FFCON21 Breaking Barriers May 11-13, 2021

Category Archives: Entrepreneurs and Start-ups

Snapshot: the regulatory framework for financial services compliance in Canada

Gowling WLG | Michael Garellek | Mar 19, 2021

Financial services regulation in Canada - Snapshot: the regulatory framework for financial services compliance in Canada

Regulatory framework

What national authorities regulate the provision of financial products and services?

Financial institutions

The Department of Finance is the government body responsible for federally regulated financial institutions (FRFIs), including banks, trust and loan companies, insurance companies and credit unions. The Department of Finance is principally responsible for proposing changes to legislation and adopting new regulation governing FRFIs.

The Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer Agency of Canada (FCAC) are two key regulatory authorities supervising FRFIs. Generally, OSFI is responsible for prudential regulation and establishing guidelines for capital, reporting and business practices, and FCAC is responsible for consumer protection.

See:  Big Changes In Financial Regulation: Dialogue With The OSC 2020

In addition to OSFI and FCAC, each province has regulatory authorities that oversee financial institutions outside of the exclusive jurisdiction of the federal government. These include, among others, the Financial Services Commission of Ontario, the Autorité des marchés financiers (AMF) in Quebec, and the British Columbia Financial Institutions Commission. Recently, amendments to the Bank Act were enacted allowing a credit union incorporated provincially to assume federal jurisdiction provided it amalgamates with an existing federal credit union or with another provincial credit union being continued under the Bank Act.

Deposit-taking institutions are members of the Canada Deposit Insurance Corporation (CDIC) and Payments Canada (formally known as the Canadian Payments Association). CDIC is a statutory corporation that provides deposit insurance for certain types of small deposits to member institutions. Payments Canada operates Canada’s payment clearing and settlement systems. Membership in Payments Canada and CDIC is mandatory for Canadian banks as well as for certain trust and loan companies that accept deposits.

The Canadian Payments Association, known by its business name Payments Canada, is a not-for-profit association responsible for the clearing and settlement infrastructure, processes and rules for Canada’s non-credit card related national payments systems, which are the Large Value System (LVSS) and the Retail System (ACSS). The participant members of Payments Canada are largely regulated financial institutions (ie, banks, authorised foreign banks, trust and loan companies, credit unions and financial cooperative credit associations and caisses). The Minister of Finance must approve all by-laws (other than those that relate to administration of Payments Canada) and can direct that the rules be amended or repealed or that new rules be adopted. The governor of the Bank of Canada also has oversight responsibilities because both the LVSS and ACSS are designated clearing and settlement systems under the Payment Clearing and Settlement Act.

Securities registrants

Securities registrants include securities dealers and advisers, derivatives dealers and advisers, investment fund managers, exchanges and other alternative trading systems, designated ratings organisations and clearing agencies, commodities futures dealers and advisers. It also includes, in certain circumstances, those persons benefiting from an exemption from registration in any of those aforementioned categories.

See:  Global Risk Institute Report: Discussing Open Banking Regulation for Canada

Canada does not currently have a federal securities regulator. The securities market is regulated by the provincial and territorial securities commissions (securities regulators). Despite the lack of a federal regulator, the provincial and territorial regulators coordinate the development of national rules and standards through the Canadian Securities Administrators (CSA), which administers a passport system for extra-provincial registration. The most active securities regulators in Canada are the Ontario Securities Commission (OSC), the AMF, the Alberta Securities Commission (ASC), and the British Columbia Securities Commission (BCSC). Investment dealers are regulated by a national self-regulatory organisation, the Investment Industry Regulatory Organization of Canada or IIROC.

Previous attempts to create a national securities regulator in Canada were deemed to improperly fetter the jurisdiction of the provincial legislatures and therefore considered to be unconstitutional (see Reference re Securities Act, 2011 SCC 66, [2011] 3 SCR 837). In August 2014, the provincial governments of British Columbia, Ontario, Saskatchewan, and New Brunswick entered into a memorandum of agreement (MOA) with the government of Canada with respect to the creation of a cooperative capital markets regulatory system. The MOA proposes uniform provincial capital markets acts, complementary federal legislation, and the creation of a federal capital markets regulator. On 9 November 2018, the Supreme Court of Canada ruled that the proposed cooperative regulatory system is constitutional (see Reference re Pan-Canadian Securities Legislation, 2018 SCC 48). Consequently, while the proposed system is not yet in effect, there may be significant changes to the structure of regulation of capital markets in Canada in the near future.

