As previously announced, the OSC has opened the OSC LaunchPad which consists of a dedicated team within the securities regulator to support Fintech businesses wishing to navigate securities law requirements.
The OSC LaunchPad will offer tailored support which can include time-limited exemptive relief to allow testing of innovative products and services.
In order to be eligible to receive support from the OSC LaunchPad, a business must meet certain criteria, including:
- Being a new or early-stage Fintech business that has not yet started operations or is applying to the OSC for exemptive relief.
- Having a new, innovative or significantly different product from those currently on the market.
- Developing innovative products and/or services that will provide identifiable benefits to investors.
- Addressing consumer or investor risks presented by its innovation.
- Requiring additional support because the business model raises new or complex regulatory questions.
Fintech businesses can contact the OSC LaunchPad team at www.osclaunchpad.ca.
The OSC LaunchPad does not guarantee to provide support to all applicants who meet its criteria.
The OSC will use its OSC LaunchPad experience to modernize regulation for similar businesses and will also establish a Fintech advisory committee.