After Lending Loop announced that it was back in business following Ontario Securities Commission approval, the OSC is taking steps to ensure that FinTech startups are following regulations from the outset. The regulatory body announced the launch of OSC LaunchPad, a team dedicated to helping FinTech businesses navigate securities law requirements.
As the OSC is dedicated to protecting investors from unfair, improper, or fraudulent practices, OSC LaunchPad will provide direct support to new and early-stage FinTech businesses that provide innovative products and services that benefit investors. The support will be tailored to each business, whose team will meet with the OSC LaunchPad team to learn how to navigate regulatory frameworks, explore flexibility around current regulatory obligations, and gain informal guidance on potential securities regulation implications.
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“This is an exciting opportunity for Canadian innovators. With OSC LaunchPad, emerging fintech businesses now have an opportunity to work with securities law experts from day one,” said Maureen Jensen, chair and CEO of the OSC. “This initiative reflects the OSC’s commitment to regulation that is in step with innovation.”
OSC is currently accepting applications from FinTech businesses. The OSC also wants to apply its learnings from the OSC LaunchPad more broadly to modernizing its regulation for similar businesses, and will establish a FinTech advisory committee to further understand the unique issues faced by startups.
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