What activities does each national financial services authority regulate?

Financial institutions

OSFI and FCAC both regulate many financial services industries, including the business of banking, acceptance of deposits, the provision of insurance, trust services and mortgage lending by FRFIs. Also, OSFI regulates the administration of pension plans, and FCAC regulates the operation of payment card networks through voluntary codes of conduct. Provincial and territorial financial service regulators regulate financial institutions including provincial trust and loan corporations, credit unions, insurers and the distribution and sale of financial products offered by these financial institutions.

See:  Review: Financial Consumer Agency of Canada (FCAC) submission to Advisory Committee on Open Banking

Securities registrants

The securities regulators regulate securities markets, including the activities of trading, advising and dealing in securities, capital raising and the administration of investment funds and marketplaces. They also regulate the creation and trading of derivatives, including over-the-counter (OTC) derivative contracts and commodities futures contracts.

What products does each national financial services authority regulate?

Financial institutions

OSFI or FCAC, or both, regulate the following financial products:

  • deposits including term deposits and retail deposit accounts;
  • registered investment products and principal protected notes;
  • offering of credit;
  • contracts of insurance, including life insurance, property and casualty insurance, and mortgage insurance;
  • pension plans; and
  • payment cards.

Securities registrants

Securities regulators regulate any product that is a ‘security’, which is an open-ended category involving a fact-specific analysis, but which includes bonds, shares, stocks, investment contracts, subscriptions, profit-sharing agreements, income or annuity contracts not issued by an insurance company, options, OTC derivatives and commodities futures contracts. More recently, digital assets, including crypto currencies, have received the attention of securities regulators in Canada. Depending on how these digital assets are offered to the public, many have been characterised by regulators as investment contracts or derivatives, including contracts for difference.

See:  Final Report: Ontario Capital Markets Modernization Committee Recommendations

The concept of an ‘investment contract’ is not defined within the Act but has been the subject of substantial consideration by Canadian courts and securities regulators across Canada. The courts in Canada have applied the tests from Pacific Coast Coin Exchange of Canada Ltd v Ontario Securities Commission (1978) 2 SCR 112 to determine whether an instrument is an investment contract in a four-part analysis as to whether the scheme involves:

  • an investment of money;
  • with an intention or expectation of profit;
  • in a common enterprise, in which the fortunes of the investor are interwoven with and dependent upon the efforts and success of those seeking the investment of third parties; and
  • where the efforts made by those other than the investor are significant, and those managerial efforts affect the failure or success of the enterprise.

Continue to the full article --> here


NCFA Jan 2018 resize - Snapshot: the regulatory framework for financial services compliance in Canada 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

Latest news - Snapshot: the regulatory framework for financial services compliance in CanadaFF Logo 400 v3 - Snapshot: the regulatory framework for financial services compliance in Canadacommunity social impact - Snapshot: the regulatory framework for financial services compliance in Canada

GET DRAFTED AT #FFCON IN 2021!


Some past Fintech Draft pitchers - Snapshot: the regulatory framework for financial services compliance in Canada

FFCON21 image Your Voice Counts 3 - Snapshot: the regulatory framework for financial services compliance in Canada

Sign-up for NCFAs weekly newsletter and never miss a beat:


NCFA Newsletter subscribe600 - Snapshot: the regulatory framework for financial services compliance in Canada

Support NCFA by Following us on Twitter!






 

Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

CrowdfundInsider | JD Alois | Apr 19, 2021

Wrong way sign - Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

Several months ago, FinCEN submitted for publication in the Federal Register its Notice of Proposed Rulemaking (NPRM) regarding certain transactions that involve virtual currency or digital assets. FinCEN or the Financial Crimes Enforcement Network is a bureau of the US Department of the Treasury that seeks to combat domestic and international money laundering, terrorist financing, and other illicit activity.

The proposal in question has received criticism from the digital asset industry due to the extensive reporting requirements in the potential rule. FinCEN came under criticism when it appeared to rush through the NPRM in the midst of the holidays and during the transition to the Biden administration and subsequently, an extension was added for the comment period regarding “digital assets with legal tender status” (LTDA) or involving “convertible virtual currency” (CVC).

