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OSC Publishes TestLab 2022 Report: Exploring Innovations in RegTech with Participate Solutions

OSC | Release | May 16, 2023

OSC Testlab 2022 report - OSC Publishes TestLab 2022 Report:  Exploring Innovations in RegTech with Participate Solutions

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The Ontario Securities Commission (OSC) today published its first report  on OSC TestLab, the regulator’s testing environment designed to promote innovation and modernize regulation in Ontario’s capital markets.

  • Promotion of RegTech Innovation:
    • OSC TestLab, an initiative of the Ontario Securities Commission (OSC), has released its inaugural report outlining the importance of fostering regulatory technology (RegTech) innovation within the capital market.
    • The report underscores the OSC's commitment to making product information more accessible, enhancing client relations, and improving information sharing. The TestLab initiative is designed to provide an environment for market participants and innovators to trial and refine new technologies and approaches.

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  • Collaborative Regulation:
    • The OSC is transitioning from a top-down regulatory model to a more collaborative approach. By directly engaging with the capital market participants, the organization aims to better understand and address the challenges of RegTech innovation.
    • The OSC has demonstrated this through their inaugural test, conducted between June and December 2022, in which seven businesses tested RegTech solutions with over 100 testers, providing invaluable insights and feedback.
  • Encouraging Stakeholder Participation:
    • The OSC is actively seeking public input and collaboration for future development in RegTech, underlining the importance of shared perspectives in driving innovation.
    • The OSC's Innovation Office will support RegTech innovation by encouraging greater collaboration among innovators, regulators, and market participants. This includes exploring the potential for machine-readable securities regulation and encouraging capital markets testing through platforms like the OSC IdeaHub.

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  • The following companies participated in the TestLab 2022 event
    • They showcased their unique solutions designed to enhance regulatory technology (RegTech) in Ontario's capital markets. Their proposed solutions varied from wealth management to secure document storage, and they all shared a common goal to experiment, learn, and improve.
    • Despite the different stages of business development, all participants agreed that the TestLab experience was beneficial in highlighting the challenges and successes in their development process. With feedback, several participants were able to enhance their solutions by adding features and functionalities to cater to the requirements of registrants.
    • Both start-ups and multinational enterprises took part in this event, demonstrating that RegTech innovation is not confined to any specific type of business.
Company NameProblem StatementHeadquartersYear FoundedNumber of Employees
LockDocs Inc.Enhancing advisor-client interactionsToronto2020<10
Mako Financial Technologies Inc.Enhancing advisor-client interactionsMontreal2018<50
Syntoniq Inc.Enhancing advisor-client interactionsSeattle2017<30
PW Portfolio Analytics Inc. (Wealthscope)Making product information more accessibleToronto2017<10
TMX Group Inc.1. Making product information more accessible 2. Enhancing advisor-client interactionsToronto20081,500+
Broadridge Investor Communications Corp.Making product information more accessibleNew York + Markham196214,000+
Morningstar Research Inc.Enhancing advisor-client interactionsChicago + Toronto19848,500+

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NCFA Jan 2018 resize - OSC Publishes TestLab 2022 Report:  Exploring Innovations in RegTech with Participate SolutionsThe 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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