The British Columbia Securities Commission (BCSC), the regulatory body of the Canadian province of British Columbia, issued on Wednesday a notice, announcing that it has undertaken several initiatives, aiming to get a better grasp on the fintech industry and to take steps to facilitate market participants.
The regulator is seeking market participants’ feedback. It has released an online survey and launched a dedicated web page, as well as formed a dedicated Tech Team, all part of its strategy to reach fintech companies and other industry stakeholders. The BCSC will use the data collected from the survey and the other sources to determine next steps concerning the fintech industy.
“The online survey and new webpage build on the work the BCSC has been doing to support emerging investment advisory services, crowdfunding platforms, and online marketplace lenders,” the regulator said in a statement.
The new web page provides in one place various relevant guidance and resources that the British Columbia regulator has produced over the years, and also provides contact information for the newly-formed Tech Team. All market participants can learn more about the fintech regulation, take the survey and share relevant information and ideas with the regulator via the designated web page on the BCSC’s website (www.bcsc.bc.ca/For_Companies/Technology).
“The BCSC supports innovation and the adoption of new technologies in the financial services sector,” said Brenda Leong, BCSC Chair and CEO. “We understand that early-stage companies need access to capital and a clear regulatory framework to operate in. Through our Tech Team’s active outreach, we will broaden our knowledge and understanding of the impacts of regulation, and provide fintech and tech companies with resources and information to help them succeed,” she added, noting that the steps they take will help assess whether securities regulations are keeping pace with the evolving tech landscape.
The BCSC has collaborated with other securities regulators in Canada to support the growing fintech industry. Their work has resulted in facilitated and harmonized reviews of registration and exemptive relief applications. So far, the BCSC has registered 10 robo-advisory firms, exempted seven firms from registration as crowdfunding portals, and registered a further nine portals as exempt market dealers, according to data it provided.
In Canada, capital markets are supervised by provincial regulatory bodies and in British Columbia that is the BCSC.