David R. Burton, Senior Fellow in Economic Policy at The Heritage Foundation – and expert on legislation and securities law, submitted a comment letter addressing the proposed rules slamming the NPRM.

Burton, in his comment letter, said that combatting the financing of terrorism and other illicit activity is a very important goal. But the proposal by FinCEN fails in its objective as that “rules and reporting that do not actually further the objective of countering terrorism or other illicit finance and merely add substantial costs to the operations of law-abiding businesses are dumb regulations. Then there are rules that may actually impede law enforcement objectives. This proposed rule, in its current form, falls in [one] of the two latter categories.”

See: 

In the letter addressed to Kenneth Blanco, Director of FinCEN, Burton claims that FinCEN’s proposal addressing crypto would do “almost nothing to combat terrorism and illicit finance.” Burton states that FinCEN’s proposal is “likely to have a devastating economic impact on the responsible actors in the virtual currency, alternative currency or digital asset field and drive virtual currency users to engage in peer-to-peer transactions via unhosted wallets that cannot be effectively supervised by regulators” while undermining FinCEN’s stated mission.

To quote the letter:

“Stated a little differently, you can interpret this rushed rulemaking in one of two ways. Perhaps FinCEN actually wants to combat terrorism financing and other illicit finance in the virtual currency space and the agency just made a mistake in how to go about it. Or perhaps what FinCEN really cares about is either creating the appearance of action by generating some press or protecting legacy financial institutions from disruptive competition. After all, few, if any, journalists will take the time a few years hence to see if the rule actually worked. If it is the former, then, as explained below, FinCEN should withdraw this rule and start over. If it proceeds with this ill-advised rule, then it will be clear that it is either appearances, a desire to protect existing financial institutions from competition or a simple lack of understanding and sophistication that govern FinCEN’s actions.”

Continue to the full article --> here

 


NCFA Jan 2018 resize - Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose 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

Latest news - Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-LoseFF Logo 400 v3 - Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Losecommunity social impact - Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

GET DRAFTED AT #FFCON IN 2021!


Some past Fintech Draft pitchers - Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

FFCON21 image Your Voice Counts 3 - Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

Sign-up for NCFAs weekly newsletter and never miss a beat:


NCFA Newsletter subscribe600 - Expert Slams FinCEN Proposed Rules on Virtual Currency and Other Digital Assets as a Mistake and Lose-Lose

Support NCFA by Following us on Twitter!






 

Faster payments: a corporate treasury breakthrough

Association of Corporate Treasurers | March 2021

faster payments - Faster payments: a corporate treasury breakthrough

Faster payments initiatives are a key breakthrough for treasurers and financial markets. Tony Carfang asks what comes next and how we measure success

Over the past several decades, payments have become faster, cheaper, more secure and more reliable. Cheques used to take days in the mail and then days to clear once deposited. International funds transfers would pass through several banks, each taking a ‘lifting’ fee as the funds slowly passed from originator to recipient. Fortunately, those days are over.

Transaction settlement times have declined from weeks (the cheque is in the mail) to days to minutes. Only a couple of years ago, same-day settlement was hailed as a breakthrough. Now, the target is 10 seconds or less and many closed networks are achieving that fairly consistently, something that is now being called ‘immediate payments’.

See:  Clubhouse launches payments for creators

Central banks, commercial banks and payment networks are racing to make payments even speedier. This is all very good, since timing delays in payments and their accompanying information create risk and uncertainty as well as wreaking havoc with cash forecasts and liquidity cushions.

In the US, the Federal Reserve launched its Faster Payments Task Force with this statement: “The task force calls upon all stakeholders to seize this historic opportunity to realise the vision for a payment system in the United States that is faster, ubiquitous, broadly inclusive, safe, highly secure and efficient by 2020.”

Around the globe, the UK announced its Faster Payments Service in 2008. In 2017, the European Central Bank (ECB) kicked off its TIPS program (TARGET Instant Payment Settlement) with the goal of instant payments 24/7 within the euro area. The Hong Kong Monetary Authority launched the Faster Payments System initiative in 2018.

