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Status: The Financial Innovation Act received Royal Assent on April 29, 2022
Ministry Responsible: Treasury Board and Finance
Overview
The Financial Innovation Act (formerly Bill 13) diversifies Alberta’s economy by fostering innovation and attracting new investment in the financial and financial technology (fintech) sectors.
The Financial Innovation Act establishes a regulatory sandbox for financial services and fintech companies. A regulatory sandbox is a “safe space” in which companies can test innovative products or services, without immediately meeting all regulatory requirements. It also assists companies in collecting information on new products and services to determine if they have value for customers.
Alberta is the first province in Canada to establish a regulatory sandbox for the finance and fintech sectors, giving them new ways to build their business and create jobs. The province is also a growing destination for financial services and financial technology companies, and a regulatory sandbox increases our standing in this part of the global economy.
Alberta’s regulatory sandbox signals that Alberta is willing to work with and support innovators with cutting-edge products, like blockchain technologies and cryptocurrencies. Financial services and fintech companies will have a strong incentive to move to Alberta and Albertans will benefit by opening the door to a wider variety of products and services, which could lead to more competition and lower costs for consumers.
Key changes
The Financial Innovation Act:
- creates a regulatory sandbox in Alberta to provide financial services and fintech companies a safe space to test innovative products and services
- enables the Minister to:
- issue a certificate of acceptance to approved companies allowing them to be temporarily exempt from some laws and regulations
- impose terms, conditions and restrictions to provide oversight
- establishes a regulation-making authority that would allow it to apply to other legislation if needed
- requires public information about sandbox participants be published online
About the program
Learn more about Alberta’s Financial services and fintech regulatory sandbox.
Next steps
The Financial Innovation Act came into force when it received Royal Assent on April 29, 2022. We will start accepting applications on July 4, 2022.
Learn more about Alberta's Financial services and fintech regulatory sandbox.
News
- New legislation spurs innovation in finance sector (March 30, 2022)
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