Mahi Sall, Advisor, Fintech-Bank Partnerships, Payments and Financial Inclusivity
January 25th, 2023
Mahi Sall is the CEO & Founder of FinXpair, a Berlin-based strategic advisory boutique firm focu[...]
Staff Notice 11-784: OSC establishes task force to reduce regulatory burden
Investment Executive | James Langton | Jan 14, 2019
The regulator will look to scrap outdated rules, streamline disclosure requirements and make operational changes to enhance or speed up its dealings with the industry
OSC Staff Notice
Purpose
-
Seek suggestions on ways to further reduce unnecessary regulatory burden.
-
Announce a March 27, 2019, roundtable discussion on reducing regulatory burden.
Introduction
The Ontario Securities Commission (the OSC) has a statutory mandate under the Securities Act (the Act) to provide protection to investors from unfair, improper or fraudulent practices; to foster fair and efficient capital markets and confidence in capital markets; and to contribute to the stability of the financial system and the reduction of systemic risk.
Under the Act, one of the fundamental principles guiding our work is that business and regulatory costs and other restrictions on the business and investment activities of market participants should be proportionate to the significance of the regulatory objective sought to be realized.
See:
-
NCFA Submission to Ontario Ministry of Finance: Urgent Need for Regulatory Change
-
11-780 Statement of Priorities – Request for Comment Regarding Statement of Priorities (the “SofP”) for Financial Year to End
The OSC has several ongoing projects to reduce regulatory burden. For example, the OSC and the other members of the Canadian Securities Administrators (the CSA) are currently proceeding with the burden reduction initiatives described in CSA Staff Notice 81-329 Reducing Regulatory Burden for Investment Fund Issuers and CSA Staff Notice 51-353 Update on CSA Consultation Paper 51-404 Consideration for Reducing Regulatory Burden for Non-Investment Fund Reporting Issuers.
Burden reduction task force
The OSC, in coordination with the Ministry of Finance, has established a Burden Reduction Task Force (the Task Force) to focus our efforts and to identify steps, in addition to those listed above, that can be taken to enhance competitiveness for Ontario businesses by saving time and money for issuers, registrants, investors and other market participants.
The Task Force has a mandate to consider and act on any suggestions to eliminate unnecessary rules and processes while protecting investors and the integrity of our markets.
The Task Force will support the Government of Ontario’s Open for Business Action Plan.
Stakeholder consultation
We invite comments from interested stakeholders on additional ways that we can reduce unnecessary burden. Areas of focus include:
Operational changes for regulatory branches and offices
The primary regulatory branches and offices of the OSC include:
- Compliance & Registrant Regulation,
- Corporate Finance,
- Derivatives,
- Investment Funds & Structured Products,
- Market Regulation, and
- the Office of Mergers & Acquisitions.
Staff in these branches and offices interact daily with market participants, such as issuers, registrants, marketplaces, and their advisors. We recognize the need to continually improve our processes and procedures to keep pace with the changing needs of industry.
See: Nov 20, 2017: NCFA Canada Welcomes Competition Bureau’s recommendations to encourage competition and innovation in Canada’s financial services sector
- Are there operational or procedural changes that would make market participants’ day-to-day interaction with the OSC easier or less costly?
- Are there ways in which we can provide greater certainty regarding regulatory requirements or outcomes to market participants?
- Are there forms and filings that issuers, registrants or other market participants are required to submit that should be streamlined or required less frequently?
- Are there particular filings with the OSC that are unnecessary or unduly burdensome?
- Is there information that the OSC provides to market participants that could be provided more efficiently?
Rule changes
The regulatory landscape in Canada is complex. Given the proliferation of new products and more modern processes, the requirements of specific rules may become outdated and unnecessary over time.
- Are there requirements under OSC rules that are inconsistent with the rules of other jurisdictions and that could be harmonized?
- Are there specific requirements that no longer serve a valid purpose?
Enhancing investor experience and outcomes
Ontario-specific improvements
Existing policy initiatives
See: NCFA Canada’s submission to Finance Canada (March 2018): Urgent Need for Regulatory Change and Government Support
Submissions
Please provide your comments using this Burden Reduction Survey[2] or send your comments to the address below by March 1, 2019.
Burden reduction roundtable
We will consider all comments and suggestions received, together with input from ongoing external consultations and from our ten OSC advisory committees, to identify a series of short, medium and long-term actions to reduce unnecessary burden. We will hold an initial roundtable on March 27, 2019.
The roundtable will provide an opportunity to discuss submissions made to the OSC during the comment period and to engage in an open discussion about the proposals being considered and any issues identified.
