OSC announces leadership of new Office of Economic Growth and Innovation
For Immediate Release OSC
OSC’s Pat Chaukos to lead the Office; entrepreneur and financial industry veteran Doug Steiner joins the OSC in senior advisory role
TORONTO - The Ontario Securities Commission (OSC) today announced the leadership of its newly-established Office of Economic Growth and Innovation (Office). A central part of the Ontario Government’s five-point capital markets plan, the new office focuses on accelerating innovation, bolstering capital formation and reducing regulatory burden in Ontario’s capital markets.
The Office is led by Pat Chaukos as Director, who will work in collaboration with Doug Steiner, who joins the OSC in the unique role of Executive Advisor, Innovation.
As Director, Pat Chaukos will lead the Office in the development, implementation and maintenance of programs that focus on innovation and economic growth and will ensure that market participants’ input is appropriately considered in all OSC policy making and operational programs.
Pat has both a legal and accounting background, with nearly 20 years of progressively senior regulatory experience, most recently leading the OSC LaunchPad team from its start as a pilot program to its current integral role in supporting Ontario’s innovation community. LaunchPad was the first dedicated team by a securities regulator in Canada to help innovative businesses navigate securities law requirements and accelerate time-to-market.
“I am excited to bring together my regulatory experience and insights from working with the fintech community to further our progress in making regulation more efficient, removing pain points, and supporting Ontario’s economic growth,” Chaukos said.
Doug Steiner joins the OSC in the role of Executive Advisor, Innovation, effective June 22, 2020. Working closely with Pat, the Office and executives across the OSC, Doug will advise the OSC Chair and other senior leaders on opportunities to support innovation in Ontario’s capital markets, and on ways the OSC can use innovative applications and technology in its regulation and operations.
“The basis of change in finance comes from many places, and embracing new approaches is critical to Ontario’s economic competitiveness,” Steiner said. “I couldn’t pass up an opportunity to work with an organization like the OSC where there is both a desire and mandate to champion innovation.”
Doug has an extensive career in Canadian financial services, with a focus on innovation and entrepreneurship. He has started, run and sold several businesses, and been involved in early-stage funding for technology startups and providing advisory services for firms in finance, media and technology. He has extensive experience helping companies develop systems and products to lower the cost of investing and saving. Doug is also a past member of the OSC’s Chairman’s Advisory Board.
The Office will expand the work of OSC LaunchPad through deeper engagement with businesses and support for a strong Ontario innovation ecosystem. It will be accountable for driving the implementation of the initiatives set out in the OSC’s 2019 Reducing Regulatory Burden in Ontario’s Capital Markets report, and for driving other changes to its rules, regulatory operations or processes to reduce burden. In addition, the Office will conduct extensive outreach with the market, innovation hubs, other regulators and government to identify opportunities for the OSC to champion innovation and economic growth.
It will take some time to build the new Office to its full capacity, and in the current circumstances related to the COVID-19 pandemic, the building of the core components of the team will begin once the OSC resumes its normal business operations.
The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair and efficient capital markets and confidence in the capital markets, and to contribute to the stability of the financial system and the reduction of systemic risk. Investors are urged to check the registration of any persons or company offering an investment opportunity and to review the OSC investor materials available at http://www.osc.gov.on.ca