Category Archives: Venture funding Best Practices

Federally Chartered Banks and Thrifts May Engage in Certain Stablecoin Activities

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Office of the Comptroller of the Currency, Press Release |  Sep 21, 2020

Stablecoins   - Federally Chartered Banks and Thrifts May Engage in Certain Stablecoin ActivitiesWASHINGTON—The Office of the Comptroller of the Currency (OCC) today published a letter clarifying national banks' and federal savings associations' authority to hold "reserves" on behalf of customers who issue certain stablecoins.

Stablecoins refer to cryptocurrency backed by an asset such as a fiat currency, including U.S. dollars or other foreign currency.

"National banks and federal savings associations currently engage in stablecoin-related activities involving billions of dollars each day," Acting Comptroller of the Currency Brian P. Brooks said. "This opinion provides greater regulatory certainty for banks within the federal banking system to provide those client services in a safe and sound manner."

See: 

Stablecoins: Experience the Stability

Visa’s digital dollar concept opens a door to central bank currencies

FFCON20 Video: Future of CBDCs, Digital Assets and Trading

Virtual Panel via Toronto Centre (Apr 17): Using Stable Coins to Facilitate Financial Stability and Inclusion Under Unprecedented Times

The letter responds to questions regarding the application of stablecoin-related bank activities. It concludes national banks and federal savings associations may hold "reserves" on behalf of customers who issue stablecoins, in situations where the coins are held in hosted wallets. The letter addresses the use of stablecoins backed by a single fiat currency on a one-to-one basis where the bank verifies at least daily that reserve account balances meet or exceed the number of the issuer's outstanding stablecoins.

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NEW REPORT: Small Business SOS – It’s Time to Supercharge Local Crowdfunding to Unlock Needed Capital

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SBE Council | Sep 16, 2020

Fund small business recovery - NEW REPORT: Small Business SOS – It’s Time to Supercharge Local Crowdfunding to Unlock Needed Capital

New Report Highlights Investment Crowdfunding’s Success, and COVID-19 Policy Opportunities for Recovery

Today, Crowdfund Capital Advisors (CCA) and the Small Business & Entrepreneurship Council (SBE Council) released a new report detailing the growing power and prevalence of investment crowdfunding and the need for a “Main Street Recovery Co-Investment Fund.”

“We need to act quickly to stop the bleeding on Main Street,” says Sherwood Neiss, Principal at Crowdfund Capital Advisors.

“Short term band aids might slow the trauma, but we need a program that can quickly get capital to local businesses in a way that is supported by local investors. This will create a long-term win that will rebuild and sustain local economies, provide dividends to investors and achieve what Congress is trying to accomplish at the local level,” adds Neiss.

In the report, Regulation Crowdfunding by Congressional District: A Report Card, CCA and SBE Council review the progress of investment crowdfunding since 2016.  The Jumpstart Our Businesses Startup Act (JOBS Act) of 2012 enacted changes that ushered in investment crowdfunding, which officially launched following the finalization of Securities and Exchange Commission (SEC) rules in 2016.

Currently, the SEC is in the process of advancing regulatory proposals that would enable issuers to raise more capital than what is allowed by current caps, and provide for other changes to make Regulation Crowdfunding more accessible and effective for small businesses and startups. In addition, in response to COVID-19, the SEC recently extended temporary rules intended to expedite the offering process for small businesses by providing conditional relief from certain requirements of Regulation Crowdfunding.

See: 

NCFA Response to CSA on NI 45-110 Harmonized Securities Crowdfunding Rules

NCFA Open Letter: Government should collaborate with Fintechs

NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce

FFCON20 Video:  State of Equity Crowdfunding in 2020

 

As noted in the report, there have been no cases of fraud with investment crowdfunding.

SBE Council president & CEO Karen Kerrigan asserts that innovative solutions like a “Main Street Recovery Co-Investment Fund” are desperately needed to help the nation’s economy dig out of its deep hole, and allow local communities to survive by supporting their businesses and new startups.

A comprehensive approach needs to include a co-investment fund to help local economies recover, rebuild and reinvent themselves. This includes urban and rural areas alike, along with enabling new business creation given the massive volume of business closures that will profoundly affect local communities.

The good news is that this type of fund has been successful in the UK through its Future Fund, which means our government will not be testing a new concept. The co-investment fund injects federal dollars into businesses that have been validated by local investors on regulated platforms, and accountable under an existing federal framework. There has been no fraud since inception,” said Kerrigan.