Anyone wishing to participate in the discussion at the roundtable should submit a comment letter in response to this notice and expressly indicate a desire to participate.
Additional details regarding the roundtable will be published on the OSC’s website when available, including the list of participants.
Continue to the Staff Notice on Regulatory Burden --> here
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
 |  |  |
Want to get insider access to some of the most innovative advances happening in #fintech. Register for #FFCON23 and hear from global thought leaders what’s next! Click below for Open Access tickets to all virtual programming and on-demand content from FFCON23. |
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Read More
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March 29, 2023 Blockchain technology has been around for over a decade now and has the potential to revolutionize a wide variety of industries. However, using blockchain technology in the gaming industry is a relatively new concept for many people. Blockchain games use blockchain technology in their design and development, making them unique and potentially more valuable than traditional games. Top-notch blockchain technology gives gamers a whole new experience with some amazing features. So, if you’re looking for a profitable investment option, take a look at these ten reasons why you should definitely invest in blockchain games. 1. Ownership and Asset Monetization One of the most significant advantages of blockchain games is that they allow players to own and monetize their in-game assets. In traditional games, players invest time and money to acquire in-game assets but have no ownership over them. With blockchain games, players can own their in-game assets, which are recorded on the blockchain and become the player's property. This means players can sell, trade, or even rent out their in-game assets for profit, just like real-life properties. 2. Secured Environment Another reason to invest money in some of the best blockchain games is that they provide the ...
Read More
Read More
March 29, 2023 Forex trading involves changing one currency into another. While some people undertake this action purely for tourism reasons, others make a living out of it. There can be many benefits associated with forex trading, such as low costs, easy short-term sales, and an abundance of currency options. However, forex investment can be risky, and you might like to align yourself with a forex trading broker for some of the following reasons. You’re New to Forex Trading We all have to start somewhere in the investment world, but the complexities surrounding forex methodology and forex markets can make it easy for beginners to make costly mistakes. Many beginner forex traders entrust their money with forex brokers to make sound investment decisions on their behalf. This can be a worthwhile decision when you lack the skills to undertake trading yourself but understand the many benefits of getting involved. You Don’t Have Time Forex trading takes a considerable amount of time and effort. While the investment itself can take just a few seconds, you also have to study and analyze forex market data to ensure you’re making wise investment decisions. Hiring a forex broker can sometimes be in your best ...
Read More
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Coindesk | Sam Reynolds | Mar 29, 2023 Decentralized autonomous organizations (DAO) are beginning to look like general partnerships in the eyes of U.S. courts. A U.S. court in California has ruled in favor of plaintiffs who alleged that the bZx protocol, and governance token-holding members of its decentralized autonomous organization (DAO), were negligent and liable for losses resulting from a hack that drained its treasury. The putative class action against bZx, its founders, software developers Leveragebox LLC and Hashed Labs LLC was initiated in July 2022. Drained wallets: The case stems from the $55 million hack of decentralized finance (DeFi) lender bZx in 2021, which resulted because a developer downloaded an email attachment containing malware. Not only did the attacker drain the wallet of the BZRX token, but other digital assets like ether. This is on top of other hacks the protocol suffered in 2020, one of which was for $8 million, while two others that occurred were for $630,000 and $350,000. See: Sushi DAO Head Chef Served With SEC Subpoena While the court dismissed some of the claims, such as claims that founders Tom Bean and Kyle Kistner are personally liable for breaching fiduciary duty, the fact that ...
Read More
Read More
Guest Post | March 28, 2023 Introduction Since the 1970s, global finance has seen significant changes that have impacted millions of people. The development of mobile phones and other technologies has enabled new ways to make and manage payments, invest money, and take out loans. But not everyone has been able to benefit from these technological advances. In particular, marginalized communities often lack access to financial services that can help improve their lives. The importance of financial systems The importance of financial systems is often overlooked in the development community. While there have been many innovations in technology and business models, we've failed to keep up with the rapid pace of change in the financial sector. As a result, millions of people still lack access to essential banking products and services, and even more so if you look at those living on less than $2 per day. What's most alarming is that this trend isn't new: it has been going on for decades. In fact, according to data from the World Bank Group's Global Financial Development Database (GDFD), only 1% of all adults worldwide had access to formal savings accounts as recently as 1990 - a number which rose by ...
