On October 29, 2020, the Ontario Securities Commission (OSC) announced that it has created a new branch – the Office of Economic Growth & Innovation (Innovation Office), which is “focused on supporting economic growth and innovation in Ontario’s capital markets.” and a Charter “to build a stronger innovation ecosystem and fuel Ontario’s long-term economic growth.” The Innovation Office was launched earlier this year, and expects to be fully operational by March 2021.
The Charter outlines several initiatives the Office including:
- an experimental testing framework for novel ideas and start-ups that will include an Ontario sandbox,
- introducing interactive ways to engage with stakeholders,
- the publication of research and position papers on how to affect change and support innovative processes in capital markets,
- testing and implementing methods to reduce regulatory barriers,
- encouraging greater accessibility to data to assist businesses in providing new products and services, and
- further consideration of how regulatory technology can benefit market participants and the OSC.
The initial areas of focus outlined in the Charter will evolve through further research and stakeholder engagement. Anyone seeking to share feedback or ideas with the Office should contact OSCinnovation@osc.gov.on.ca.
The press release and Charter can be found at: https://www.osc.gov.on.ca/documents/en/Publications/osc-innovation-office-charter.pdf
For more information, please call Barbara Hendrickson at BAX Securities Law (647) 403-4606.
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