Under the co-investment funding model, the federal government would match 100% of funds raised from communities via a securities-based crowdfunding platform (not to exceed $250,000 per business). The federal money that is received by small businesses would be paid back. CCA and SBE Council are recommending that $20 billion be allocated to the fund.

U.S. JOBS Act Equity and Debt Crowdfunding Results Since 2016:

● 3,100 stock offerings have been listed by 2600-plus companies.

●  These offerings occurred in 90% of U.S. Congressional Districts (393 districts):

-95% of women-led districts had JOBS Act stock offerings

-93% of minority-led districts had JOBS Act stock offerings

-77% of districts had multiple offerings

-Nearly 50% of districts had campaigns that raised from $250,000 to $5 million

● $500,000,000 has been committed to these offerings.

● 700,000 retail investors participated in diverse offerings across the United States.

● Capital has been delivered to companies in 450-plus industries and across 850 cities.

● This capital has supported over 100,000 JOBS.

● Average amount raised per offering:  $342,000.

● Since inception, the SEC and Crowdfund Capital Advisors have each concluded that there has been NO SECURITIES FRAUD in these offerings.

● Pre-Covid-19: The monthly volume of capital raised in February 2020 was $9 million. During the Covid-19 crisis, the monthly amount raised has increased dramatically.

-In August 2020, the amount of capital raised was $25 million, which represents an INCREASE of 2.8x in just 6 months. Community-focused investing is delivering significant capital to local businesses.

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NCFA Jan 2018 resize - NEW REPORT: Small Business SOS – It’s Time to Supercharge Local Crowdfunding to Unlock Needed Capital 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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What brings more risk to the world stability than a pandemic? Cyber-attacks!

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Roar Growth on Medium | Peggy van de Plassche | Sep 14, 2020

cyber attacks increasing - What brings more risk to the world stability than a pandemic? Cyber-attacks!How to protect our economies and capitalize on the trend

Insights:

1.  Cybersecurity companies will consolidate; valuations are likely to increase as well

2.  Allocating capital to cybersecurity companies (that might become M&A targets or platforms), as well as companies enabling them (in space such as cloud computing and AI) should be on most investors’ radars (even for investors focusing on other verticals than Financial services, as the trend is ubiquitous). Cyber firms transitioning from point solutions to platforms should be high on the list for long term holdings; firms with a deep expertise and niche solutions will be of interest as potential acquisition targets with shorter terms horizons.

FFCON20 Video:  Investor Perspectives: Fintech Now and Future Vision

3.  To get exposure to the potentially outsized returns in the cybersecurity space, allocating capital to funds with deep expertise and track record is a great way in. For those investors who also want to build more direct exposure to the cybersecurity space, they will be able to do so via co-investment rights following investments in private VC/PE funds.

4.  From investor perspective, due to the growing risks associated with cyberattacks, banks are becoming inherently riskier while returns, due to the costs of putting in place solid and holistic cybersecurity strategies, are decreasing. This emerging trend has not yet permeated most analysts’ reports, despite its inexorability. Investors will have to get smarter re cybersecurity when allocating capital in the financial services space. The silver lining would be for the bank(s) taking the lead in packaging and commercializing their cybersecurity capabilities, as well as for the one(s) willing to lead the creation of a cybersecurity industry utility.

5.  The risk-return profile of existing Fintechs is negatively impacted by the increased cyberthreats (and similar to banks, investors have not yet discounted this dynamic in their valuation process). Once the de-rating exercise takes place, it could create more barriers to entry when it comes to launching new Fintechs (on top of requiring to raise more capital to address the cybersecurity conundrum). The opportunity for some Fintechs to pivot and commercialize their cybersecurity capabilities might in some cases provide a great avenue.

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NCFA Jan 2018 resize - What brings more risk to the world stability than a pandemic? Cyber-attacks! 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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AngelList Pioneers Rolling VC Funds in Pivot to SaaS

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Techcrunch | Natasha Mascarenhas | Sep 8, 2020

Rolling VC funds - AngelList Pioneers Rolling VC Funds in Pivot to SaaSWhen AngelList first launched rolling funds, an investment vehicle that raises money through a quarterly subscription from interested investors, the company looked at it as a bet. But early interest from emerging fund managers indicates that rolling funds might be more of the future of the company, according to AngelList CEO Avlok Kohli.

“Rolling funds are what venture fund structures would look like if they were built in the age of software,” Kohli told TechCrunch.