Read More
Read More
Team FFCON23 | March 27, 2023 Want to get insider access to some of the most innovative advances happening in #fintech. Grab an OPEN ACCESS ticket and enjoy a live virtual event at #FFCON23 with access to all on-demand content! On behalf of NCFA and our valued partners we look forward to seeing you there. More information can be found: https://fintechandfunding.com/ 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 ...
Read More
Read More
The Verge | Andrew Webster | March 23, 2023 Epic’s CEO, alongside executive VP Saxs Persson, talks about the future of virtual worlds and what needs to happen for the metaverse to really come to fruition. Epic’s outspoken CEO, Tim Sweeney, took some time to talk about one of his favorite topics, the metaverse, which is something the company is putting a lot of money into. Right after the event, I had the chance to sit down with Sweeney, as well as Epic’s executive VP Saxs Persson, to talk about just what the heck a metaverse is and how it might work in practice. See: What CEOs Should Know About the Metaverse Can you give me a clear definition of what the metaverse is? Tim Sweeney: It’s just an online social entertainment experience in a real-time 3D setting. You and your friends, going around having fun together, in a 3D world. What’s happening here is somewhat a phenomenon of scale. We now have enough people with access to powerful devices so that you can actually go out and do this with all of your friends. It’s no longer something for elite computer nerds. That makes you convinced that this is ...
Read More
Read More
CNBC | Hannah Ward-Glenton | Mar 27, 2023 The banking crisis today looks very different from 15 years ago thanks to social media, online banking, and huge shifts in regulation. So how is it different? Social media not only allows rumors to spread more easily, but also much faster. "What social media has done is increase the importance of reputation, perhaps exponentially, and that's part of this problem I think," Donavan added. Social media gives "more scope for damaging rumours to spread" compared to 2008, Jon Danielsson, director of the Systemic Risk Centre at the London School of Economics, told CNBC in an email. "The increased use of the Internet and social media, digital banking and the like, all work to make the financial system more fragile than it otherwise would be," Danielsson said. "There are a couple of tweets and then this thing [the collapse of Silicon Valley Bank] went down much faster than has happened in history," Fraser added. While information can spread within seconds, money can now be withdrawn just as quickly. Mobile banking has changed the fundamental behavior of bank users, as well as the optics of a financial collapse. See: Digital Asset Experts School Senate ...
Read More
Read More
Cato Institute | Jennifer J. Schulp | Feb 17, 2023 What little financial privacy you have when trading stocks is about to get even smaller next month. When you make a stock trade, your broker already is required by the Bank Secrecy Act to maintain records of it, monitor your trading activity, and report any suspicion of illegal activity to the federal government. Starting in March, your broker will be required to directly report all of your trades, including your personal information, to a massive government database. If the Bank Secrecy Act concerns you—and even if it doesn’t—just wait until you hear about the Consolidated Audit Trail (CAT). The Consolidated Audit Trail is intended to collect and accurately identify every order, cancellation, modification, and trade execution for all exchange‐listed equities and options across all U.S. markets, allowing the Securities and Exchange Commission (SEC) to track orders and identify who made them. See: Office of the Privacy Commissioner Announces Digital ID Ecosystem Resolution to Ensure Transparency and Privacy This massive surveillance database is a financial privacy nightmare: The CAT began collecting trading data in 2020, after years of development replete with challenges and controversies. It is scheduled to begin collecting customer information on March ...
Read More
Read More
Coindesk | Nikhilesh De | Mar 22, 2023 The regulator alleged TRX and BTT are unregistered securities, and claimed Sun created an "extensive wash trading" program to boost their trading volume. The SEC said in a press release it was suing Sun, the Tron Foundation, the BitTorrent Foundation and BitTorrent (now known as Rainberry) over the sale of tronix (TRX) and bitTorrent (BTT) tokens, which the regulator described as unregistered crypto asset securities. The regulator further alleged the defendants "fraudulently manipulat[ed]" TRX's secondary market through an "extensive wash trading" scheme. See: SEC Warns Investors: Be Vigilant Regarding Crypto Asset Securities The SEC alleged, by having his own employees "engage in more than 600,000 wash trades of TRX between two crypto asset trading platform accounts he controlled." According to the court filing, Sun's Tron Foundation employees conducted the trades, the BitTorrent and Tron foundations controlled the accounts and Rainberry employees transferred funds for the trading. Celebrity influencers: The agency is also suing Lindsay Lohan, Jake Paul, Soulja Boy, Lil Yachty, Ne-Yo, Akon and Michele Mason on illegal touting charges for their roles allegedly promoting TRX and BTT without disclosing they were paid to do so. The majority of these celebrities settled the ...
Read More
Read More
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