Curiously and embarrassingly, however, securities settlement times around the globe remain prehistoric in this faster-immediate payments context. Stocks, bonds and most mutual funds settle in a T+2 framework, two days. That’s business days – so add in two more days for the weekend.

Benefits

The success of faster payments is one of the most important financial market breakthroughs of our time.

See:  Revolut to roll out QR code payments for business customers in 25 countries

No doubt, payments are becoming faster, cheaper, more secure and more universal. The benefits of these initiatives are immense.

  • More efficient use of capital. Float falls from days to seconds, lowering receivables. As settlement speeds up, less working capital is required to support the float. Ultimately, cash is freed up for other corporate purposes or returned to shareholders.
  • Reduced credit risk. The risk of a vendor failing to pay for goods or services increases with elapsed time. By settling a transaction ‘faster’, that risk decreases. Payment problems can be identified and addressed earlier. Collateral can be seized. Shipments can be withheld. Collection treatment can begin. The end benefit is that a higher percentage of top-line sales reaches the bottom line.
  • Fraud reduction. Fraud is better policed and more quickly identified. When transactions are settled in seconds rather than days, fraud is identified in seconds rather than days. This earlier identification will lead to higher recoveries and lower fraud losses.
  • Reduced markets risk. They are rare but when they occur, they hurt. Bank failures, devaluations, currency blocks and other external events happen without warning and often on weekends or at least after the close of business. The faster the payment, the less likelihood of a crippling event happening while the payment is still in process.
  • Robust information. Most of the faster payments networks are keenly aware of the importance of the payment information and building rich payment flows into the process.

A word about crypto payments

No review of the payments landscape would be complete without acknowledging the role of cryptocurrencies, especially Bitcoin, in payments. Indeed, there have been a couple of notable corporations announcing their acceptance of Bitcoin for payments. It’s very early in the game, but with central banks now exploring Central Bank Digital Currencies (CBDCs), expect to see these payments evolve in a material way.

See:  Digital Payments in America – Scaling the Peak

There are two major obstacles at present and we are watching developments closely:

  • Since the transactions are anonymous, we expect to see tight regulations to protect the legitimate payments while thwarting underground payments.
  • From an accounting and taxation standpoint, there are questions around whether cryptocurrencies receive ‘cash and cash equivalent’ treatment and how gains and losses will be treated.

How these two challenges are resolved will determine the ultimate utility of cryptocurrencies as payment vehicles.

Continue to the full article --> here


NCFA Jan 2018 resize - Faster payments: a corporate treasury breakthrough 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

Latest news - Faster payments: a corporate treasury breakthroughFF Logo 400 v3 - Faster payments: a corporate treasury breakthroughcommunity social impact - Faster payments: a corporate treasury breakthrough

GET DRAFTED AT #FFCON IN 2021!


Some past Fintech Draft pitchers - Faster payments: a corporate treasury breakthrough

FFCON21 image Your Voice Counts 3 - Faster payments: a corporate treasury breakthrough

Sign-up for NCFAs weekly newsletter and never miss a beat:


NCFA Newsletter subscribe600 - Faster payments: a corporate treasury breakthrough

Support NCFA by Following us on Twitter!






 

7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)

FFCON21 Image 7
FFCON21 horz col med - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)

Join us at FFCON21 Digital the Center of Fintech in Canada (May 11 – 13)

Join us as at the 7th annual Fintech & Financing Conference and Expo (#FFCON21) taking place May 11-13, 2021 (digitally) and co-hosted by the National Crowdfunding & Fintech Association (NCFA), Toronto Finance International (TFI) and partners. 

Building on the success of previous conferences, this year’s theme is -- titled ‘Breaking Barriers’ – and will bring together an international community of leading voices in fintech, digital banking, payments, tokenization, blockchain, CBDCs, digital identity, AI, capital markets innovation, EDI (equality, diversity and inclusion) and sustainable, open, and alternative finance.

Ben Geortzel - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
Winston Ma 2 - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
Sophia - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
Hrish Lotlikar pic - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
David Hanson - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
Ethan Pierse - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
Commissioner Hester Peirce - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
Brittany Kaiser - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)

Every year brings new challenges, milestones and barriers to be overcome.  Join a global fintech ecosystem for an interactive and digital content experience that facilitates thought-provoking and relevant discussions, lively debates, pitching, demos, and prime networking opportunities with innovators, investors, financial institutions, vendors, regulators, government and key industry stakeholders and help rewrite the future of digital finance.

