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Securities regulators announce Canadian firm selected for cross-border testing

  • Date:

    2021-07-15
  • Number:

    2021/54

TORONTO – The Ontario Securities Commission (OSC), the Autorité des marchés financiers (AMF), the Alberta Securities Commission (ASC), and the British Columbia Securities Commission (BCSC) today announced that Bedrock AI Inc. has been selected to participate in a cross-border testing initiative supported by 23 regulators across five continents, as part of the Global Financial Innovation Network (GFIN).

Bedrock AI applies natural language processing, machine learning and computational techniques to process corporate disclosures, enhance regulators’ supervisory processes and assist businesses with corporate risk analysis. The cross-border initiative will give the Canadian company the opportunity to simultaneously test and scale innovative products or services in multiple jurisdictions, while also gaining insights into how its business might operate in these markets.

“We are happy that Bedrock AI is a successful participant in this year’s GFIN Cross-Border Testing cohort,” said Pat Chaukos, Director, Innovation Office at the OSC, speaking on behalf of the regulators. “As an Ontario-based company, Bedrock will be testing and further developing its solutions across various jurisdictions in Canada and we are proud to support innovation in our capital markets.”

“We could not be more pleased to be testing our AI tools and research in the Canadian markets,” said Kris Bennatti, President and Lead Developer at Bedrock AI. “We founded this company to promote corporate accountability, through information transparency, and we hope to do just that with the GFIN test.”

The GFIN received 38 applications from participating regulators across five continents. Two firms, including Ontario-based Bedrock AI, successfully completed joint testing plans with selected regulators. Bedrock AI will begin testing its business model later this year.

Currently chaired by the Financial Conduct Authority (FCA), the GFIN consists of more than 70 international organizations committed to supporting financial innovation in the interests of consumers.

The mandate of the OSC is to provide protection to investors from unfair, improper or fraudulent practices, to foster fair, efficient and competitive capital markets and confidence in the capital markets, to foster capital formation, 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.ca.

The AMF is the regulatory and oversight body for Québec’s financial sector.

The ASC is the regulatory agency responsible for administering the province’s securities laws. It is entrusted with fostering a fair and efficient capital market in Alberta and with protecting investors. As a member of the Canadian Securities Administrators, the ASC works to improve, coordinate and harmonize the regulation of Canada’s capital markets.

The BCSC is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:

  • A securities market that is fair and warrants public confidence
  • A dynamic and competitive securities industry that provides investment opportunities and access to capital

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For OSC Media Inquiries:
JP Vecsi         
media_inquiries@osc.gov.on.ca

For AMF Media Inquiries:
Sylvain Théberge
514-940-2176
sylvain.theberge@lautorite.qc.ca

For ASC Media Inquiries:
Theresa Schroder
587-830-4286
Theresa.schroder@asc.ca

For BCSC Media Inquiries:
Elise Palmer
604-899-6830
mediarelations@bcsc.bc.ca