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An Innovator’s Voice in government: Senator Deacon’s Second Reading on Bill S-6 (An Act respecting regulatory modernization)

Treasury Board of Canada Secretariat | Apr 28, 2022

Senator deacon - An Innovator's Voice in government:  Senator Deacon's Second Reading on Bill S-6 (An Act respecting regulatory modernization)

Backgrounder on Bill S-6

In the 2018 Fall Economic Statement, the Government of Canada introduced a requirement to ensure that Canada’s regulatory system continues to adapt to changing technologies and reflects the realities of Canadian businesses.

By seeking Parliament’s approval for regular, common-sense updates to existing regulations, the Government continues to facilitate innovation and business competitiveness, while continuing to protect Canadians’ health, safety, and the environment.

See:  Senator Peter Boehm and Senator Colin Deacon give Fintechs a Voice in Canada

Previously, the Budget Implementation Act, 2019, No 1 included a regulatory modernization component that modified 12 pieces of legislation and included changes to digitalize paper-based processes, enable innovation through regulatory sandboxes by allowing exemptions from certain regulatory requirements to test new products, and make changes in consideration of zero-emission vehicles.

If passed by Parliament, many of the proposed amendments stemming from Bill S–6 would reduce administrative burden for business, facilitate digital interactions with government, simplify regulatory processes, make exemptions from certain regulatory requirements to test new products, and make cross-border trade easier through more consistent and coherent rules across governments.

 

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NCFA Jan 2018 resize - An Innovator's Voice in government:  Senator Deacon's Second Reading on Bill S-6 (An Act respecting regulatory modernization)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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