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Screenshot of a breaking news alert e-mail from Q2 2017
The British Columbia Securities Commission (BCSC) released an online survey, published a new tech industry webpage, and announced a dedicated Tech Team as a part of its ongoing outreach aimed at BC fintech and tech companies as well as other stakeholders active in these sectors.
The BCSC supports innovation and the adoption of new technologies in the financial services sector,” said Brenda Leong, BCSC Chair and CEO. “We understand that early-stage companies need access to capital and a clear regulatory framework to operate in. Through our Tech Team’s active outreach, we will broaden our knowledge and understanding of the impacts of regulation, and provide fintech and tech companies with resources and information to help them succeed.
The BCSC invites anyone involved in the BC Tech industry to complete the survey. We are interested in hearing from all those willing to contribute their ideas and experience in an effort to learn more about this dynamic sector. The survey will be open until February 21, 2017. The BCSC will use information gathered from the survey and its ongoing outreach work to determine next steps.
Fintech is growing in British Columbia and together with the broader tech sector is developing innovative approaches to delivering financial and other services. The online survey and new webpage build on the work the BCSC has been doing to support emerging investment advisory services, crowdfunding platforms, and online marketplace lenders.
Currently, the BCSC has registered 10 robo-advisory firms, exempted seven firms from registration as crowdfunding portals, and registered a further nine portals as exempt market dealers. The BCSC also works with other Canadian securities regulators to support fintech industry growth by facilitating timely and harmonized reviews of registration and exemptive relief applications.
Our aim is to work with stakeholders to provide flexible and balanced regulation for innovative business models,” Leong added. “We also need to assess whether securities regulations are keeping pace with the evolving tech landscape.