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OSC opens an application to test innovative capital market solutions through a new program




The Ontario Securities and Exchange Surveillance Commission (OSC) has published an application to the OSC Test Lab, a program aimed at supporting the testing of new capital market-related technologies.

Through OSC TestLab, which OSC claims to be Canada’s first, the agency aims to facilitate the adoption of innovative capital market solutions by helping technology providers and registrants test them in live environments. increase.

Innovative solutions are actively identifying areas where Ontario’s capital markets can advance-GrantVingoe, OSC

OSC TestLabs’ first Spring 2022 experiment will focus on making product information more accessible, improving information sharing, and enhancing client interaction.

Potential solutions may include technologies that aggregate product information in a standardized format, automate the collection of investor data, or incorporate new methods for evaluating this information.

Grant Vingoe, OSC Chair and CEO, is using OSC Testlab to actively identify areas where innovative solutions can drive the advancement of Ontario’s capital markets. Market participants and technology providers have a unique opportunity to test solutions that benefit Ontario companies and investors.

To be considered eligible for the OSC TestLab, companies must have innovative products, services, or solutions that can be tested in a live environment by March 31, 2022, and Ontario users must work on the tests. The deadline for applying for the Spring 2022 cohort is January 31st.

OSC’s Department of Economic Growth and Innovation finds it difficult for technology providers to test solutions with registrants as registrants may be reluctant to try new technologies without OSC involvement and guidance. After noticing, I decided to launch TestLab last month.

Earlier this year, state securities regulators conducted a feedback survey of 128 registrants, eight technology providers, and 256 individual investors. The majority of registrants believe that technology can help improve their processes, citing top priorities such as client acquisition and retention, client-focused reform (CFR) compliance, and compliance automation.

Related: Coinberry’s second crypto asset dealer to be regulatory approved by OSC

In response, OSC has launched TestLab to allow market participants to test in-house solutions and technology developers to experiment with innovation through partnerships with other capital market participants.

There are many frameworks for facilitating innovation, but we share one important idea for doing new things, including dealing with uncertainty, said Pat Chaukos, director of the OSC Innovation Office. I am. You need to test your ideas. A test environment that encourages creative thinking helps you get the best ideas faster.

The release of the TestLab application is a set of new CFR fixes related to product knowledge (KYP), client knowledge (KYC), and compliance obligations that come into effect at the end of the year and may require registrant renewal. It will be done in advance. Policies and procedures, including those related to collecting and documenting client information and making investment recommendations.

KYC, KYP, and conformance obligations are one of the most basic obligations of registrants to clients, but OSC leverages technology and innovation to improve registrant-client relationships and ensure compliance. He said he identified opportunities to make it more efficient, effective, and less. It costs money.

Related: OSC announces new members of SME Advisory Board

The OSCs Innovation Office empowers businesses with innovative products, services, or applications that benefit investors through the LaunchPad Support Program. LaunchPad supports early FinTech businesses by navigating the regulatory framework, exploring flexibility on current regulatory obligations, and helping to obtain informal guidance on potential securities regulatory implications. Established in 2016 for the purpose of doing so.

This support extends to limited-time registration or exemption remedies for testing solutions in live environments. OSC also has a regulatory sandbox program for startups designed to allow startups and small businesses to experiment with new forms of capital formation to help them access financing, such as crowdfunding and angel investment networks. It offers.

In terms of cryptocurrencies, Canadian FinTech startups that offer crypto trading platforms including Wealthsimple, Coinberry, and more recently CoinSmart have received a temporary exemption from Canadian securities regulators to test their offerings in a live environment. increase.

Feature images by Anna Nekrashevich via Pexels




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