Speakers:  Over 50+ industry leaders and global experts

Program:  Over 40 sessions of curated programming

Partners:  View all partners | Become a partner

Pitching Competition:  Vote for your favourite Fintech Draft shortlisted companies

Digital eBooth:  Showcase your company's products/services

Get involved:  Your voice counts

FFCON21 Ticket 1 - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
FFCON21 Ticket 2 - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
FFCON21 Ticket 3 - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)

Early bird rates expire April 23


NCFA Jan 2018 resize - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital) 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

Latest news - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)FF Logo 400 v3 - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)community social impact - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)

GET DRAFTED AT #FFCON IN 2021!


Some past Fintech Draft pitchers - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)

FFCON21 image Your Voice Counts 3 - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)

Sign-up for NCFAs weekly newsletter and never miss a beat:


NCFA Newsletter subscribe600 - 7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)

Support NCFA by Following us on Twitter!






 

Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professor

Forbes | Jonathan Ponciano | Apr 14, 2021

SEC securities exchange commission - Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professor

The Senate on Wednesday confirmed President Joe Biden's nomination of Gary Gensler, a former Goldman Sachs banker and a forceful commodities regulator under former President Barack Obama, to head up the Securities and Exchange Commission, setting the stage for widespread reform as the agency takes on unprecedented stock-market volatility and booming institutional adoption in the nascent cryptocurrency space.

Key Facts

The Senate confirmed Gensler's appointment Wednesday afternoon in a vote of 53 to 45, placing the 63-year-old academic and former investment banker atop the agency charged with maintaining fair, orderly and efficient markets.

Gensler, who's promised to increase transparency and reduce risk in the market, succeeds former SEC Chair Jay Clayton, an attorney tapped by former President Donald Trump to undo financial regulations that "stifled investment in American companies."

The confirmation comes more than a month after the Senate Banking Committee voted 14 to 10 to advance Gensler's nomination for two terms ending on June 5, 2026.

See:  Will Gary Gensler at SEC be Good for Crypto?

The Senate only voted to confirm Gensler for the remainder of the term expiring June 5, so it will need to hold another vote for his second term.

Viewed as a leading reformer after the 2008 financial crisis, Gensler opened his nomination hearing in March by touting his five-year stint as chair of the Commodity Futures Trading Commission and cautioning that "when we fail to root out wrongdoing, or to adapt to new technologies, or to really understand novel financial instruments, things can go very wrong."

What To Watch For

Crypto regulation under Gensler. In an interview with Forbes last month, SEC Commissioner Hester Peirce acknowledged Gensler will have a "very busy agenda—much of which will have nothing to do with crypto," but she said he's likely to be "sympathetic to the call for regulatory clarity" in the space.

See:  Hester Peirce on personal liberty, crypto regs and retail investor particiation

The SEC has long delayed issuing firm regulation targeting digital currencies given its purview over securities (and not currencies), but Gensler—a professor focused on cryptocurrencies and blockchain technology at the MIT Sloan School of Management—will be overseeing the agency as it takes on a slew of bitcoin exchange-traded fund applications and as it investigates Ripple, the firm behind one of the world's largest cryptocurrencies, for the alleged sale of unregistered securities.

 

“When it comes to enforcement, Mr. Gensler has shown he has the guts to take on bad actors, no matter how big, no matter how powerful they are, and he will hold them accountable,” Senate Banking Chair Sherrod Brown (D-Ohio) said Tuesday.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professor 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

Latest news - Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto ProfessorFF Logo 400 v3 - Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professorcommunity social impact - Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professor

GET DRAFTED AT #FFCON IN 2021!


Some past Fintech Draft pitchers - Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professor

FFCON21 image Your Voice Counts 3 - Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professor

Sign-up for NCFAs weekly newsletter and never miss a beat:


NCFA Newsletter subscribe600 - Gary Gensler Confirmed As SEC Chair—Former Goldman Banker And Crypto Professor

Support NCFA by Following us on Twitter!






