The British Columbia Securities Commission (BCSC) is gaining valuable insights from the financial technology (fintech) community through a new advisory group.
On November 24, the BCSC held the first meeting of its Fintech Advisory Forum, which advises BCSC staff on trends and development in the fintech space, as well as the unique situations faced by innovative businesses in the securities industry.
The 17 volunteer members of the Forum also have the opportunity to provide input to BCSC staff about the opportunities, risks and securities law issues facing the fintech industry.
The members will serve two-year renewable terms as volunteers, meeting on an ad-hoc basis with additional consultations as issues emerge. They come from a variety of backgrounds in the capital market, including:
- start-ups and early stage businesses
- online investment platforms
- advisers and fund managers that use AI/machine learning
- crypto-asset trading platforms, and
- financial institutions
The Fintech Advisory Forum is being led by the BCSC’s Fintech & Innovation Team (FIT). Established in 2017, the FIT has responded to hundreds of fintech-related inquiries and has facilitated the authorization of innovative business models, including security token dealers, crypto investment funds and client onboarding processes that use artificial intelligence. The FIT has also worked with other regulators in Canada and globally to adapt securities regulations to business models based on new technology.
About the British Columbia Securities Commission (www.bcsc.bc.ca)
The British Columbia Securities Commission is the independent provincial government agency responsible for regulating capital markets in British Columbia through the administration of the Securities Act. Our mission is to protect and promote the public interest by fostering:
- A securities market that is fair and warrants public confidence
- A dynamic and competitive securities industry that provides investment opportunities and access to capital