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The Ontario Securities Commission (OSC) said on Monday it has set up OSC LaunchPad, Canada’s first dedicated team by a securities regulator to help fintech businesses navigate securities law requirements and accelerate time-to-market.
The regulator will use the experience and knowledge obtained by OSC LainchPad from their work with starting fintech businesses to modernize regulation for similar businesses. In this regard, the OSC intends to establish a fintech advisory committee to further understand the unique issues faced by these start-ups.
OSC LaunchPad will provide individually-tailored support to new and early-stage fintech businesses in Canada. The support team will meet with companies and navigate them through the regulatory framework and inform them on whether and how securities regulation may apply to their business modele. It will also provide guidance at an early stage on potential securities regulation implications and, in some instances, will consider time-limited registration or exemptive relief for innovators to test their products, services and applications.
“This is an exciting opportunity for Canadian innovators. With OSC LaunchPad, emerging fintech businesses now have an opportunity to work with securities law experts from day one,” said Maureen Jensen, chair and CEO of the OSC. “This initiative reflects the OSC’s commitment to regulation that is in step with innovation,” she added.
The OSC LaunchPad team will also host events where it will meet and discuss relevant issues with even more market participants.
Eligible fintech companies can request for support via www.osclaunchpad.ca.
In Canada, the financial markets in the different provinces is regulated locally and their jurisdictions may vary. The OSC is in charge of the capital markets in Ontario, Canada’s largest province by population.