The British Columbia Securities Commission (BCSC) today released a fintech notice and request for comment (the notice), summarizing the results of the BCSC's fintech outreach activities in 2017 and seeking input on potential measures to clarify or modernize B.C. securities laws for stakeholders.
"We want members of the B.C. technology community to know that we value the input they've provided to date, and we're eager to work with them on new ways to support innovation in this sector," said Mark Wang, Director of Capital Markets Regulation at the BCSC. "This notice asks targeted questions to help us understand industry developments and how potential future action could impact the industry and investors."
The notice summarizes the BCSC's consultation activities in five key fintech areas: crowdfunding and online lending, online advisers, cryptocurrency funds, initial coin offerings and cryptocurrencies, and fintech regulation in the future.
The notice also summarizes the BCSC's 2017 fintech activities, including an online tech survey of industry stakeholders, the launch of the Tech Team, participation in the Canadian Securities Administrators' Regulatory Sandbox, and sponsorship and participation in fintech events, including the #BCTech Summit. In 2017, the Tech Team also responded to over 125 inquiries on fintech matters, and worked with over 40 fintech companies operating, or intending to operate, in British Columbia.
"British Columbia has a strong spirit of entrepreneurship and innovation. We see that through the number of start-ups companies in B.C. and through the amount of capital they raise," said Wang. "The BCSC supports effective regulation that helps companies continue to grow and innovate and gives investors confidence in our markets."
The BCSC invites anyone involved in the B.C. technology industry, including those who may have participated in earlier consultations, to review the notice and provide written submissions. Comments should be submitted on or before Tuesday, April 3, 2018.