Since February, about 70 rolling funds have been created and managed using AngelList. The company estimates hundreds of new funds will be generated by the end of 2020. For comparison, one report says that 282 institutional funds were closed in 2019. AngelList’s data shows promising activity, although it remains unclear how much capital has been raised through the new investment vehicle.

What are rolling funds?

Before you understand rolling funds, you need a high-level understanding of traditional venture capital funds. Traditional funds are closed through a “months long process” fully behind closed doors. A fund manager will go to multiple LPs, such as family offices, high-net-worth individuals, colleges and universities, or other investment firms, to raise a minimum capital commitment.

See:  Ontario introduces interim registration and prospectus exemptions to facilitate start-up securities crowdfunding

Once the first tranche of the fund is raised, a fund manager can publicly announce it and start investing in startups. Because funds are usually invested with a 10-year return cycle, it keeps LPs and investors legally bound for a decade (and the money flowing until the capital commitment is closed).

Rolling funds were created as a potential path for emerging venture capitalists to start and close their first funds in a faster fashion. Fund managers raise new capital commitments on a quarterly basis and invest as they go, ergo “rolling” investment vehicles. Investors come on for a minimum one-year commitment, then invest at a quarterly cadence. The flexibility could allow LPs to bet on new fund managers, and new fund managers to bet on more diverse LPs.

All this flexibility could come with a cost. The rolling fund structure can be a bit volatile because limited partners have to “re-up” their investments on a quarterly basis. In a worst case scenario, an LP could drop out on a whim with no repercussions. With traditional funds, LPs are legally obliged to stay through the end of a fund or just write off their investment entirely.

Unlike traditional fund managers, rolling fund managers can be public about their fundraising activity due to an SEC regulation, 506(c). While legal, public solicitation by these new fund managers have rattled traditional VCs, who are used to a ban on marketing a new fund until after it is closed.

See:  The paradox of 2020 VC is that the largest funds are doing the smallest rounds

The way that AngelList is externally approaching rolling funds is similar to how it approaches angel investing and syndicates: it wraps things up in a pretty bow and gives people a place to talk about and access deals. The company recently created a page where it lists the names of rolling funds on its platform to further transparency.

Because AngelList views transparency as a core tenet, it makes sense that the first rolling funds have been created by a generation of operators and founders who build in public. The cohort of rolling fund managers includes Gumroad founder Sahil Lavingia, seed investor Cindy Bi, Andela and Flutterwave co-founder Iyinoluwa Aboyeji and creator of Mcjpod, Jason Jacobs.

The four mentioned above did a seminar in early September (linked here) to talk about why they created their own rolling funds. A general consensus emerged that for the next generation of founders, it pays in terms of reputation, deal flow and access of capital to build in public.

Rolling funds allow public builders to share their ups, downs and LP openings in a way that traditional funds wouldn’t legally allow.

See:  Getting In Early: SEC Sees Growth In Equity Crowdfunding

But another detail, also addressed during the seminar, is that the rolling fund managers all had blaringly strong networks, the kind that could easily be used to close a traditional fund. Lavingia closed his $7 million fund in less than two months.

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NCFA Jan 2018 resize - AngelList Pioneers Rolling VC Funds in Pivot to SaaS 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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Fintech Scales Vertical SaaS

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Andreessen Horowitz |

evolution of software business models. - Fintech Scales Vertical SaaS

Today, about 90% of public SaaS companies and the 2019 Forbes Cloud 100 have subscription-based revenue models. Now new fintech infrastructure companies have made it possible for SaaS businesses to add financial services alongside their core software product. By adding fintech, SaaS businesses can increase revenue per customer by 2-5x* and open up new SaaS markets that previously may not have been accessible due to a smaller software market or inefficient customer acquisition.

See:  Capital Efficiency During Crisis: The Burn Multiple

This wave is happening first in vertical markets (meaning the market around a specific industry, such as construction or fitness). Vertical software markets tend to have winner-take-most dynamics, where the vertical SaaS business that can best serve the needs of a specific industry often becomes the dominant vertical solution and can sell both software and financial solutions to their core customer base. Moreover, while early vertical SaaS companies – Mindbody, Toast, Shopify – typically started by reselling financial services (primarily payments), they are now embedding financial products beyond payments – from loans to cards to insurance – directly into their vertical software.