 

Nova Credit Launches Dating App to Help Newcomers and Locals Find Love

Nova Credit blog | Apr 1, 2021

Nova credit - Nova Credit Launches Dating App to Help Newcomers and Locals Find LoveSAN FRANCISCO, Calif., Apr. 1, 2020 - Nova Credit, a global credit bureau enabling immigrants access to credit, has launched a new direct-to-consumer dating service. The app, named “Score!”, matches any U.S. immigrant with a local American, based on analysis of their credit scores and other behavioral insights. It is available on both iOS and Android, and has an early user rating of 4.1 stars. See Score! in action.

Recent data released from the Advanced Population Research Institute of Louisville’s Foreign-born Overseas Observations: Longitudinal Study shows that non-U.S. born residents are not only remaining longer in the U.S. (from an average of 6 years in 2000 to 11 years in 2020), but also more likely to marry a local (from 4% in the 1980s to a peak of 12% last year). Nova Credit Head of Product Melanie Aliperti offered, “as we’ve run deeper user research, we’ve found that the quest for love is becoming a more significant theme and requested feature - particularly as newcomers seek deeper cultural integration and mingling.”

The feedback from early beta users has been promising. Priyanka from India described her experience, “Bumble, Raya, Tinder -- I’ve been on them all. But with Score!, I found an app that felt right for me. I shared stories of my Indian heritage and favourite Bollywood actor Shah Rukh Khan, rather than trying to just fit in with American cultural references of Tiger King. And in meeting [now-partner, name removed for confidentiality], I’ve found an American who values my international perspective.”

See:  The Dark Side of Fintech Borrowing

Nova Credit’s analytic capabilities in finance remain at the forefront of the application’s design, leveraging the latest trends in behavioral economics and machine learning. Users are prompted to upload their credit score, whether domestic or international, and the algorithm extrapolates their romantic preferences and partnership viability. Nova Credit CEO Misha Esipov expounds:

“The financial industry has known for decades that credit insights are the strongest predictors of personality and ultimately compatibility. We have the richest data insights of any industry as well as some of the best data science talent. With this launch, we are proud to expand the remit of our industry and the impact on our consumers”.

Continue to the full article --> here


NCFA Jan 2018 resize - Nova Credit Launches Dating App to Help Newcomers and Locals Find Love 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

Latest news - Nova Credit Launches Dating App to Help Newcomers and Locals Find LoveFF Logo 400 v3 - Nova Credit Launches Dating App to Help Newcomers and Locals Find Lovecommunity social impact - Nova Credit Launches Dating App to Help Newcomers and Locals Find Love

GET DRAFTED AT #FFCON IN 2021!


Some past Fintech Draft pitchers - Nova Credit Launches Dating App to Help Newcomers and Locals Find Love

FFCON21 image Your Voice Counts 3 - Nova Credit Launches Dating App to Help Newcomers and Locals Find Love

Sign-up for NCFAs weekly newsletter and never miss a beat:


NCFA Newsletter subscribe600 - Nova Credit Launches Dating App to Help Newcomers and Locals Find Love

Support NCFA by Following us on Twitter!






 

Lobbying: it’s high time startups up their game

Sifted | Nicolas Colin | Apr 14, 2021

Startups and lobbying - Lobbying: it’s high time startups up their game

The Greensill debacle shows that startups have a lot to learn when it comes to winning friends and influencing people.

Startups are getting stuck into some highly-regulated industries — and they need to start taking those regulations seriously. Long gone are the days when founders could “move fast and break things”, to echo Mark Zuckerberg’s famous words. Now startups are handling people’s money; they’re responsible for children’s education; and some of them are even taking our lives in their (healthtech) hands.

But staying on the right side of regulation is not easy. Most rules were designed a long time ago, well before the internet came about and made it possible to solve old problems with new solutions. Many things that are now possible don’t exactly fit in the old regulatory boxes that we inherit from the past — whether it’s rules that relate to taxi medallions or the 1835 Highways Act that effectively prohibits anyone in the UK from riding an electric scooter on the road. For some startups to take off while strictly complying with existing regulations in sectors such as transportation, financial services or healthcare, the sequence would have to be: first, change the regulations, and second, grow the business.

See:  The U.S. Only Pretends to Have Free Markets

In practice, however, many founders are so obsessed with moving forward that they are often oblivious to the fact that legacy regulations effectively stand in the way. Investors might be more clearsighted about the regulatory context, but they often assume that regulators go with the flow and upgrade their framework as it becomes obvious that new approaches are possible.

