OSC joins global network to support financial innovation
For Immediate Release OSC
TORONTO - The Ontario Securities Commission (OSC) has, in collaboration with 11 financial regulators and related organizations from around the world, today announced its participation in the Global Finance Innovation Network (GFIN), a new initiative that aims to help innovative firms seeking to operate in multiple countries. The network also aims to enhance information-sharing between financial services regulators on innovation-related topics.
“This network builds on our existing collaborations with international partners to support innovation,” said Pat Chaukos, Deputy Director of OSC’s LaunchPad. “It furthers our commitment to enhancing the regulatory experience for emerging businesses that offer novel products and services to investors.”
The regulators involved with GFIN have also published a consultation paper to seek comment on the network’s proposed mission statement, functions and key focus areas. The deadline for comments is October 14, 2018.
OSC LaunchPad is the first dedicated team by a securities regulator in Canada to provide direct support to eligible fintech businesses in navigating the regulatory requirements. OSC LaunchPad strives to keep regulation in step with digital innovation.
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.
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