With fintech, vertical markets are larger than most realize

Every 10 years or so, we evolve how software is distributed and sold. Each evolution – from on-premise to subscription and bottom-up – has unlocked new markets and grown the overall software market. Until now, these software business models expanded the overall market by growing the user base, from large enterprises to small- and medium-sized businesses (SMBs) and midmarket companies to individual users. But the fintech business model increases the overall market for software in two additional ways:

  1. it increases revenue per user by 2 to 5x* versus a standalone software subscription, and as a result,
  2. it unlocks new verticals where previously the total addressable market (TAM) for software was too small and/or the cost of acquiring customers was too high.

Vertical markets are particularly good candidates for a SaaS+fintech business model. While customers in horizontal markets often try different software vendors, resulting in multiple winners in a market segment, customers in vertical markets prefer purpose-built software for their specific industry and use cases. Once one software solution demonstrates its value, the customer base will consolidate around that company for all its software needs.

Fintech changes the CAC and LTV equation

Fintech also impacts the go-to-market channels for vertical SaaS by growing the revenue per customer and making the product stickier. Put another way: fintech holds, or even lowers, the cost of customer acquisition (CAC), while increasing the lifetime value (LTV). (Read our primer on startup metrics and acronyms.)

See:  Fintech Acquisitions Show Sector Strength Despite Covid-19

Mindbody, for example, earned ~$250/customer per month; while it charged ~$150/month, or ~$1800/year on average for its software plan, it earned an additional ~$100/month from payments revenue.** Thus, payments meaningfully increased the lifetime value (LTV) of the customer, while the cost of customer acquisition (CAC) remained the same, if not lower, since the additional value provided to the customer could accelerate the sale.

Lowering CAC while increasing LTV makes a direct, inside sales go-to-market possible where it previously wasn’t, meaning SaaS companies can acquire new customers that would otherwise have been too expensive. At >$5,000 average revenue per customer, vertical SaaS companies can afford to hire an outbound inside sales team instead of relying on less costly channels, like word of mouth and paid acquisition.

Embedding fintech (rather than just reselling) improves margins and makes the product stickier

The vertical SaaS companies who initially added financial services primarily resold financial services from a third-party. For example, Mindbody offered lending by referring customers to Lending Club.

With new fintech infrastructure players, however, companies can now go from reselling to embedding a variety of financial services, not just payments, directly into SaaS products.

See:  Who needs banks? How tech companies are taking a bite out of financial services

Reselling remains a viable option, and can be easier to launch or used as an on-ramp to embedding financial services. However, embedding results in higher margins and a stickier product overall. It creates a more seamless customer experience: a loan through a familiar interface rather than being redirected to a third-party site. With an embedded service, the software provider can draw on a proprietary set of data – such as contractor sales to inform lending or product information for better warranties – to underwrite risk, factoring in things like seasonality to better tailor the service to each customer’s needs and risk profile. Ultimately, that produces better margins on fintech products and new go-to-market options.

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NCFA Jan 2018 resize - Fintech Scales Vertical SaaS 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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Start-up JIKO co-founded by ex-Goldman trader is first fintech to complete takeover of a national bank

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CNBC | Hugh Son | Sep 3, 2020

Jiko CEO - Start-up JIKO co-founded by ex-Goldman trader is first fintech to complete takeover of a national bankKey Points

  • A tiny start-up led by a former Goldman Sachs trader has become the first fintech firm to complete the acquisition of a nationally regulated U.S. bank, CNBC has learned.
  • Jiko, a 23-person company co-founded by Stephane Lintner, has closed a deal to purchase Mid Central National Bank, a 63-year old retail bank based in Minnesota, according to people with knowledge of the transaction.
  • Instead of being held in deposits, customer money is swept into Treasury Bills, which are liquidated when a person uses a debit card or withdraws cash from ATMs.
  • The Jiko account generated a 3.3% annualized return last year, far outstripping the nominal rate that most big banks pay, Lintner said. But interest rates have fallen since then as the Federal Reserve slashed rates in response to the coronavirus pandemic.

A tiny start-up led by a former Goldman Sachs trader has become the first fintech firm to complete the acquisition of a nationally-regulated U.S. bank, CNBC has learned.

Jiko, a 23-person company co-founded by Stephane Lintner, has closed a deal to purchase Mid Central National Bank, a 63-year old retail bank based in Minnesota, according to people with knowledge of the transaction. The start-up secured approval for the move from the Office of the Comptroller of the Currency and the Federal Reserve Bank of San Francisco, these people said.