What needs to happen

First, founders need to embrace a less naive view of regulations and regulators. Too often, they don’t realise that many government officials are not that sensitive to the promises of technological progress. Rather, their focus is on maintaining order, creating jobs, appeasing various constituencies with conflicting interests — and, yes, winning the next election.

Second, investors need to realise it’s up to them to do the heavy lifting. In the US, the most prominent VC firms have seen enough regulatory issues in their portfolios to decide that they need to have their founders’ backs. They do it by investing in thought leadership and engaging with prominent regulators, as Andreessen Horowitz has been doing for years through their media operation.

See:  BC tech orgs lobby federal, provincial governments for scale-up funding

Finally, government officials themselves need to wake up and remember that adapting regulations is a powerful lever from an industrial policy perspective. This one, by the way, is especially true in Europe. China has the sheer size of its domestic market. The US has the unrivalled power of a financial system able to funnel vast amounts of money into the startup world. What Europe has, in comparison, is powerful governments able to pull the regulatory lever as they see fit. Too often, they do so to protect legacy corporations by maintaining backward-looking regulations. Instead, they should seek to lower barriers to entry and make room for the new business models that technology now makes possible.

Continue to the full article --> here

 


NCFA Jan 2018 resize - Lobbying: it’s high time startups up their game 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

Latest news - Lobbying: it’s high time startups up their gameFF Logo 400 v3 - Lobbying: it’s high time startups up their gamecommunity social impact - Lobbying: it’s high time startups up their game

GET DRAFTED AT #FFCON IN 2021!


Some past Fintech Draft pitchers - Lobbying: it’s high time startups up their game

FFCON21 image Your Voice Counts 3 - Lobbying: it’s high time startups up their game

Sign-up for NCFAs weekly newsletter and never miss a beat:


NCFA Newsletter subscribe600 - Lobbying: it’s high time startups up their game

Support NCFA by Following us on Twitter!






 

Recent Appointments

7th Annual Fintech & Financing Conference and Expo (FFCON21): Breaking Barriers May 11-13 (Digital)
David Durand, Advisor, Innovation and Advocacy

David Durand, Advisor, Innovation and Advocacy

David Durand, LL.L., B.Sc. chem., – Founder and Managing Partner of Durand Lawyers – Lawyer (Québec)[...]
Michelle Beyo, Advisor, Payments and Financial Inclusivity

Michelle Beyo, Advisor, Payments and Financial Inclusivity

Michelle Beyo is Founder & CEO of Finavator INC, Money2020 RiseUp Alumni, Women in Payments Glob[...]
Paul Schulte, Advisor, Banking and Financial Services

Paul Schulte, Advisor, Banking and Financial Services

Paul Schulte is the Founder and Managing Editor of Shulte Research based in Singapore.  Paul's roles[...]
Sue Britton, Advisor, Corporate Innovation & Partnerships

Sue Britton, Advisor, Corporate Innovation & Partnerships

Sue Britton is CEO & Founder of FGS (FinTech Growth Syndicate) – Canada’s leading FinTech innova[...]
Charlene Cieslik, Advisor, AML and Compliance

Charlene Cieslik, Advisor, AML and Compliance

Charlene Cieslik is the Principle of Complifact AML Inc., and currently spends her time assisting th[...]
Michael R. King, PhD CFA, Advisor, Fintech Research and Education

Michael R. King, PhD CFA, Advisor, Fintech Research and Education

Michael R. King, PhD CFA Lansdowne Chair in Finance Gustavson School of Business, University of Vi[...]
Alan Wunsche, Advisor, Blockchain

Alan Wunsche, Advisor, Blockchain

Alan Wunsche, MBA, CPA, CA, CBP – Founder, TokenFunder and Co-founder/Chair, Blockchain Canada Al[...]
David Lucatch, Advisor

David Lucatch, Advisor

David Lucatch Chair, KABN David has spent more almost 35 years in the international marketing ar[...]
Sherwood Neiss, Advisor, Global Crowdfunding Markets

Sherwood Neiss, Advisor, Global Crowdfunding Markets

Mr. Sherwood Neiss co-authored the “Crowdfunding Exemption Framework” which became the basis of Titl[...]