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 |
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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.
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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
inquiries@asc.ca