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BCSC seeks insights through two new stakeholder forums
BC Securities Commission | Release | Jan 27, 2020
Vancouver – The British Columbia Securities Commission (BCSC) is seeking input from interested stakeholders through two new advisory groups.
Last week, the BCSC held the first meeting of its Corporate Finance Stakeholder Forum, which will help ensure that the Commission’s regulation of issuers is efficient and effective. The BCSC also announced that it is seeking applications from the financial technology community to join the Fintech Advisory Forum.
“We work to keep the investment markets fair and honest, in a cost-effective manner,” said Brenda Leong, the Chair and CEO of the BCSC. “Smart regulation depends on good intelligence, and the best way to get that is by engaging with the people and businesses affected by our rules.”
The 25 volunteer members of the Corporate Finance Stakeholder Forum is advising Corporate Finance staff on policy initiatives, investment market trends and other emerging issues affecting reporting and non-reporting issuers, including investment funds. At its first meeting January 22, members discussed the proposal by the Canadian Securities Administrators (CSA) for a “notice equals delivery” system, as well as other proposals for reducing regulatory burden for public companies.
See: NCFA Canada’s response to BCSC Notice 2018/1 ‘Consulting on the Securities Law Framework for Fintech Regulation’
Members of the Corporate Finance Stakeholder Forum, led by senior staff of the BCSC’s Corporate Finance Division, represent all areas of the B.C. securities market, including issuer executives, investors and investor advocates, underwriters, legal and accounting advisers, academics, and other securities market participants and stakeholders.
As the Corporate Finance Stakeholder Forum gets underway, the BCSC is also seeking applications from the financial technology community to join the Fintech Advisory Forum. The Fintech Advisory Forum’s members will advise BCSC staff about fintech trends and developments, including opportunities and risks, and provide input on fintech issues in the securities industry and securities law issues affecting fintech. They will serve two-year renewable terms as volunteers, meeting on an ad-hoc basis with additional consultations by phone or email.
The Fintech Advisory Forum will be led by the BCSC’s Fintech & Innovation Team (FIT), formerly known as the Tech Team. Established in 2017, the FIT has responded to hundreds of fintech-related inquiries and has facilitated the authorization of innovative business models, including security token dealers, crypto investment funds and client onboarding processes that use artificial intelligence. The FIT has also worked with other regulators in Canada and globally to adapt securities regulations to business models based on new technology.
About the British Columbia Securities Commission ( www.bcsc.bc.ca )
The British Columbia Securities Commission 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
Media Contact:
Brian Kladko
604-899-6713
Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca
Source: here
The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org
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