See:  Banks in US Can Now Offer Crypto Custody Services, Regulator Says

The move by Jiko, which bills itself as a new kind of bank, gives it broad access to the highly-regulated U.S. market. Fintech firms have to choose one of three ways to break into this market: acquire a banking institution, apply to become a chartered bank, or partner with an existing lender.

Most of the new breed of online only-banks like Chime and Current chose to team up with existing FDIC-backed institutions, as that is the fastest way to get started. Last month, Varo Money became the first consumer fintech firm to earn a banking charter from the government through an application.

But Jiko, a company that has flown under the radar since its creation in 2016, is the first of the recent wave of fintechs to complete the takeover of a regulated bank, allowing it to offer Americans a broad array of financial services. Lending Club, one of the biggest U.S. providers of personal loans, said it was buying Radius Bancorp in February, but that deal will close in 2021, CNBC reported at the time.

“The move by Jiko represents an important milestone in the maturity and evolution of fintech companies seeking to expand the reach of their products and services,” Acting Comptroller of the Currency Brian Brooks said in a statement. “It demonstrates the value and attractiveness of banks and in particular the federal banking system.”

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NCFA Jan 2018 resize - Start-up JIKO co-founded by ex-Goldman trader is first fintech to complete takeover of a national bank 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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CSA Provide Comments on the Ontario Capital Markets Modernization Taskforce Consultation Report

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CSA | Press Release | Sep 3, 2020

CSA image - CSA Provide Comments on the Ontario Capital Markets Modernization Taskforce Consultation ReportMontreal –  The securities regulatory authorities of British Columbia, Alberta, Saskatchewan, Manitoba, Québec, Nova Scotia, Prince Edward Island, New Brunswick, Newfoundland and Labrador, Nunavut, Northwest Territories and Yukon (CSA members, or we), today published  an assessment of the Ontario Capital Markets Modernization Taskforce Consultation Report (“Taskforce Report”) issued July 9, 2020.

CSA members welcome the opportunity to provide feedback on the Taskforce Report as part of the CSA’s ongoing mission to deliver a harmonized securities regulatory system, while retaining the regional flexibility and innovation that characterize Canada’s system of provincial and territorial regulation.

“Given the integrated nature of securities markets and the role of the CSA, it is imperative that the CSA members contribute their expertise and analysis to this consultation,” says Louis Morisset, Chair of the CSA and President and CEO of the Autorité des marchés financiers.

“We are pleased to see that there is a meaningful degree of congruence between the Taskforce proposals and the CSA’s current business plan. However, a key opportunity not identified in the Taskforce Report is Ontario’s adoption of the passport rule, implemented by all other CSA members more than a decade ago to provide market participants with streamlined access to Canada’s capital markets.”

Within the Taskforce Report, 13 of the 47 proposals reflect key CSA priorities or mirror pending CSA policy projects outlined in the 2019-2022 CSA Business Plan and in the June 2020 CSA Interim Progress Report. Another 19 proposals raise policy topics that have either been addressed in previous policy work or in recently adopted policy changes, or may be considered as part of the CSA’s future policy work.

See: 

Ontario capital markets task force proposes big changes

NCFA Open Letter: Government should collaborate with Fintechs

View more NCFA Advocacy initiatives

We support the proposal that Ontario adopt automatic reciprocation provisions which have already been adopted by most other CSA members. However, we strongly believe that a key opportunity for increased efficiency of our securities regulatory system would be Ontario’s adoption of the passport rule. The adoption of this rule would significantly reduce regulatory burden for Ontario market participants whose principal regulator is located elsewhere in Canada. The passport rule creates a single window of access to capital markets across the country, and it covers prospectuses, exemptive relief applications, registration, credit rating organizations and applications to cease to be a reporting issuer.

In the CSA’s view, the Taskforce should set aside three particular proposals from its final recommendations as CSA members have either previously considered and rejected the proposal following detailed policy analysis or the proposal appears to lack broad investor and/or market benefit. Finally, the CSA urges caution if the Taskforce decides to pursue six proposals that aim to change enforcement mechanisms, as those proposals risk reducing the efficacy of the Canadian securities’ regulatory regime and undermining investor protection.

The Ontario Securities Commission (OSC) is not participating in the CSA members’ response to the Taskforce Report as the OSC is in a position to provide input to the Taskforce through other channels.

You may read the CSA members’ collective analysis of the Ontario Capital Markets Modernization Taskforce Report here.

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NCFA Jan 2018 resize - CSA Provide Comments on the Ontario Capital Markets Modernization Taskforce Consultation Report 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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