The Ontario Securities Commission released OSC Staff Notice 33-749 Annual Summary Report for Dealers, Advisers and Investment Fund Managers on August 23, 2018 (Staff Notice).
The Staff Notice included, at Part 1.3, a review of the recent activities of the OSC LaunchPad. The LaunchPad is actively engaged with novel fintech businesses providing support in navigating regulatory requirements. The Staff Notice highlighted the following key accomplishments of the OSC LaunchPad in fiscal 2017-2018:
- 242 Meetings with fintech businesses and stakeholders
- 156 requests for support received and direct support provided to fintech businesses
- 55 events hosted by the OSC LaunchPad or in which it participated
- 25 collaborative reviews with the Canadian Securities Adminstrators’ Regulatory Sandbox regarding novel business models that want to operate across Canada.
Although the industry was initially focussed on online advisors, online lenders and crowdfunding portals, OSC Staff advised in the Staff Notice that industry focus has largely shifted to cryptoasset-related businesses, including initial coin and token offerings, cryptoasset investment funds, traditional financial service businesses utilizing blockchain technology and crypto asset trading platforms. In addition, the OSC Launchpad is seeing businesses focussed on RegTech services, technology-based compliance solutions and data analytics services.