Evolving Fintech Regulation
The British Columbia Securities Commission takes a flexible approach securities regulation, and actively participates in several initiatives to apply that flexibility to the fintech industry while maintaining protection for investors. Two of those initiatives are the Canadian Securities Administrators (CSA) Regulatory Sandbox and the Global Financial Innovation Network (GFIN).
CSA Regulatory Sandbox
The CSA Regulatory Sandbox supports fintech firms looking to offer innovative products and services by facilitating tests of novel and innovative business models. Through these tests, we look to better understand the effects these innovations can have on the capital markets.
BC firms interested in applying to the CSA Regulatory Sandbox must first make their application to BCSC staff. Further information about the application process can be found here.
For more information, please contact our Fintech and Innovation Team (FIT) at firstname.lastname@example.org. Learn more about our FIT here.
Global Financial Innovation Network
GFIN is an international network of financial regulators and related organizations committed to supporting financial innovation in the interests of consumers.
GFIN seeks to provide an efficient way for innovative firms to interact with regulators across jurisdictions, and to help them navigate between countries as they look to scale new ideas. This includes a pilot test trial for firms wishing to test innovative products, services or business models across more than one jurisdiction.
GFIN has three primary functions:
- To act as a network of regulators to collaborate and share experiences with innovation in respective markets, including emerging technologies and business models, and to provide accessible regulatory contact information for firms;
- To provide a forum for joint regtech work and collaborative knowledge sharing/lessons learned; and
- To provide firms with an environment in which to trial cross-border solutions.
We are currently inviting BC-based businesses to apply if they are looking to conduct a test within GFIN. The deadline to receive applications is December 31, 2020. Please refer to this news release for further information about the application process.