Fintech Consultation

BCSC Fintech Advisory Forum

The BCSC Fintech Advisory Forum is a forum to discuss fintech innovations and related regulatory issues. Comprised of fintech industry professionals and experts, the forum advises BCSC staff on fintech trends and developments, including opportunities and risks. As well, the forum provides input on fintech issues in the securities industry and related securities law issues.

Serving on the forum is voluntary, and members are invited to serve for two-year terms. Members are selected based on their experience in current and developing areas of fintech. Knowledge of BC capital markets, technological expertise, and familiarity with issues faced by fintech companies are also desired assets.

The forum launched on November 24, 2020, and its members are:

• Amar Ahluwalia, VP, Corporate Development & Partnerships, Coast Capital
• Anthony Couture, CCO, Silver Maple Ventures (dba Frontfundr)
• Barbara Hendrickson, Managing Partner, BAX Securities Law
• Ben Samaroo, Co-Founder, Atlas One Digital Securities
• Betty Shea, First Narrows Investment Management
• Chris Nicola, Founder, WealthBar (acquired by CI Financial)
• Dohyung “DH” Kim, CEO, Finhaven
• Jonathan Hoyles, CEO, Perk Labs Inc.
• Khris Singh, Director, Trade Readiness and Services, BC Ministry of Jobs, Economic Development and Competitiveness
• Mark Binns, CEO, BIGG Digital Assets
• Michael King, Lansdowne Chair in Finance, University of Victoria
• Phil Sham, CEO, Aquanow
• Qayyum Rajan, CEO, ESG Analytics
• Shone Anstey, CEO, LQwD Financial Corp.
• Simon Jackson, Technology Account Manager, BCI
• Timo Vink, Data Engineer/Tech Lead, Orbis Investments
• Wayne Chen, Director, Interlapse Technologies
• Zach Masum, Manager, Legal Services, Capital Markets Regulation, BC Securities Commission (Chair)
• James Leong, Senior Legal Counsel, Capital Markets Regulation, BC Securities Commission (Chair)

BCSC Consultations on Fintech and Innovation

Interest in fintech has increased in recent years, and the BCSC is staying at the forefront of developments. Our regulatory approach to fintech is a supportive one, which facilitates new, more efficient paradigms while ensuring continued protection to investors, and emphasizing appropriate collaboration between industry and regulators.,

To facilitate our regulatory approach, we consult regularly with local stakeholders about fintech developments and innovations in order to further understand novel business models. Some examples of this include:

• Our 2018 and 2019 consultations with crypto-asset trading platforms, to understand their operations, and to assist in formulating regulation tailored for their business models. For background information on some of the issues raised in these consultations, see CSA Consultation Paper 21-402 Proposed Framework for Crypto-Asset Trading Platforms.
• Our 2018 fintech notice and request for comment geared towards gathering input on potential ways to clarify and modernize BC securities laws. The notice summarized consultation activities in five key areas: crowdfunding and online lending, online advisers, crypto-asset funds, initial coin offerings, and fintech regulation in the future
• Our 2017 fintech outreach, which was geared towards understanding the challenges faced by the crowdfunding, robo-advising, and online lending sectors

Outside of formal consultations, we also receive comments on securities regulation through outreach activities conducted by our Fintech & Innovation Team, which we use to inform our regulatory approach going forward.

We conduct consultations on a periodic basis. To stay informed of consultations relevant to fintech and innovation, be sure to check our Fintech and Innovation page regularly. To stay up-to-date on all BCSC news, we encourage you to subscribe to our email notifications list. A subscription to this list will provide you with information on enforcement matters, BCSC events, news releases, and policy publications. We also post regular updates to our LinkedIn and Twitter pages.

BCSC Fintech and Innovation Team (FIT)

Our Fintech and Innovation Team (FIT) can answer questions regarding regulatory issues related to your business. FIT actively engages in outreach to the BC fintech community, and is interested in hearing from businesses, stakeholders, and entrepreneurs.

You can email the team at fit@bcsc.bc.ca or contact us through BCSC Contact Centre at 604-899-6854 or 1-800-373-6393 (toll free).