019 – The Alberta Securities Commission (ASC), a member of the Global Financial Innovation Network (GFiN), is pleased to publish the GFiN One Year On report. 

The report sets out what GFiN has been doing over the past year, the challenges it has faced, achievements, and its ambitions for the future. It also shows that it is listening to stakeholders and welcomes feedback in order to ensure that the network continues to add value.

GFiN is a network of international regulators and related organizations committed to creating a framework for cooperation among regulators that are addressing financial innovation. GFiN was created to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale and test new ideas. It also creates a new means of cooperation between financial services regulators to work on innovation-related topics, sharing different experiences and approaches.

From its 12 founding members, GFiN has rapidly grown over the past year to be a global dialogue with 35 Member Regulators and 7 Observers from 21 jurisdictions.

GFiN members look forward to the next year of engagement and to improving ways of working together for the benefit of innovative firms and other stakeholders.

Key facts:

  • 35 members and 7 observers from 21 jurisdictions.
  • 99 responses from 26 jurisdictions received in the initial GFiN consultation.
  • 44 applications from 17 jurisdictions for the inaugural GFiN cross-border test pilot with 8 firms being selected to develop testing plans.
  • Nearly 60 representatives attended the first biannual meeting of the GFiN held in London in May.

Full list of GFiN Membership

Coordination Group:

 Organization  Jurisdiction
Australian Securities & Investments Commission (ASIC) Australia
Central Bank of Bahrain (CBB) Bahrain
Autorité des marchés financiers (AMF) Québec, Canada
Guernsey Financial Services Commission (GFSC) Guernsey
Hong Kong Monetary Authority (HKMA)   Hong Kong
Hong Kong Securities and Futures Commission (HKSFC) Hong Kong
Astana Financial Services Authority (AFSA) Kazakhstan
Monetary Authority of Singapore (MAS)
Singapore
Dubai Financial Services Authority (DFSA)
United Arab Emirates
Financial Conduct Authority (FCA)
United Kingdom
Consumer Financial Protection Bureau (CFPB)
United States

Members:

 Organization Jurisdiction
 Bermuda Monetary Authority (BMA)  Bermuda
Securities and Exchange Commission of Brazil (CVM)
 Brazil
 Alberta Securities Commission (ASC)  Alberta, Canada
 British Columbia Securities Commission (BCSC)  British Columbia, Canada
Ontario Securities Commission (OSC)
 Ontario, Canada
Centrale Bank van Curaçao and Sint Maarten
Curaçao and Sint Maarten
Central Bank of Eswatini
 Eswatini (Swaziland)
Magyar Nemzeti Bank (Central Bank of Hungary)
 Hungary
Isle of Man Financial Services Authority (IOMFSA)
 Isle of Man
Israel Securities Authority (ISA)
 Israel
 Capital Market, Insurance, and Savings Authority (CMISA)  Israel
Jersey Financial Services Commission (JFSC)
 Jersey
Capital Markets Authority (CMA, Kenya)
 Kenya
Bank of Lithuania (BL)
 Lithuania
 South African Reserve Bank (SARB)  South Africa
Financial Supervisory Commission Taiwan
 Taiwan
Abu Dhabi Global Market (ADGM)
 United Arab Emirates

Observers:

Organization
Jurisdiction 
 Financial Sector Deepening Africa (FSD Africa)  Africa
Qianhai Financial Authority
China
European Bank for Reconstruction and Development (EBRD)
 Europe
Consultative Group to Assist the Poor (CGAP)
 Global
International Monetary Fund (IMF)  Global
World Bank Group  Global
Qatar Development Bank  Quatar

The ASC is the regulatory agency responsible for administering the province's securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada's capital markets.

-30-

For further information please contact:

For Media Inquiries:

For Investor Inquiries:

Hilary McMeekin
Communications Manager
403-592-8186

ASC Public Inquiries
Toll Free: 1-877-355-4488